Castleark Management LLC Takes Position in Workiva Inc. (NYSE:WK)

Castleark Management LLC bought a new position in Workiva Inc. (NYSE:WK) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 62,100 shares of the software maker’s stock, valued at approximately $6,800,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Twin Tree Management LP acquired a new position in Workiva in the 4th quarter valued at approximately $25,000. Johnson Financial Group Inc. purchased a new position in shares of Workiva during the 4th quarter valued at $66,000. GeoWealth Management LLC grew its holdings in shares of Workiva by 3,010.0% during the 4th quarter. GeoWealth Management LLC now owns 622 shares of the software maker’s stock valued at $68,000 after acquiring an additional 602 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Workiva by 14,650.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 885 shares of the software maker’s stock worth $97,000 after acquiring an additional 879 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in shares of Workiva by 8.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,452 shares of the software maker’s stock worth $159,000 after acquiring an additional 116 shares during the last quarter. Hedge funds and other institutional investors own 92.21% of the company’s stock.

Workiva Stock Up 1.1%

Shares of Workiva stock opened at $70.88 on Wednesday. Workiva Inc. has a 12-month low of $60.50 and a 12-month high of $116.83. The stock has a 50 day moving average price of $73.30 and a two-hundred day moving average price of $89.85. The stock has a market capitalization of $3.98 billion, a P/E ratio of -77.04 and a beta of 0.98.

Workiva (NYSE:WK) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $204.24 million. Workiva’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 earnings per share. Sell-side analysts anticipate that Workiva Inc. will post -0.92 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently issued reports on WK. Stephens began coverage on Workiva in a research report on Wednesday, March 19th. They set an “overweight” rating and a $111.00 price objective for the company. Raymond James reduced their price target on Workiva from $125.00 to $105.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. BNP Paribas began coverage on Workiva in a report on Tuesday, April 22nd. They issued an “outperform” rating and a $100.00 price objective on the stock. Citigroup lifted their target price on shares of Workiva from $128.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Finally, Truist Financial decreased 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 research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Workiva currently has a consensus rating of “Moderate Buy” and an average price target of $107.90.

Insider Activity

In other Workiva news, CFO Jill Klindt sold 5,593 shares of Workiva 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 sale, the chief financial officer now owns 119,054 shares in the company, valued at $10,124,352.16. The trade was a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Brandon Ziegler sold 4,115 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $85.72, for a total transaction of $352,737.80. Following the completion of the sale, the chief accounting officer now directly owns 103,509 shares in the company, valued at approximately $8,872,791.48. The trade was a 3.82% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,129 shares of company stock valued at $1,807,333. 3.86% of the stock is owned by insiders.

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.