Truist Financial Cuts Workiva (NYSE:WK) Price Target to $95.00

Workiva (NYSE:WK) had its target price cut by equities researchers at Truist Financial from $120.00 to $95.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Truist Financial’s price target would indicate a potential upside of 45.33% from the stock’s previous close.

Several other research analysts have also commented on the company. BMO Capital Markets lowered their price target on Workiva from $120.00 to $108.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. The Goldman Sachs Group cut their price target on shares of Workiva from $132.00 to $118.00 and set a “buy” rating on the stock in a research note on Friday, March 28th. Raymond James raised shares of Workiva from a “market perform” rating to an “outperform” rating and set a $135.00 price objective for the company in a research note on Friday, January 3rd. Stifel Nicolaus reduced their target price on shares of Workiva from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Finally, Citigroup boosted their price target on shares of Workiva from $128.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Workiva currently has a consensus rating of “Moderate Buy” and an average price target of $115.78.

Workiva Stock Down 3.3 %

WK stock traded down $2.20 during mid-day trading on Monday, hitting $65.37. 132,111 shares of the company were exchanged, compared to its average volume of 466,612. The business has a fifty day simple moving average of $88.44 and a 200-day simple moving average of $92.38. The firm has a market capitalization of $3.67 billion, a P/E ratio of -70.87 and a beta of 1.02. Workiva has a 12-month low of $58.00 and a 12-month high of $116.83.

Insider Activity at Workiva

In other news, Director Robert H. Herz sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $88.70, for a total transaction of $88,700.00. Following the completion of the sale, the director now owns 34,084 shares in the company, valued at approximately $3,023,250.80. The trade was a 2.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jill Klindt sold 5,593 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $85.04, for a total transaction of $475,628.72. Following the completion of the sale, the chief financial officer now directly owns 119,054 shares of the company’s stock, valued at approximately $10,124,352.16. This trade represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,129 shares of company stock valued at $1,807,333 over the last quarter. 3.86% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of WK. Benjamin Edwards Inc. raised its holdings in Workiva by 238.6% during the third quarter. Benjamin Edwards Inc. now owns 3,247 shares of the software maker’s stock worth $257,000 after purchasing an additional 2,288 shares in the last quarter. Quantinno Capital Management LP purchased a new position in shares of Workiva during the 3rd quarter worth approximately $207,000. Quadrature Capital Ltd acquired a new stake in shares of Workiva in the 3rd quarter valued at approximately $289,000. Groupama Asset Managment acquired a new stake in shares of Workiva in the 3rd quarter valued at approximately $381,000. Finally, Geode Capital Management LLC boosted its stake in shares of Workiva by 3.2% in the third quarter. Geode Capital Management LLC now owns 1,144,826 shares of the software maker’s stock valued at $90,597,000 after buying an additional 35,029 shares in the last quarter. Institutional investors and hedge funds 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.