Workiva Inc. (NYSE:WK) Sees Large Decrease in Short Interest

Workiva Inc. (NYSE:WK - Get Free Report) was the target of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 2,510,000 shares, a decline of 15.8% from the March 15th total of 2,980,000 shares. Based on an average daily trading volume, of 779,100 shares, the days-to-cover ratio is currently 3.2 days. Currently, 4.7% of the shares of the company are short sold.

Insiders Place Their Bets

In related news, CFO Jill Klindt sold 5,593 shares of the company's stock in a transaction 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 completion of the transaction, the chief financial officer now owns 119,054 shares in the company, valued at approximately $10,124,352.16. This represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael D. Hawkins sold 10,421 shares of the stock in a transaction 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 sale, the executive vice president now owns 61,298 shares in the company, valued at $5,236,688.14. The trade was a 14.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,129 shares of company stock valued at $1,807,333. 3.86% of the stock is owned by insiders.

Institutional Investors Weigh In On Workiva

Several institutional investors and hedge funds have recently made changes to their positions in WK. Bessemer Group Inc. raised its position in Workiva by 109.2% during the first quarter. Bessemer Group Inc. now owns 567 shares of the software maker's stock worth $43,000 after acquiring an additional 296 shares during the last quarter. Conestoga Capital Advisors LLC increased its position in Workiva by 1.2% during the first quarter. Conestoga Capital Advisors LLC now owns 1,179,179 shares of the software maker's stock worth $89,511,000 after buying an additional 14,160 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Workiva by 1.9% in the first quarter. Janney Montgomery Scott LLC now owns 19,596 shares of the software maker's stock valued at $1,488,000 after acquiring an additional 371 shares in the last quarter. Elevation Point Wealth Partners LLC boosted its stake in shares of Workiva by 15.9% during the first quarter. Elevation Point Wealth Partners LLC now owns 4,263 shares of the software maker's stock valued at $324,000 after acquiring an additional 584 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Workiva by 35.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 181,898 shares of the software maker's stock valued at $13,808,000 after purchasing an additional 47,879 shares during the last quarter. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Workiva Stock Up 2.7 %

NYSE:WK traded up $1.91 during midday trading on Thursday, reaching $71.86. The stock had a trading volume of 35,612 shares, compared to its average volume of 737,920. Workiva has a 12-month low of $60.50 and a 12-month high of $116.83. The stock has a market cap of $4.03 billion, a P/E ratio of -78.10 and a beta of 1.02. The firm has a fifty day simple moving average of $79.29 and a two-hundred day simple moving average of $90.91.

Wall Street Analyst Weigh In

WK has been the topic of a number of recent research reports. BNP Paribas began coverage on Workiva in a research report on Tuesday. They set an "outperform" rating and a $100.00 price objective on the stock. Stifel Nicolaus lowered their price objective on Workiva from $130.00 to $120.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Stephens started coverage on Workiva in a research report on Wednesday, March 19th. They issued an "overweight" rating and a $111.00 target price on the stock. Citigroup increased their price objective on Workiva from $128.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, February 26th. Finally, The Goldman Sachs Group dropped their price objective on Workiva from $118.00 to $105.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $112.90.

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.