Summit Global Investments Boosts Stake in Workiva Inc. (NYSE:WK)

Summit Global Investments grew its holdings in shares of Workiva Inc. (NYSE:WK) by 21.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,903 shares of the software maker’s stock after buying an additional 503 shares during the quarter. Summit Global Investments’ holdings in Workiva were worth $295,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Loomis Sayles & Co. L P raised its stake in shares of Workiva by 159.1% during the third quarter. Loomis Sayles & Co. L P now owns 683,418 shares of the software maker’s stock valued at $69,257,000 after acquiring an additional 419,640 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of Workiva in the fourth quarter valued at about $36,581,000. Allspring Global Investments Holdings LLC grew its holdings in Workiva by 349.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 178,754 shares of the software maker’s stock worth $18,115,000 after acquiring an additional 138,945 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Workiva by 8.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,547,618 shares of the software maker’s stock valued at $156,836,000 after purchasing an additional 126,094 shares in the last quarter. Finally, TimesSquare Capital Management LLC lifted its position in shares of Workiva by 39.4% in the 3rd quarter. TimesSquare Capital Management LLC now owns 398,190 shares of the software maker’s stock worth $40,353,000 after purchasing an additional 112,551 shares during the period. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WK has been the subject of a number of recent research reports. Stifel Nicolaus reduced their price objective on shares of Workiva from $92.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, February 21st. BMO Capital Markets decreased their price target on shares of Workiva from $123.00 to $113.00 and set an “outperform” rating for the company in a research report on Wednesday, February 21st. William Blair reiterated an “outperform” rating on shares of Workiva in a research note on Friday. Finally, Citigroup lowered their target price on shares of Workiva from $110.00 to $95.00 and set a “buy” rating for the company in a research note on Tuesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $111.86.

Workiva Trading Up 0.2 %

NYSE WK opened at $81.87 on Tuesday. The stock has a market cap of $4.48 billion, a P/E ratio of -47.60 and a beta of 1.04. Workiva Inc. has a 12-month low of $76.63 and a 12-month high of $116.00. The company has a fifty day simple moving average of $82.27 and a two-hundred day simple moving average of $90.39.

Workiva (NYSE:WK) last posted its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.10. The firm had revenue of $166.65 million for the quarter, compared to analysts’ expectations of $164.44 million. As a group, sell-side analysts forecast that Workiva Inc. will post -0.84 earnings per share for the current year.

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.