Workiva (NYSE:WK) Sees Strong Trading Volume - Here's Why

Workiva Inc. (NYSE:WK - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 1,092,086 shares traded hands during trading, an increase of 139% from the previous session's volume of 456,318 shares.The stock last traded at $77.99 and had previously closed at $76.06.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on WK shares. 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 note on Friday, January 3rd. Stephens initiated coverage on shares of Workiva in a report on Wednesday, March 19th. They issued an "overweight" rating and a $111.00 price target on the stock. Citigroup upped their price objective on Workiva from $128.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, February 26th. Truist Financial lowered their price target on Workiva from $120.00 to $95.00 and set a "buy" rating for the company in a research report on Monday. Finally, The Goldman Sachs Group reduced their price objective on Workiva from $132.00 to $118.00 and set a "buy" rating on the stock in a research note on Friday, March 28th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $115.78.

Workiva Price Performance

The business's 50-day moving average price is $88.44 and its 200 day moving average price is $92.38. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of -71.66 and a beta of 1.02.

Insider Activity

In other Workiva news, Director Robert H. Herz sold 1,000 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $88.70, for a total transaction of $88,700.00. Following the sale, the director now directly owns 34,084 shares of the company's stock, valued at approximately $3,023,250.80. This represents a 2.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael D. Hawkins sold 10,421 shares of Workiva stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $85.43, for a total transaction of $890,266.03. Following the completion of the transaction, the executive vice president now directly owns 61,298 shares of the company's stock, valued at $5,236,688.14. This trade represents a 14.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,129 shares of company stock worth $1,807,333 over the last ninety days. Corporate insiders own 3.86% of the company's stock.

Hedge Funds Weigh In On Workiva

A number of large investors have recently bought and sold shares of WK. GAMMA Investing LLC increased its position in Workiva by 8,443.7% in the first quarter. GAMMA Investing LLC now owns 21,103 shares of the software maker's stock worth $1,602,000 after buying an additional 20,856 shares during the period. Global Wealth Strategies & Associates acquired a new position in Workiva during the 1st quarter valued at about $53,000. Polar Asset Management Partners Inc. acquired a new stake in shares of Workiva in the fourth quarter valued at approximately $5,825,000. GTS Securities LLC bought a new stake in shares of Workiva during the fourth quarter valued at approximately $212,000. Finally, Castleark Management LLC acquired a new position in shares of Workiva during the fourth quarter worth approximately $6,800,000. Institutional investors own 92.21% of the company's stock.

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.