Arrowstreet Capital Limited Partnership Makes New Investment in Workiva Inc. (NYSE:WK)

Arrowstreet Capital Limited Partnership purchased a new stake in Workiva Inc. (NYSE:WK) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 468,977 shares of the software maker’s stock, valued at approximately $51,353,000. Arrowstreet Capital Limited Partnership owned 0.85% of Workiva at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Workiva during the 4th quarter worth approximately $59,676,000. Nordea Investment Management AB purchased a new position in shares of Workiva during the fourth quarter worth $59,894,000. Groupama Asset Managment acquired a new stake in shares of Workiva in the third quarter valued at $381,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Workiva in the 3rd quarter valued at $18,000,000. Finally, Janus Henderson Group PLC lifted its stake in Workiva by 839.8% during the 3rd quarter. Janus Henderson Group PLC now owns 213,831 shares of the software maker’s stock worth $16,919,000 after acquiring an additional 191,078 shares in the last quarter. Institutional investors and hedge funds own 92.21% of the company’s stock.

Insider Buying and Selling at Workiva

In other news, CFO Jill Klindt sold 5,593 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $85.04, for a total transaction of $475,628.72. Following the transaction, the chief financial officer now directly owns 119,054 shares in the company, valued at approximately $10,124,352.16. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Brandon Ziegler sold 4,115 shares of the firm’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 transaction, the chief accounting officer now directly owns 103,509 shares in the company, valued at $8,872,791.48. The trade was a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,129 shares of company stock worth $1,807,333 over the last three months. Insiders own 3.86% of the company’s stock.

Workiva Stock Performance

WK opened at $75.94 on Wednesday. Workiva Inc. has a one year low of $65.47 and a one year high of $116.83. The company has a market cap of $4.26 billion, a P/E ratio of -82.54 and a beta of 1.09. The business’s 50-day simple moving average is $90.08 and its 200-day simple moving average is $92.49.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on WK shares. The Goldman Sachs Group cut their price target on shares of Workiva from $132.00 to $118.00 and set a “buy” rating on the stock in a research note on Friday, March 28th. Citigroup increased their target price on shares of Workiva from $128.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, February 26th. Stephens began coverage on shares of Workiva in a research note on Wednesday, March 19th. They issued an “overweight” rating and a $111.00 price target for the company. Robert W. Baird increased their price objective on Workiva from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Stifel Nicolaus decreased their target price on Workiva from $130.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Workiva presently has an average rating of “Moderate Buy” and a consensus price target of $118.38.

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.