Principal Financial Group Inc. Lowers Holdings in Workiva Inc. (NYSE:WK)

Principal Financial Group Inc. lowered its holdings in Workiva Inc. (NYSE:WK) by 31.2% in the third quarter, HoldingsChannel reports. The firm owned 4,691 shares of the software maker’s stock after selling 2,132 shares during the quarter. Principal Financial Group Inc.’s holdings in Workiva were worth $371,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in WK. World Investment Advisors LLC purchased a new stake in Workiva during the 3rd quarter worth about $396,000. Sanctuary Advisors LLC acquired a new position in shares of Workiva during the third quarter worth about $168,000. Geode Capital Management LLC grew its position in shares of Workiva by 3.2% during the third quarter. Geode Capital Management LLC now owns 1,144,826 shares of the software maker’s stock worth $90,597,000 after buying an additional 35,029 shares in the last quarter. Groupama Asset Managment purchased a new stake in shares of Workiva during the third quarter worth approximately $381,000. Finally, Main Management ETF Advisors LLC acquired a new stake in Workiva in the third quarter valued at approximately $921,000. 92.21% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Stifel Nicolaus raised shares of Workiva from a “hold” rating to a “buy” rating and increased their price objective for the company from $102.00 to $130.00 in a research report on Wednesday, December 18th. Robert W. Baird increased their target price on Workiva from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Raymond James raised Workiva from a “market perform” rating to an “outperform” rating and set a $135.00 price target for the company in a report on Friday. BMO Capital Markets increased their price objective on Workiva from $96.00 to $104.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Finally, Citigroup raised their target price on Workiva from $116.00 to $128.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Workiva has a consensus rating of “Moderate Buy” and an average price target of $120.33.

Workiva Stock Performance

Shares of WK stock opened at $112.40 on Tuesday. The stock’s 50-day moving average is $99.36 and its two-hundred day moving average is $84.11. Workiva Inc. has a 1 year low of $65.47 and a 1 year high of $116.83. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of -122.17 and a beta of 1.07.

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.