Workiva (NYSE:WK) Rating Increased to Buy at 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 research note issued to investors on Saturday.

Several other research analysts have also recently weighed in on WK. Citigroup restated a "buy" rating and issued a $105.00 price objective (down from $108.00) on shares of Workiva in a research report on Wednesday, July 16th. 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, April 17th. Raymond James Financial reduced their price target on shares of Workiva from $105.00 to $95.00 and set an "outperform" rating on the stock in a research report on Friday. Stifel Nicolaus reduced their price target on shares of Workiva from $100.00 to $85.00 and set a "buy" rating on the stock in a research report on Friday. Finally, Robert W. Baird set a $105.00 price target on shares of Workiva in a research report on Wednesday, June 25th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Workiva has a consensus rating of "Buy" and a consensus price target of $98.80.

Workiva Trading Up 32.3%

Shares of Workiva stock traded up $20.63 on Friday, reaching $84.46. The stock had a trading volume of 3,792,338 shares, compared to its average volume of 517,763. Workiva has a 1 year low of $60.50 and a 1 year high of $116.83. The company has a market cap of $4.71 billion, a P/E ratio of -70.38 and a beta of 0.86. The business's 50 day moving average is $67.81 and its two-hundred day moving average is $77.20.

Workiva (NYSE:WK - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.14. The firm had revenue of $215.19 million during the quarter, compared to analysts' expectations of $208.92 million. During the same period in the previous year, the company posted $0.16 earnings per share. The company's quarterly revenue was up 21.2% compared to the same quarter last year. On average, equities analysts anticipate that Workiva will post -0.92 EPS for the current fiscal year.

Institutional Trading of Workiva

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SVB Wealth LLC purchased a new position in Workiva during the first quarter valued at $26,000. Farther Finance Advisors LLC lifted its position 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 buying an additional 360 shares during the period. Bayforest Capital Ltd purchased a new position in Workiva during the first quarter valued at $39,000. Harbour Investments Inc. purchased a new position in Workiva during the first quarter valued at $39,000. Finally, Bessemer Group Inc. lifted its position 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 buying an additional 296 shares during the period. Hedge funds and other institutional investors own 92.21% of the company's stock.

Workiva Company Profile

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.