Workiva (NYSE:WK) Shares Gap Down Following Analyst Downgrade

Workiva Inc. (NYSE:WK - Get Free Report) shares gapped down prior to trading on Friday after Raymond James lowered their price target on the stock from $125.00 to $105.00. The stock had previously closed at $74.39, but opened at $71.00. Raymond James currently has an outperform rating on the stock. Workiva shares last traded at $65.08, with a volume of 209,807 shares traded.

A number of other brokerages also recently weighed in on WK. Stephens started coverage on Workiva in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $111.00 target price on the stock. BMO Capital Markets decreased their target price on Workiva from $120.00 to $108.00 and set an "outperform" rating for the company in a research report on Wednesday, February 26th. Citigroup lifted their target price on Workiva from $128.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, February 26th. BNP Paribas initiated coverage on shares of Workiva in a research report on Tuesday, April 22nd. They issued an "outperform" rating and a $100.00 price objective on the stock. Finally, Truist Financial reduced their target price on shares of Workiva from $120.00 to $95.00 and set a "buy" rating for the company in a research report on Monday, April 7th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $107.90.

Insider Activity

In related news, CFO Jill Klindt sold 5,593 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $85.04, for a total value of $475,628.72. Following the sale, the chief financial officer now owns 119,054 shares in the company, valued at $10,124,352.16. This represents a 4.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Michael D. Hawkins sold 10,421 shares of Workiva stock in a transaction on Friday, March 7th. The shares were sold at an average price of $85.43, for a total value of $890,266.03. Following the transaction, the executive vice president now owns 61,298 shares of the company's stock, valued at $5,236,688.14. The trade was a 14.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,129 shares of company stock valued at $1,807,333. Corporate insiders own 3.86% of the company's stock.

Institutional Trading of Workiva

A number of institutional investors and hedge funds have recently bought and sold shares of WK. Twin Tree Management LP purchased a new position in shares of Workiva in the fourth quarter worth $25,000. Farther Finance Advisors LLC raised its position in Workiva by 705.9% in the 1st quarter. Farther Finance Advisors LLC now owns 411 shares of the software maker's stock worth $31,000 after buying an additional 360 shares during the last quarter. Bayforest Capital Ltd bought a new position in Workiva during the 1st quarter valued at about $39,000. Bessemer Group Inc. boosted its holdings in shares of Workiva by 109.2% during the 1st quarter. Bessemer Group Inc. now owns 567 shares of the software maker's stock valued at $43,000 after acquiring an additional 296 shares during the last quarter. Finally, Johnson Financial Group Inc. bought a new stake in shares of Workiva in the fourth quarter worth approximately $66,000. 92.21% of the stock is currently owned by institutional investors.

Workiva Stock Up 0.5 %

The stock has a market capitalization of $3.82 billion, a PE ratio of -74.05 and a beta of 0.98. The firm's fifty day moving average price is $76.16 and its two-hundred day moving average price is $90.33.

Workiva (NYSE:WK - Get Free Report) last announced its earnings results on Thursday, May 1st. The software maker reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.07. The firm had revenue of $206.28 million during the quarter, compared to analysts' expectations of $204.24 million. During the same period in the previous year, the business posted $0.22 earnings per share. The company's revenue for the quarter was up 17.4% on a year-over-year basis. As a group, analysts predict that Workiva Inc. will post -0.92 EPS for the current year.

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.