Allianz Asset Management GmbH Trims Holdings in Workiva Inc. (NYSE:WK)

Key Points

• Allianz Asset Management GmbH reduced its stake in Workiva Inc. by 58.8% in the first quarter, owning approximately 43,380 shares worth $3,293,000 at the end of the quarter.
• Workiva's shares have a 12-month high of $116.83 and a 12-month low of $60.50, with the stock currently trading at $67.32.
• Analysts have set an average price target of $101.30 for Workiva, with most ratings leaning towards a Moderate Buy.

Allianz Asset Management GmbH lessened its holdings in shares of Workiva Inc. (NYSE:WK - Free Report) by 58.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,380 shares of the software maker's stock after selling 61,862 shares during the quarter. Allianz Asset Management GmbH owned about 0.08% of Workiva worth $3,293,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. CWM LLC grew its stake in Workiva by 27.4% in the first quarter. CWM LLC now owns 8,166 shares of the software maker's stock worth $620,000 after purchasing an additional 1,754 shares during the period. Mutual of America Capital Management LLC lifted its holdings in shares of Workiva by 8.9% during the first quarter. Mutual of America Capital Management LLC now owns 77,284 shares of the software maker's stock valued at $5,867,000 after purchasing an additional 6,344 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Workiva by 6.7% during the first quarter. Xponance Inc. now owns 3,850 shares of the software maker's stock valued at $292,000 after purchasing an additional 241 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Workiva by 13.9% during the first quarter. Teacher Retirement System of Texas now owns 8,734 shares of the software maker's stock valued at $663,000 after purchasing an additional 1,066 shares in the last quarter. Finally, Goodman Advisory Group LLC bought a new position in shares of Workiva during the first quarter valued at $2,618,000. Institutional investors own 92.21% of the company's stock.

Wall Street Analyst Weigh In

WK has been the subject of a number of research reports. The Goldman Sachs Group reduced their price objective on Workiva from $118.00 to $105.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Stifel Nicolaus cut their target price on Workiva from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Truist Financial cut their price target on Workiva from $120.00 to $95.00 and set a "buy" rating for the company in a report on Monday, April 7th. Citigroup restated a "buy" rating and set a $105.00 price target (down previously from $108.00) on shares of Workiva in a report on Wednesday, July 16th. Finally, Robert W. Baird set a $105.00 price objective on Workiva in a research note on Wednesday, June 25th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $101.30.

Workiva Trading Down 1.0%

Shares of NYSE:WK traded down $0.69 on Wednesday, reaching $66.62. The company had a trading volume of 562,485 shares, compared to its average volume of 482,453. Workiva Inc. has a 52-week low of $60.50 and a 52-week high of $116.83. The firm's 50 day simple moving average is $67.54 and its 200-day simple moving average is $77.92. The firm has a market capitalization of $3.71 billion, a PE ratio of -56.94 and a beta of 0.86.

Workiva (NYSE:WK - Get Free Report) last announced its earnings results on Thursday, May 1st. The software maker reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.07. The business had revenue of $206.28 million for the quarter, compared to analysts' expectations of $204.24 million. During the same quarter last year, the firm earned $0.22 earnings per share. The firm's quarterly revenue was up 17.4% compared to the same quarter last year. As a group, equities research analysts predict that Workiva Inc. will post -0.92 earnings per share for the current year.

Workiva Profile

Workiva Inc, together with its subsidiaries, provides cloud-based reporting solutions in the United States and internationally. The company offers Workiva platform, a multi-tenant cloud software that provides data linking capabilities; audit trail services; administrators access management; and allows customers to connect data from multiple enterprise resource planning, human capital management, and customer relationship management systems, as well as other third-party cloud and on-premise applications.