PNC Financial Services Group Inc. Lowers Position in Workiva Inc. (NYSE:WK)

Posted by Defense World Staff on May 30th, 2023

PNC Financial Services Group Inc. decreased its holdings in shares of Workiva Inc. (NYSE:WK – Get Rating) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,428 shares of the software maker’s stock after selling 596 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Workiva were worth $1,379,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of WK. Cullen Frost Bankers Inc. raised its stake in Workiva by 86.7% during the third quarter. Cullen Frost Bankers Inc. now owns 364 shares of the software maker’s stock valued at $28,000 after purchasing an additional 169 shares in the last quarter. Signaturefd LLC raised its stake in shares of Workiva by 18.6% in the third quarter. Signaturefd LLC now owns 911 shares of the software maker’s stock valued at $71,000 after acquiring an additional 143 shares during the period. Benjamin Edwards Inc. raised its stake in shares of Workiva by 20.1% in the fourth quarter. Benjamin Edwards Inc. now owns 956 shares of the software maker’s stock valued at $80,000 after acquiring an additional 160 shares during the period. Lazard Asset Management LLC purchased a new stake in shares of Workiva in the first quarter valued at $82,000. Finally, Stonebridge Capital Advisors LLC raised its stake in shares of Workiva by 26.6% in the third quarter. Stonebridge Capital Advisors LLC now owns 1,596 shares of the software maker’s stock valued at $124,000 after acquiring an additional 335 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insiders Place Their Bets

In other Workiva news, CFO Jill Klindt sold 15,000 shares of the stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $90.20, for a total transaction of $1,353,000.00. Following the transaction, the chief financial officer now directly owns 84,399 shares in the company, valued at approximately $7,612,789.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Michael M. Crow sold 4,000 shares of the firm’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $90.20, for a total value of $360,800.00. Following the sale, the director now directly owns 14,943 shares in the company, valued at approximately $1,347,858.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jill Klindt sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $90.20, for a total transaction of $1,353,000.00. Following the completion of the sale, the chief financial officer now owns 84,399 shares in the company, valued at $7,612,789.80. The disclosure for this sale can be found here. Insiders have sold a total of 22,511 shares of company stock worth $2,046,292 in the last three months. Corporate insiders own 5.71% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on WK shares. Robert W. Baird increased their target price on shares of Workiva from $100.00 to $106.00 in a research note on Wednesday, May 3rd. StockNews.com initiated coverage on shares of Workiva in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Truist Financial upped their price target on shares of Workiva from $100.00 to $110.00 in a report on Wednesday, May 3rd. Citigroup upped their price target on shares of Workiva from $101.00 to $108.00 in a report on Wednesday, February 22nd. Finally, BMO Capital Markets upped their price target on shares of Workiva from $88.00 to $96.00 and gave the stock an “outperform” rating in a report on Wednesday, February 22nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Workiva has an average rating of “Moderate Buy” and an average price target of $100.67.

Workiva Stock Up 2.7 %

NYSE WK opened at $94.41 on Tuesday. The company has a debt-to-equity ratio of 381.76, a quick ratio of 1.48 and a current ratio of 1.48. Workiva Inc. has a 12 month low of $59.43 and a 12 month high of $104.76. The company’s 50-day moving average price is $94.80 and its 200-day moving average price is $88.89.

Workiva (NYSE:WK – Get Rating) last issued its earnings results on Tuesday, May 2nd. The software maker reported ($0.83) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.05). Workiva had a negative return on equity of 4,861.53% and a negative net margin of 21.24%. The business had revenue of $150.19 million for the quarter, compared to the consensus estimate of $149.42 million. As a group, sell-side analysts expect that Workiva Inc. will post -2 earnings per share for the current year.

Workiva Company Profile

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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.

Institutional Ownership by Quarter for Workiva (NYSE:WK)

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