Zacks Investment Research Upgrades Slack Technologies (NYSE:WORK) to "Buy"

Saturday, April 17, 2021 | MarketBeat

Slack Technologies (NYSE:WORK) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a note issued to investors on Saturday, Zacks.com reports. The brokerage presently has a $47.00 price target on the stock. Zacks Investment Research's price target would indicate a potential upside of 11.30% from the company's current price.

According to Zacks, "Slack Technologies Inc. operates Slack, a business technology software platform primarily in the United States and internationally. Its platform sells software-as-a-service model. Slack Technologies Inc. is based in San Francisco, California. "

Separately, DA Davidson decreased their price target on Slack Technologies from $46.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, March 5th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and four have issued a buy rating to the company. Slack Technologies presently has an average rating of "Hold" and an average price target of $41.11.

Shares of NYSE:WORK opened at $42.23 on Friday. The stock has a market capitalization of $24.33 billion, a price-to-earnings ratio of -72.81 and a beta of -0.02. Slack Technologies has a one year low of $24.09 and a one year high of $44.57. The company has a 50-day simple moving average of $40.98 and a 200-day simple moving average of $38.07. The company has a debt-to-equity ratio of 0.73, a quick ratio of 3.29 and a current ratio of 3.29.

Slack Technologies (NYSE:WORK) last issued its quarterly earnings results on Thursday, March 4th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.03) by $0.02. Slack Technologies had a negative net margin of 42.73% and a negative return on equity of 39.14%. The business had revenue of $250.60 million for the quarter, compared to analyst estimates of $240.31 million. During the same period in the previous year, the business posted ($0.04) earnings per share. The business's revenue was up 37.8% compared to the same quarter last year. As a group, research analysts forecast that Slack Technologies will post -0.55 EPS for the current fiscal year.

In related news, CEO Stewart Butterfield sold 102,148 shares of the company's stock in a transaction that occurred on Thursday, April 1st. The shares were sold at an average price of $41.22, for a total transaction of $4,210,540.56. Following the transaction, the chief executive officer now owns 1,325,818 shares of the company's stock, valued at $54,650,217.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Allen Shim sold 76,405 shares of the company's stock in a transaction that occurred on Tuesday, April 13th. The shares were sold at an average price of $42.23, for a total transaction of $3,226,583.15. Following the transaction, the chief financial officer now directly owns 175,602 shares in the company, valued at approximately $7,415,672.46. The disclosure for this sale can be found here. Over the last three months, insiders sold 247,029 shares of company stock valued at $10,256,815. Insiders own 26.82% of the company's stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Glazer Capital LLC purchased a new position in shares of Slack Technologies during the 4th quarter worth $46,169,000. Alpine Associates Management Inc. purchased a new position in Slack Technologies during the fourth quarter worth about $165,057,000. Teacher Retirement System of Texas grew its holdings in Slack Technologies by 58.9% in the 4th quarter. Teacher Retirement System of Texas now owns 34,270 shares of the company's stock valued at $1,448,000 after buying an additional 12,709 shares during the period. Carret Asset Management LLC acquired a new position in shares of Slack Technologies during the 4th quarter valued at about $306,000. Finally, Investmentaktiengesellschaft Fuer Langfristige Investoren TGV lifted its holdings in shares of Slack Technologies by 100.0% during the 4th quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 1,000,000 shares of the company's stock worth $42,240,000 after acquiring an additional 500,000 shares during the period. Institutional investors own 65.92% of the company's stock.

About Slack Technologies

Slack Technologies, Inc operates Slack, a business technology software platform in the United States and internationally. Its platform brings together people, applications, and data, as well as sells its offering under a software-as-a-service model. The company was formerly known as Tiny Speck, Inc and changed its name to Slack Technologies, Inc in 2014.

Read More: Google Finance Portfolio Tips and Tricks

Get a free copy of the Zacks research report on Slack Technologies (WORK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Slack Technologies (NYSE:WORK)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

Featured Article: What are the reasons investors use put options?



7 Stocks That Still Have Upside For Investors to Buy

It can be fun to invest in some speculative stocks. But it should go without saying that those stocks shouldn’t make up the bulk of your portfolio. In fact, it’s important to find a few good stocks that make up the base of your portfolio. These are momentum stocks that are in a strong uptrend.

One way to find such stocks is to look at the most active stocks (or volume leaders). Shares of these companies are among the most traded or have the highest dollar volume of shares traded in a given trading day.

Any stock may crack this list from time to time (for example, when there’s new news about the company). However, stocks tend to find their way on this list consistently that bear watching. That’s because this list indicates that there is pressure among investors to buy or sell the stock. And that makes an investor’s decision very simple.

And that’s the reason we created this special presentation. The stocks on this list are among the most actively traded stocks on the market today. They also share a similar quality. They are coming off strong years in 2020 and seem to be showing some consolidation for another leg up.

View the "7 Stocks That Still Have Upside For Investors to Buy".


MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security. Learn more.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.