Private Advisor Group LLC lifted its position in Slack (NYSE:WORK) by 163.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 58,395 shares of the company’s stock after acquiring an additional 36,199 shares during the quarter. Private Advisor Group LLC’s holdings in Slack were worth $1,815,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Fifth Third Bancorp acquired a new position in shares of Slack during the 2nd quarter worth $31,000. Synovus Financial Corp grew its stake in Slack by 284.7% in the 2nd quarter. Synovus Financial Corp now owns 1,354 shares of the company’s stock valued at $41,000 after buying an additional 1,002 shares during the last quarter. WASHINGTON TRUST Co acquired a new position in Slack in the 1st quarter valued at $45,000. Manchester Financial Inc. acquired a new position in Slack in the 2nd quarter valued at $48,000. Finally, Ameritas Investment Company LLC acquired a new position in Slack in the 1st quarter valued at $50,000. Institutional investors and hedge funds own 65.92% of the company’s stock.
WORK has been the subject of a number of research reports. Barclays reduced their price target on shares of Slack from $38.00 to $31.00 and set an “overweight” rating for the company in a report on Wednesday, September 9th. They noted that the move was a valuation call. Canaccord Genuity reduced their price target on shares of Slack from $38.00 to $32.00 and set a “buy” rating for the company in a report on Wednesday, September 9th. Credit Suisse Group increased their price target on shares of Slack from $26.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, June 5th. Cantor Fitzgerald raised their price objective on shares of Slack from $30.00 to $38.00 and gave the stock an “overweight” rating in a report on Friday, June 5th. Finally, Goldman Sachs Group downgraded shares of Slack from a “neutral” rating to a “sell” rating and set a $30.00 price objective for the company. in a report on Friday, June 19th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the stock. Slack currently has an average rating of “Buy” and an average target price of $32.00.
In related news, CAO Brandon Zell sold 37,733 shares of the company’s stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $33.17, for a total value of $1,251,603.61. Following the completion of the transaction, the chief accounting officer now owns 155,601 shares of the company’s stock, valued at approximately $5,161,285.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Allen Shim sold 50,386 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $29.99, for a total value of $1,511,076.14. Following the completion of the transaction, the chief financial officer now directly owns 243,871 shares of the company’s stock, valued at approximately $7,313,691.29. The disclosure for this sale can be found here. In the last three months, insiders sold 1,824,702 shares of company stock valued at $59,882,935. Insiders own 26.82% of the company’s stock.
Shares of NYSE:WORK opened at $25.64 on Wednesday. Slack has a 12-month low of $15.10 and a 12-month high of $40.07. The business’s fifty day simple moving average is $29.11 and its 200-day simple moving average is $29.10. The company has a current ratio of 3.29, a quick ratio of 3.29 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $14.28 billion, a PE ratio of -44.21 and a beta of -0.21.
Slack (NYSE:WORK) last issued its quarterly earnings results on Tuesday, September 8th. The company reported ($0.11) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.03. The company had revenue of $215.90 million during the quarter, compared to analysts’ expectations of $209.22 million. Slack had a negative return on equity of 39.14% and a negative net margin of 42.73%. The firm’s revenue was up 48.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.14) EPS. Research analysts predict that Slack will post -0.55 EPS for the current year.
Slack Company Profile
Slack Technologies, Inc operates Slack, a business technology software platform in the United States and internationally. Its platform brings together people, applications, and data, as well as sells its offering under a software-as-a-service model. The company was formerly known as Tiny Speck, Inc and changed its name to Slack Technologies, Inc in 2014.
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