Workiva (NYSE:WK) Reaches New 1-Year High Following Analyst Upgrade

Shares of Workiva Inc. (NYSE:WK) hit a new 52-week high on Tuesday after Citigroup raised their price target on the stock from $116.00 to $128.00. Citigroup currently has a buy rating on the stock. Workiva traded as high as $107.49 and last traded at $107.45, with a volume of 47724 shares traded. The stock had previously closed at $105.42.

Other equities research analysts have also issued research reports about the stock. Robert W. Baird boosted their price target on shares of Workiva from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Stifel Nicolaus boosted their target price on shares of Workiva from $85.00 to $102.00 and gave the stock a “hold” rating in a research note on Thursday, November 7th. Finally, BMO Capital Markets upped their price target on shares of Workiva from $96.00 to $104.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $111.80.

Hedge Funds Weigh In On Workiva

Hedge funds and other institutional investors have recently modified their holdings of the business. Conestoga Capital Advisors LLC raised its holdings in Workiva by 2.8% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 1,188,445 shares of the software maker’s stock valued at $86,745,000 after acquiring an additional 32,230 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Workiva by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,144,826 shares of the software maker’s stock worth $90,597,000 after purchasing an additional 35,029 shares during the last quarter. Loomis Sayles & Co. L P grew its position in shares of Workiva by 13.5% in the third quarter. Loomis Sayles & Co. L P now owns 728,375 shares of the software maker’s stock valued at $57,629,000 after purchasing an additional 86,746 shares in the last quarter. Groupama Asset Managment acquired a new stake in shares of Workiva in the third quarter valued at approximately $381,000. Finally, TimesSquare Capital Management LLC lifted its position in Workiva by 4.3% during the third quarter. TimesSquare Capital Management LLC now owns 467,769 shares of the software maker’s stock worth $37,010,000 after buying an additional 19,095 shares in the last quarter. 92.21% of the stock is owned by hedge funds and other institutional investors.

Workiva Price Performance

The stock has a 50 day simple moving average of $89.86 and a two-hundred day simple moving average of $80.21. The company has a market cap of $6.05 billion, a price-to-earnings ratio of -118.79 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.