Handelsbanken Fonder AB Cuts Stock Position in Workiva Inc. (NYSE:WK)

Handelsbanken Fonder AB reduced its position in Workiva Inc. (NYSE:WK) by 7.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,900 shares of the software maker’s stock after selling 1,100 shares during the quarter. Handelsbanken Fonder AB’s holdings in Workiva were worth $1,522,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WK. Abacus Planning Group Inc. purchased a new stake in Workiva during the 4th quarter valued at about $222,000. TimesSquare Capital Management LLC boosted its holdings in Workiva by 19.7% during the 4th quarter. TimesSquare Capital Management LLC now owns 559,961 shares of the software maker’s stock valued at $61,316,000 after acquiring an additional 92,192 shares during the period. Atria Wealth Solutions Inc. purchased a new stake in Workiva during the 4th quarter valued at about $237,000. Truist Financial Corp purchased a new stake in Workiva during the 4th quarter valued at about $211,000. Finally, Rhumbline Advisers boosted its holdings in Workiva by 2.2% during the 4th quarter. Rhumbline Advisers now owns 71,574 shares of the software maker’s stock valued at $7,837,000 after acquiring an additional 1,563 shares during the period. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WK has been the subject of several analyst reports. Stifel Nicolaus dropped their target price on Workiva from $130.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday. Raymond James upgraded Workiva from a “market perform” rating to an “outperform” rating and set a $135.00 price objective for the company in a report on Friday, January 3rd. The Goldman Sachs Group increased their price objective on Workiva from $120.00 to $133.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. BMO Capital Markets dropped their price objective on Workiva from $120.00 to $108.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, 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. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $121.57.

Workiva Stock Performance

Shares of NYSE:WK opened at $89.61 on Thursday. Workiva Inc. has a 52-week low of $65.47 and a 52-week high of $116.83. The firm has a market capitalization of $4.96 billion, a P/E ratio of -97.40 and a beta of 1.06. The stock has a 50 day moving average price of $102.42 and a 200-day moving average price of $90.85.

Workiva Profile

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.