Workiva (NYSE:WK) Shares Down 4.8% – Here’s Why

Workiva Inc. (NYSE:WK) traded down 4.8% on Wednesday . The company traded as low as $109.61 and last traded at $108.54. 71,919 shares were traded during mid-day trading, a decline of 87% from the average session volume of 534,211 shares. The stock had previously closed at $114.04.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on WK. Robert W. Baird increased their price objective on Workiva from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Citigroup lifted their price target on shares of Workiva from $116.00 to $128.00 and gave the company a “buy” rating in a research report on Monday, December 16th. BMO Capital Markets upped their price objective on shares of Workiva from $96.00 to $104.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. 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 report on Friday, January 3rd. Finally, Stifel Nicolaus upgraded shares of Workiva from a “hold” rating to a “buy” rating and upped their price target for the company from $102.00 to $130.00 in a report on Wednesday, December 18th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.14.

Workiva Stock Performance

The firm’s 50-day moving average is $105.09 and its two-hundred day moving average is $87.25. The stock has a market cap of $5.38 billion, a P/E ratio of -105.63 and a beta of 1.07.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Nordea Investment Management AB bought a new stake in shares of Workiva in the 4th quarter valued at $59,894,000. Groupama Asset Managment bought a new stake in shares of Workiva in the third quarter worth about $381,000. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Workiva during the third quarter worth about $18,000,000. Janus Henderson Group PLC lifted its holdings in shares of 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 purchasing an additional 191,078 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Workiva by 435.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 145,384 shares of the software maker’s stock valued at $11,503,000 after purchasing an additional 118,234 shares during the period. Institutional investors and hedge funds own 92.21% of the company’s stock.

Workiva Company 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.