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.
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