Workiva (NYSE:WK) Price Target Cut to $118.00 by Analysts at The Goldman Sachs Group

Workiva (NYSE:WK) had its target price dropped by stock analysts at The Goldman Sachs Group from $132.00 to $118.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 49.88% from the company’s current price.

WK has been the subject of a number of other research reports. Stephens assumed coverage on Workiva in a research note on Wednesday, March 19th. They set an “overweight” rating and a $111.00 price objective for the company. Citigroup increased their price objective on Workiva from $128.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, February 26th. Robert W. Baird increased their price target on shares of Workiva from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Raymond James raised shares of Workiva from a “market perform” rating to an “outperform” rating and set a $135.00 price objective on the stock in a research note on Friday, January 3rd. Finally, Stifel Nicolaus lowered their target price on shares of Workiva from $130.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Workiva presently has an average rating of “Moderate Buy” and an average price target of $118.38.

Workiva Stock Performance

Shares of WK stock traded down $2.35 on Friday, hitting $78.73. 158,778 shares of the company’s stock traded hands, compared to its average volume of 447,155. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of -85.64 and a beta of 1.09. The company’s fifty day simple moving average is $92.23 and its 200 day simple moving average is $92.11. Workiva has a one year low of $65.47 and a one year high of $116.83.

Insider Transactions at Workiva

In related news, EVP Michael D. Hawkins sold 10,421 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $85.43, for a total value of $890,266.03. Following the completion of the transaction, the executive vice president now directly owns 61,298 shares in the company, valued at $5,236,688.14. The trade was a 14.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Jill Klindt sold 5,593 shares of the firm’s 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 approximately $10,124,352.16. This represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,129 shares of company stock worth $1,807,333 over the last 90 days. 3.86% of the stock is currently owned by company insiders.

Institutional Trading of Workiva

A number of institutional investors and hedge funds have recently made changes to their positions in WK. SG Americas Securities LLC raised its position in Workiva by 141.6% during the fourth quarter. SG Americas Securities LLC now owns 9,341 shares of the software maker’s stock worth $1,023,000 after acquiring an additional 5,475 shares during the period. Nordea Investment Management AB acquired a new position in shares of Workiva during the fourth quarter valued at approximately $59,894,000. Truist Financial Corp acquired a new stake in shares of Workiva in the fourth quarter worth approximately $211,000. Janus Henderson Group PLC grew its stake in Workiva by 839.8% during the 3rd quarter. Janus Henderson Group PLC now owns 213,831 shares of the software maker’s stock valued at $16,919,000 after acquiring an additional 191,078 shares in the last quarter. Finally, Groupama Asset Managment purchased a new position in Workiva in the third quarter worth approximately $381,000. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

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.