Zacks: Slack (NASDAQ:WORK) Receives Average Rating of “Buy” from Analysts

Slack (NASDAQ:WORK) has been assigned a consensus broker rating score of 1.80 (Buy) from the ten brokers that provide coverage for the stock, Zacks Investment Research reports. Four investment analysts have rated the stock with a hold recommendation and six have given a strong buy recommendation to the company.

Brokers have set a 12-month consensus price objective of $40.71 for the company and are anticipating that the company will post ($0.06) EPS for the current quarter, according to Zacks. Zacks has also assigned Slack an industry rank of 99 out of 256 based on the ratings given to related companies.

A number of equities research analysts recently issued reports on WORK shares. Credit Suisse Group cut shares of Kingfisher from an “outperform” rating to a “neutral” rating in a research report on Tuesday. Citigroup cut shares of Lear from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $188.00 to $144.00 in a research report on Wednesday. Barclays set a $330.00 target price on shares of Thermo Fisher Scientific and gave the stock a “buy” rating in a research report on Monday. Stephens started coverage on shares of Slack in a research report on Thursday, July 11th. They set an “overweight” rating and a $43.00 target price for the company. Finally, Oppenheimer increased their target price on shares of Valeritas from $1.25 to $12.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 9th.

In other Slack news, CEO Stewart Butterfield sold 1,360,909 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $39.07, for a total value of $53,170,714.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Parallel Fund Iv-A L.P. Ah sold 3,000,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $38.66, for a total transaction of $115,980,000.00. The disclosure for this sale can be found here. Insiders sold a total of 6,912,311 shares of company stock valued at $267,426,387 in the last 90 days.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. SeaCrest Wealth Management LLC acquired a new position in Slack in the 2nd quarter worth $225,000. Bessemer Group Inc. acquired a new position in Slack in the 2nd quarter worth $1,358,000. Commonwealth Equity Services LLC acquired a new position in Slack in the 2nd quarter worth $1,083,000. Finally, Winslow Evans & Crocker Inc. acquired a new position in Slack in the 2nd quarter worth $38,000.

Shares of NASDAQ:WORK traded down $0.70 during midday trading on Friday, reaching $31.30. 5,682,632 shares of the company’s stock were exchanged, compared to its average volume of 9,635,170. Slack has a 12 month low of $31.22 and a 12 month high of $42.00.

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Analyst Recommendations for Slack (NASDAQ:WORK)

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