PNC Financial Services Group Inc. Raises Holdings in Workiva Inc. (NYSE:WK)

PNC Financial Services Group Inc. boosted its stake in Workiva Inc. (NYSE:WK) by 5.3% in the 4th quarter, Holdings Channel reports. The firm owned 5,296 shares of the software maker’s stock after buying an additional 267 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Workiva were worth $580,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in WK. Nordea Investment Management AB acquired a new stake in Workiva in the 4th quarter valued at $59,894,000. Groupama Asset Managment acquired a new stake in Workiva in the 3rd quarter valued at $381,000. Jacobs Levy Equity Management Inc. acquired a new stake in Workiva in the 3rd quarter valued at $18,000,000. Janus Henderson Group PLC increased its holdings in Workiva by 839.8% in the 3rd quarter. Janus Henderson Group PLC now owns 213,831 shares of the software maker’s stock valued at $16,919,000 after purchasing an additional 191,078 shares in the last quarter. Finally, Conestoga Capital Advisors LLC grew its stake in shares of Workiva by 13.7% during the fourth quarter. Conestoga Capital Advisors LLC now owns 1,165,019 shares of the software maker’s stock valued at $127,570,000 after acquiring an additional 140,310 shares in the last quarter. 92.21% of the stock is currently owned by institutional investors and hedge funds.

Workiva Stock Performance

NYSE:WK opened at $87.46 on Wednesday. The company has a market capitalization of $4.91 billion, a price-to-earnings ratio of -95.07 and a beta of 1.09. Workiva Inc. has a one year low of $65.47 and a one year high of $116.83. The stock has a 50-day simple moving average of $95.59 and a 200 day simple moving average of $91.80.

Insider Buying and Selling

In other Workiva news, CAO Brandon Ziegler sold 4,115 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $85.72, for a total value of $352,737.80. Following the transaction, the chief accounting officer now owns 103,509 shares of the company’s stock, valued at $8,872,791.48. This trade represents a 3.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert H. Herz sold 1,000 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $88.70, for a total transaction of $88,700.00. Following the completion of the transaction, the director now directly owns 34,084 shares in the company, valued at $3,023,250.80. This represents a 2.85 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,129 shares of company stock worth $1,807,333. Corporate insiders own 3.86% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WK. Stifel Nicolaus lowered their target price on Workiva from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Raymond James upgraded Workiva from a “market perform” rating to an “outperform” rating and set a $135.00 target price for the company in a research note on Friday, January 3rd. Robert W. Baird raised their target price on Workiva from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. BMO Capital Markets lowered their target price on Workiva from $120.00 to $108.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Finally, Citigroup raised their target price on Workiva from $128.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $121.57.

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.