Workiva (NYSE:WK) Stock Rating Upgraded by Wall Street Zen

Key Points

• Workiva has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating increased analyst confidence in the stock's performance.
• Despite a drop in target prices from several analysts, the stock maintains a consensus "buy" rating, with an average price target of $98.80.
• Shares of Workiva have surged by 32.3%, closing at $84.46, following encouraging earnings results that exceeded analyst expectations.

Workiva (NYSE:WK - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

A number of other analysts have also issued reports on the stock. The Goldman Sachs Group dropped their price objective on shares of Workiva from $118.00 to $105.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Stifel Nicolaus dropped their price objective on shares of Workiva from $100.00 to $85.00 and set a "buy" rating on the stock in a research note on Friday. Citigroup reiterated a "buy" rating and set a $105.00 price objective (down previously from $108.00) on shares of Workiva in a research note on Wednesday, July 16th. Robert W. Baird set a $105.00 price objective on shares of Workiva in a research note on Wednesday, June 25th. Finally, Stephens reiterated an "overweight" rating and set a $95.00 price objective on shares of Workiva in a research note on Thursday, May 22nd. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Workiva has a consensus rating of "Buy" and an average target price of $99.22.

Workiva Stock Performance

NYSE:WK traded down $2.13 during mid-day trading on Friday, hitting $80.71. 365,490 shares of the company's stock traded hands, compared to its average volume of 680,330. The firm's 50 day simple moving average is $68.12 and its 200 day simple moving average is $76.74. Workiva has a 1 year low of $60.50 and a 1 year high of $116.83. The company has a market cap of $4.50 billion, a PE ratio of -67.27 and a beta of 0.86.

Workiva (NYSE:WK - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The software maker reported $0.19 earnings per share (EPS) 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. During the same period in the prior year, the business earned $0.16 earnings per share. Workiva's revenue for the quarter was up 21.2% on a year-over-year basis. On average, research analysts expect that Workiva will post -0.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Workiva

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

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.