Workiva (NYSE:WK) Stock Price Down 4.8% - Time to Sell?

Workiva Inc. (NYSE:WK - Get Free Report) fell 4.8% during mid-day trading on Wednesday . The stock traded as low as $109.61 and last traded at $108.54. 71,919 shares changed hands during trading, a decline of 87% from the average session volume of 534,211 shares. The stock had previously closed at $114.04.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on WK shares. Stifel Nicolaus upgraded shares of Workiva from a "hold" rating to a "buy" rating and raised their price target for the stock from $102.00 to $130.00 in a research report on Wednesday, December 18th. BMO Capital Markets boosted their target price on Workiva from $96.00 to $104.00 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their target price on Workiva from $120.00 to $133.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Citigroup boosted their price objective on shares of Workiva from $116.00 to $128.00 and gave the company a "buy" rating in a research report on Monday, December 16th. Finally, Robert W. Baird lifted their target price on Workiva from $110.00 to $130.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $122.14.

Workiva Price Performance

The stock's 50 day simple moving average is $104.86 and its two-hundred day simple moving average is $87.08. The stock has a market capitalization of $5.49 billion, a PE ratio of -106.78 and a beta of 1.07.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position 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 valued at $90,597,000 after acquiring an additional 35,029 shares during the last quarter. Loomis Sayles & Co. L P lifted its holdings in shares of Workiva by 13.5% during the 3rd quarter. Loomis Sayles & Co. L P now owns 728,375 shares of the software maker's stock worth $57,629,000 after acquiring an additional 86,746 shares during the last quarter. Nordea Investment Management AB purchased a new position in Workiva in the fourth quarter worth $59,894,000. Groupama Asset Managment bought a new position in Workiva in the third quarter valued at $381,000. Finally, TimesSquare Capital Management LLC lifted its stake 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 purchasing an additional 19,095 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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