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

Workiva Inc. (NYSE:WK - Get Free Report) saw an uptick in trading volume on Wednesday . 1,092,086 shares traded hands during mid-day 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.

Analyst Ratings Changes

WK has been the subject of a number of recent analyst reports. Raymond James upgraded 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. Robert W. Baird raised their target price on Workiva from $110.00 to $130.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. Stephens assumed coverage on Workiva in a research note on Wednesday, March 19th. They issued an "overweight" rating and a $111.00 target price on the stock. BMO Capital Markets cut their target price on shares of Workiva from $120.00 to $108.00 and set an "outperform" rating for the company in a research report on Wednesday, February 26th. 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 report on Friday, March 28th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $118.38.

Workiva Trading Up 1.5 %

The business has a fifty day moving average of $90.08 and a 200-day moving average of $92.49. The company has a market cap of $4.33 billion, a PE ratio of -83.93 and a beta of 1.09.

Insider Buying and Selling at Workiva

In other news, Director Robert H. Herz sold 1,000 shares of the company's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $88.70, for a total value of $88,700.00. Following the sale, the director now directly owns 34,084 shares of the company's stock, valued at $3,023,250.80. This represents a 2.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brandon Ziegler sold 4,115 shares of Workiva stock in a transaction dated Friday, March 7th. The shares were 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 of the company's stock, valued at approximately $8,872,791.48. This trade represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,129 shares of company stock valued at $1,807,333. 3.86% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Workiva

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Twin Tree Management LP bought a new stake in shares of Workiva in the 4th quarter worth approximately $25,000. Johnson Financial Group Inc. purchased a new position in Workiva during the fourth quarter valued at $66,000. GeoWealth Management LLC boosted its holdings in Workiva by 3,010.0% in the fourth quarter. GeoWealth Management LLC now owns 622 shares of the software maker's stock worth $68,000 after acquiring an additional 602 shares in the last quarter. Global Wealth Strategies & Associates bought a new stake in Workiva in the first quarter worth $53,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Workiva by 14,650.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 885 shares of the software maker's stock worth $97,000 after acquiring an additional 879 shares during the last quarter. Hedge funds and other institutional investors own 92.21% of the company's stock.

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.

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