Workiva (NYSE:WK) Hits New 12-Month High Following Analyst Upgrade

Workiva Inc. (NYSE:WK)’s share price reached a new 52-week high during trading on Tuesday after Stifel Nicolaus upgraded the stock from a hold rating to a buy rating. Stifel Nicolaus now has a $130.00 price target on the stock, up from their previous price target of $102.00. Workiva traded as high as $107.49 and last traded at $107.45, with a volume of 47724 shares changing hands. The stock had previously closed at $105.42.

A number of other equities research analysts have also recently commented on WK. BMO Capital Markets raised their target price on shares of Workiva from $96.00 to $104.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Citigroup increased their price objective on shares of Workiva from $116.00 to $128.00 and gave the stock a “buy” rating in a research note on Monday. 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 investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $117.40.

Institutional Investors Weigh In On Workiva

A number of institutional investors and hedge funds have recently modified their holdings of WK. Assenagon Asset Management S.A. raised its stake in shares of Workiva by 62.5% during the second quarter. Assenagon Asset Management S.A. now owns 27,150 shares of the software maker’s stock valued at $1,982,000 after acquiring an additional 10,443 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of Workiva by 6.5% in the 2nd quarter. Raymond James & Associates now owns 55,170 shares of the software maker’s stock worth $4,027,000 after buying an additional 3,356 shares during the period. Bank of New York Mellon Corp grew its position in shares of Workiva by 14.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 392,951 shares of the software maker’s stock worth $28,682,000 after buying an additional 49,222 shares in the last quarter. Conestoga Capital Advisors LLC increased its stake in shares of Workiva by 2.8% during the second quarter. Conestoga Capital Advisors LLC now owns 1,188,445 shares of the software maker’s stock valued at $86,745,000 after buying an additional 32,230 shares during the period. Finally, Burney Co. raised its holdings in shares of Workiva by 130.7% in the second quarter. Burney Co. now owns 100,056 shares of the software maker’s stock valued at $7,303,000 after acquiring an additional 56,683 shares in the last quarter. 92.21% of the stock is owned by institutional investors.

Workiva Stock Up 0.8 %

The stock’s 50 day moving average is $90.52 and its two-hundred day moving average is $80.44. The company has a market capitalization of $6.10 billion, a PE ratio of -119.68 and a beta of 1.09.

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.