Envestnet Portfolio Solutions Inc. Sells 346 Shares of Workiva Inc. (NYSE:WK)

Envestnet Portfolio Solutions Inc. lessened its position in Workiva Inc. (NYSE:WK) by 5.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 6,176 shares of the software maker’s stock after selling 346 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Workiva were worth $676,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the company. Commonwealth Equity Services LLC lifted its stake in Workiva by 13.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 7,510 shares of the software maker’s stock valued at $822,000 after purchasing an additional 896 shares during the last quarter. Madison Investment Advisors LLC acquired a new stake in shares of Workiva in the fourth quarter valued at approximately $4,576,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Workiva in the fourth quarter valued at approximately $286,000. Swiss National Bank increased its holdings in shares of Workiva by 1.5% during the 4th quarter. Swiss National Bank now owns 96,021 shares of the software maker’s stock worth $10,514,000 after acquiring an additional 1,400 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Workiva by 16.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 107,335 shares of the software maker’s stock valued at $11,753,000 after acquiring an additional 14,884 shares during the period. 92.21% of the stock is currently owned by institutional investors and hedge funds.

Workiva Price Performance

NYSE WK opened at $87.28 on Tuesday. Workiva Inc. has a fifty-two week low of $65.47 and a fifty-two week high of $116.83. The business has a fifty day moving average price of $93.96 and a two-hundred day moving average price of $92.15. The stock has a market capitalization of $4.90 billion, a PE ratio of -94.87 and a beta of 1.09.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Raymond James raised shares of Workiva from a “market perform” rating to an “outperform” rating and set a $135.00 price objective for the company in a research report on Friday, January 3rd. The Goldman Sachs Group boosted their target price on shares of Workiva from $120.00 to $133.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Robert W. Baird boosted their price objective on shares of Workiva from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Stifel Nicolaus dropped their price target on shares of Workiva from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Finally, Citigroup increased their price target on Workiva from $128.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $120.25.

Insider Activity at Workiva

In related news, EVP Michael D. Hawkins sold 10,421 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $85.43, for a total value of $890,266.03. Following the completion of the transaction, the executive vice president now owns 61,298 shares of the company’s stock, valued at $5,236,688.14. This represents a 14.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Brandon Ziegler sold 4,115 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $85.72, for a total transaction of $352,737.80. Following the sale, the chief accounting officer now directly owns 103,509 shares in the company, valued at approximately $8,872,791.48. The trade was a 3.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,129 shares of company stock valued at $1,807,333 over the last ninety days. 3.86% of the stock is owned by corporate insiders.

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.