Workiva (NYSE:WK) Shares Gap Up – Here’s Why

Workiva Inc. (NYSE:WK)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $109.29, but opened at $112.57. Workiva shares last traded at $114.12, with a volume of 93,953 shares changing hands.

Wall Street Analysts Forecast Growth

WK has been the subject of a number of analyst reports. Robert W. Baird lifted their price target 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 boosted their target price on shares of Workiva from $96.00 to $104.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Citigroup increased their price target on Workiva from $116.00 to $128.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Stifel Nicolaus upgraded shares of Workiva from a “hold” rating to a “buy” rating and lifted their price objective for the company from $102.00 to $130.00 in a research note on Wednesday. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Workiva presently has an average rating of “Moderate Buy” and an average price target of $117.40.

Workiva Price Performance

The company has a fifty day moving average price of $89.86 and a 200 day moving average price of $80.21. The company has a market cap of $6.39 billion, a PE ratio of -125.58 and a beta of 1.09.

Institutional Trading of Workiva

A number of institutional investors have recently made changes to their positions in WK. V Square Quantitative Management LLC bought a new stake in shares of Workiva during the third quarter valued at approximately $28,000. Quarry LP boosted its holdings in shares of Workiva by 57.8% during the 2nd quarter. Quarry LP now owns 453 shares of the software maker’s stock valued at $33,000 after buying an additional 166 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Workiva in the 2nd quarter worth about $62,000. Headlands Technologies LLC grew its position in shares of Workiva by 896.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,753 shares of the software maker’s stock worth $128,000 after buying an additional 1,577 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in Workiva during the 3rd quarter valued at about $168,000. Hedge funds and other institutional investors own 92.21% of the company’s stock.

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.