Workiva (NYSE:WK) Reaches New 12-Month High on Analyst Upgrade

Workiva Inc. (NYSE:WK)’s share price hit a new 52-week high during mid-day trading 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. The stock had previously closed at $105.42.

Several other analysts have also commented on the stock. Stifel Nicolaus increased their price target on shares of Workiva from $85.00 to $102.00 and gave the company a “hold” rating in a research report on Thursday, November 7th. Robert W. Baird increased their price target on shares of Workiva from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, BMO Capital Markets increased their price target on shares of Workiva from $96.00 to $104.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Workiva presently has an average rating of “Moderate Buy” and an average target price of $111.80.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WK. Assenagon Asset Management S.A. lifted its position in shares of Workiva by 62.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 27,150 shares of the software maker’s stock worth $1,982,000 after buying an additional 10,443 shares during the last quarter. Raymond James & Associates lifted its position in shares of Workiva by 6.5% in the 2nd quarter. Raymond James & Associates now owns 55,170 shares of the software maker’s stock worth $4,027,000 after buying an additional 3,356 shares during the last quarter. Nicholas Company Inc. bought a new position in shares of Workiva in the 2nd quarter worth about $3,929,000. Bank of New York Mellon Corp lifted its position in shares of Workiva by 14.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 392,951 shares of the software maker’s stock worth $28,682,000 after buying an additional 49,222 shares during the last quarter. Finally, Conestoga Capital Advisors LLC lifted its position 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 purchasing an additional 32,230 shares during the last quarter. 92.21% of the stock is owned by institutional investors and hedge funds.

Workiva Trading Up 1.9 %

The stock has a market capitalization of $5.95 billion, a P/E ratio of -114.70 and a beta of 1.09. The company’s 50-day moving average is $89.86 and its two-hundred day moving average is $80.21.

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.