Envestnet Asset Management Inc. Sells 5,213 Shares of Workiva Inc. (NYSE:WK)

Envestnet Asset Management Inc. lessened its holdings in Workiva Inc. (NYSE:WK - Free Report) by 2.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 185,634 shares of the software maker's stock after selling 5,213 shares during the quarter. Envestnet Asset Management Inc. owned 0.34% of Workiva worth $20,327,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in Workiva in the 4th quarter worth about $59,676,000. Nordea Investment Management AB acquired a new stake in shares of Workiva in the fourth quarter valued at approximately $59,894,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Workiva in the fourth quarter valued at approximately $51,353,000. Conestoga Capital Advisors LLC grew its position in Workiva by 13.7% during the fourth quarter. Conestoga Capital Advisors LLC now owns 1,165,019 shares of the software maker's stock worth $127,570,000 after buying an additional 140,310 shares in the last quarter. Finally, TimesSquare Capital Management LLC increased its stake in Workiva by 19.7% during the 4th quarter. TimesSquare Capital Management LLC now owns 559,961 shares of the software maker's stock worth $61,316,000 after acquiring an additional 92,192 shares during the period. 92.21% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Robert H. Herz sold 1,000 shares of the business's stock in a transaction on Friday, March 14th. The shares were sold at an average price of $88.70, for a total value of $88,700.00. Following the sale, the director now owns 34,084 shares of the company's stock, valued at $3,023,250.80. The trade was a 2.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Brandon Ziegler sold 4,115 shares of Workiva stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $85.72, for a total value of $352,737.80. Following the transaction, the chief accounting officer now directly owns 103,509 shares in the company, valued at $8,872,791.48. The trade was a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,129 shares of company stock worth $1,807,333. Insiders own 3.86% of the company's stock.

Workiva Trading Up 0.2 %

Workiva stock traded up $0.14 during mid-day trading on Friday, reaching $67.54. The company had a trading volume of 345,533 shares, compared to its average volume of 492,255. The business has a fifty day simple moving average of $80.63 and a 200 day simple moving average of $91.21. The company has a market cap of $3.79 billion, a P/E ratio of -73.41 and a beta of 1.02. Workiva Inc. has a fifty-two week low of $60.50 and a fifty-two week high of $116.83.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Stifel Nicolaus cut their target price on Workiva from $130.00 to $120.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Raymond James raised shares of Workiva from a "market perform" rating to an "outperform" rating and set a $135.00 price objective for the company in a research report on Friday, January 3rd. Stephens assumed coverage on shares of Workiva in a research report on Wednesday, March 19th. They issued an "overweight" rating and a $111.00 target price for the company. The Goldman Sachs Group reduced their price target on shares of Workiva from $118.00 to $105.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Citigroup boosted their price objective on shares of Workiva from $128.00 to $130.00 and gave the company a "buy" rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Workiva has an average rating of "Moderate Buy" and an average price target of $114.33.

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.