Workiva (NYSE:WK) Price Target Cut to $95.00 by Analysts at Raymond James Financial

Key Points

• Raymond James Financial has lowered its price target for Workiva from $105.00 to $95.00, while still maintaining an "outperform" rating, suggesting a potential upside of 21.57% from the previous close.
• Despite the lowered target, Workiva's stock recently traded up 22.4%, reaching $78.15, with a reported market cap of $4.36 billion.
• Analysts have varying opinions, with one rating a hold and ten issuing buy ratings, resulting in a consensus rating of "Moderate Buy" and an average target price of $100.30.

Workiva (NYSE:WK - Free Report) had its price objective trimmed by Raymond James Financial from $105.00 to $95.00 in a research note published on Friday,Benzinga reports. The firm currently has an outperform rating on the software maker's stock.

Other analysts have also issued research reports about the company. Stifel Nicolaus dropped their price objective on Workiva from $120.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. BNP Paribas started coverage on Workiva in a research note on Tuesday, April 22nd. They issued an "outperform" rating and a $100.00 price target on the stock. Citigroup reissued a "buy" rating and set a $105.00 price objective (down previously from $108.00) on shares of Workiva in a report on Wednesday, July 16th. Robert W. Baird set a $105.00 target price on Workiva in a report on Wednesday, June 25th. Finally, Stephens reissued an "overweight" rating and issued a $95.00 price objective on shares of Workiva in a research note on Thursday, May 22nd. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Workiva currently has a consensus rating of "Buy" and a consensus price target of $99.22.

Workiva Price Performance

Shares of Workiva stock traded down $4.05 during trading hours on Friday, hitting $78.79. The company's stock had a trading volume of 1,054,667 shares, compared to its average volume of 683,989. Workiva has a 12 month low of $60.50 and a 12 month high of $116.83. The stock has a 50 day moving average of $68.12 and a 200 day moving average of $76.74. The company has a market capitalization of $4.39 billion, a PE ratio of -65.66 and a beta of 0.86.

Workiva (NYSE:WK - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The software maker reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.14. The firm had revenue of $215.19 million for the quarter, compared to analyst estimates of $208.92 million. The firm's quarterly revenue was up 21.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.16 earnings per share. Equities analysts expect that Workiva will post -0.92 EPS for the current year.

Institutional Trading of Workiva

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SVB Wealth LLC purchased a new stake in shares of Workiva during the first quarter valued at approximately $26,000. Farther Finance Advisors LLC grew its holdings in Workiva by 705.9% during the first quarter. Farther Finance Advisors LLC now owns 411 shares of the software maker's stock valued at $31,000 after purchasing an additional 360 shares during the period. Harbour Investments Inc. bought a new position in Workiva during the first quarter valued at $39,000. Bayforest Capital Ltd bought a new position in Workiva during the first quarter valued at $39,000. Finally, Bessemer Group Inc. grew its holdings in Workiva by 109.2% during the first quarter. Bessemer Group Inc. now owns 567 shares of the software maker's stock valued at $43,000 after purchasing an additional 296 shares during the period. 92.21% of the stock is owned by institutional investors.

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.