Bank of America Corp DE increased its stake in Workiva Inc (NYSE:WK) by 62.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 186,568 shares of the software maker’s stock after purchasing an additional 71,777 shares during the quarter. Bank of America Corp DE’s holdings in Workiva were worth $4,553,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the company. Russell Investments Group Ltd. grew its stake in shares of Workiva by 114.3% in the first quarter. Russell Investments Group Ltd. now owns 7,500 shares of the software maker’s stock valued at $178,000 after buying an additional 4,000 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Workiva by 17.5% in the second quarter. Rhumbline Advisers now owns 26,896 shares of the software maker’s stock valued at $656,000 after buying an additional 4,003 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Workiva in the second quarter valued at about $127,000. Commonwealth Equity Services LLC acquired a new stake in shares of Workiva in the first quarter valued at about $200,000. Finally, Adviser Investments LLC acquired a new stake in shares of Workiva in the second quarter valued at about $268,000. Institutional investors and hedge funds own 42.32% of the company’s stock.
Shares of NYSE WK opened at $32.99 on Tuesday. Workiva Inc has a fifty-two week low of $20.50 and a fifty-two week high of $40.65. The company has a market cap of $1.43 billion, a price-to-earnings ratio of -30.84 and a beta of 0.87.
A number of equities research analysts have weighed in on the company. Morgan Stanley lowered Workiva from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $20.00 to $28.00 in a research note on Tuesday, September 18th. Northland Securities raised their price objective on Workiva from $30.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, September 24th. SunTrust Banks raised their price objective on Workiva to $46.00 and gave the company a “buy” rating in a research note on Wednesday, September 26th. Stifel Nicolaus raised their price objective on Workiva from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, September 21st. Finally, Zacks Investment Research lowered Workiva from a “buy” rating to a “hold” rating in a research note on Saturday, October 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $36.17.
Workiva Inc provides cloud solutions for the finance and accounting, audit and internal controls, risk and compliance, and performance and management reporting markets in the United States and internationally. The company provides Wdesk, a platform with proprietary word processing, spreadsheet, and presentation applications to collect, link, report, and analyze the business data, as well as to create, review, and publish data-linked documents and reports.
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