Workiva Inc. (NYSE:WK) Shares Sold by Envestnet Asset Management Inc.

Posted by Defense World Staff on May 9th, 2023

Envestnet Asset Management Inc. reduced its holdings in shares of Workiva Inc. (NYSE:WK – Get Rating) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 197,437 shares of the software maker’s stock after selling 4,115 shares during the period. Envestnet Asset Management Inc. owned approximately 0.38% of Workiva worth $16,579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in WK. Bessemer Group Inc. increased its holdings in shares of Workiva by 44.9% in the third quarter. Bessemer Group Inc. now owns 65,475 shares of the software maker’s stock valued at $5,094,000 after purchasing an additional 20,289 shares during the period. Knights of Columbus Asset Advisors LLC increased its holdings in shares of Workiva by 13.4% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 21,165 shares of the software maker’s stock valued at $1,647,000 after purchasing an additional 2,495 shares during the period. American Trust acquired a new position in shares of Workiva in the third quarter valued at about $208,000. Los Angeles Capital Management LLC increased its holdings in shares of Workiva by 45.0% in the third quarter. Los Angeles Capital Management LLC now owns 16,991 shares of the software maker’s stock valued at $1,322,000 after purchasing an additional 5,271 shares during the period. Finally, Ergoteles LLC acquired a new position in shares of Workiva in the third quarter valued at about $1,529,000. 82.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Michael D. Hawkins sold 8,431 shares of the firm’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $86.28, for a total value of $727,426.68. Following the transaction, the executive vice president now owns 70,026 shares in the company, valued at $6,041,843.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Michael D. Hawkins sold 8,431 shares of the firm’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $86.28, for a total value of $727,426.68. Following the transaction, the executive vice president now owns 70,026 shares in the company, valued at $6,041,843.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jill Klindt sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $90.20, for a total value of $1,353,000.00. Following the completion of the transaction, the chief financial officer now owns 84,399 shares in the company, valued at approximately $7,612,789.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,249 shares of company stock worth $3,389,641. 5.70% of the stock is owned by corporate insiders.

Workiva Stock Performance

Shares of WK stock opened at $88.31 on Tuesday. The company has a market capitalization of $4.69 billion, a P/E ratio of -39.60 and a beta of 1.17. The business’s 50 day moving average is $94.71 and its two-hundred day moving average is $86.94. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 381.76. Workiva Inc. has a 12-month low of $59.43 and a 12-month high of $104.76.

Workiva (NYSE:WK – Get Rating) last issued its quarterly earnings results on Tuesday, February 21st. The software maker reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.20. The company had revenue of $143.80 million for the quarter, compared to the consensus estimate of $139.22 million. Workiva had a negative return on equity of 4,861.53% and a negative net margin of 21.24%. Analysts expect that Workiva Inc. will post -2.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on WK shares. Stifel Nicolaus increased their price objective on Workiva from $77.00 to $83.00 in a report on Wednesday, May 3rd. Truist Financial increased their price objective on Workiva from $100.00 to $110.00 in a report on Wednesday, May 3rd. BMO Capital Markets upped their target price on Workiva from $88.00 to $96.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 22nd. Citigroup upped their target price on Workiva from $101.00 to $108.00 in a research note on Wednesday, February 22nd. Finally, Robert W. Baird upped their target price on Workiva from $100.00 to $106.00 in a research note on Wednesday, May 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $100.67.

About Workiva

(Get Rating)

Workiva, Inc engages in the provision of cloud-based compliance and regulatory reporting solutions that are designed to solve business challenges at the intersection of data, process, and people. Its platform includes Wdesk, which offers controlled collaboration, data linking, data integrations, granular permissions, process management, and a full audit trail.