Allspring Global Investments Holdings LLC Lowers Position in Workiva Inc. (NYSE:WK)

Allspring Global Investments Holdings LLC cut its position in shares of Workiva Inc. (NYSE:WK - Free Report) by 11.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 157,433 shares of the software maker's stock after selling 21,321 shares during the period. Allspring Global Investments Holdings LLC owned about 0.29% of Workiva worth $15,984,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position in Workiva by 1.3% in the third quarter. Vanguard Group Inc. now owns 4,953,125 shares of the software maker's stock valued at $501,950,000 after acquiring an additional 63,464 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Workiva by 23.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 3,022,057 shares of the software maker's stock worth $199,426,000 after purchasing an additional 564,500 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Workiva by 12.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,985,617 shares of the software maker's stock worth $166,733,000 after purchasing an additional 227,006 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Workiva by 8.9% in the third quarter. Ameriprise Financial Inc. now owns 1,547,618 shares of the software maker's stock worth $156,836,000 after purchasing an additional 126,094 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its stake in Workiva by 14.9% in the first quarter. Macquarie Group Ltd. now owns 1,262,932 shares of the software maker's stock worth $129,337,000 after purchasing an additional 163,938 shares in the last quarter. 92.21% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Workiva news, EVP Michael D. Hawkins sold 11,439 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $93.62, for a total value of $1,070,919.18. Following the completion of the sale, the executive vice president now directly owns 62,453 shares in the company, valued at $5,846,849.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.71% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. BMO Capital Markets reduced their price objective on Workiva from $123.00 to $113.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 21st. Citigroup reduced their price objective on Workiva from $115.00 to $110.00 and set a "buy" rating on the stock in a research note on Wednesday, February 21st. Finally, Stifel Nicolaus cut their price target on Workiva from $92.00 to $85.00 and set a "hold" rating on the stock in a research note on Wednesday, February 21st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Workiva has an average rating of "Moderate Buy" and a consensus target price of $113.50.

Workiva Trading Down 0.4 %

Shares of WK traded down $0.28 during trading hours on Monday, hitting $78.19. 383,472 shares of the stock traded hands, compared to its average volume of 390,634. Workiva Inc. has a 1-year low of $77.31 and a 1-year high of $116.00. The business has a fifty day moving average of $85.70 and a 200-day moving average of $92.50. The firm has a market capitalization of $4.28 billion, a PE ratio of -32.99 and a beta of 1.03.

Workiva (NYSE:WK - Get Free Report) last released its earnings results on Tuesday, February 20th. The software maker reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.10. The company had revenue of $166.65 million during the quarter, compared to analyst estimates of $164.44 million. As a group, equities research analysts expect that Workiva Inc. will post -0.91 earnings per share for the current fiscal year.

About Workiva

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.