Truist Financial Has Lowered Expectations for Workiva (NYSE:WK) Stock Price

Workiva (NYSE:WK) had its target price lowered by Truist Financial from $120.00 to $95.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

WK has been the topic of several other research reports. The Goldman Sachs Group decreased their price objective on Workiva from $132.00 to $118.00 and set a “buy” rating on the stock in a research note on Friday, March 28th. Raymond James upgraded shares of Workiva from a “market perform” rating to an “outperform” rating and set a $135.00 target price on the stock in a research note on Friday, January 3rd. Citigroup lifted their price target on shares of Workiva from $128.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. BMO Capital Markets reduced their price objective on shares of Workiva from $120.00 to $108.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Finally, Robert W. Baird lifted their target price on shares of Workiva from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Workiva currently has a consensus rating of “Moderate Buy” and an average target price of $115.78.

Workiva Trading Down 2.4 %

Shares of WK stock opened at $65.93 on Monday. Workiva has a 12 month low of $62.43 and a 12 month high of $116.83. The stock has a market cap of $3.70 billion, a P/E ratio of -71.66 and a beta of 1.02. The company has a 50 day simple moving average of $87.80 and a two-hundred day simple moving average of $92.29.

Insider Activity

In related news, EVP Michael D. Hawkins sold 10,421 shares of the company’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $85.43, for a total transaction of $890,266.03. Following the sale, the executive vice president now owns 61,298 shares of the company’s stock, valued at $5,236,688.14. This represents a 14.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Brandon Ziegler sold 4,115 shares of Workiva stock in a transaction on Friday, March 7th. The stock was sold at an average price of $85.72, for a total transaction of $352,737.80. Following the completion of the transaction, the chief accounting officer now directly owns 103,509 shares of the company’s stock, valued at $8,872,791.48. The trade was a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,129 shares of company stock worth $1,807,333 over the last 90 days. Corporate insiders own 3.86% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Workiva by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 5,800,074 shares of the software maker’s stock valued at $635,108,000 after purchasing an additional 70,820 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in Workiva by 10.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,148,021 shares of the software maker’s stock valued at $235,209,000 after buying an additional 200,220 shares during the period. Conestoga Capital Advisors LLC boosted its stake in Workiva by 13.7% during the fourth quarter. Conestoga Capital Advisors LLC now owns 1,165,019 shares of the software maker’s stock worth $127,570,000 after buying an additional 140,310 shares during the period. Geode Capital Management LLC increased its position in Workiva by 3.2% during the third quarter. Geode Capital Management LLC now owns 1,144,826 shares of the software maker’s stock valued at $90,597,000 after acquiring an additional 35,029 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Workiva by 3.0% in the fourth quarter. First Trust Advisors LP now owns 824,219 shares of the software maker’s stock valued at $90,252,000 after acquiring an additional 24,172 shares during the period. 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.