Arrowstreet Capital Limited Partnership Purchases New Stake in Workiva Inc. (NYSE:WK)

Arrowstreet Capital Limited Partnership acquired a new position in shares of Workiva Inc. (NYSE:WK) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 468,977 shares of the software maker’s stock, valued at approximately $51,353,000.

Other large investors have also recently bought and sold shares of the company. Pictet Asset Management Holding SA grew its stake in shares of Workiva by 12.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 7,187 shares of the software maker’s stock worth $787,000 after purchasing an additional 785 shares during the period. Norges Bank acquired a new stake in shares of Workiva during the 4th quarter valued at approximately $59,676,000. Loomis Sayles & Co. L P boosted its stake in shares of Workiva by 11.8% during the 4th quarter. Loomis Sayles & Co. L P now owns 814,582 shares of the software maker’s stock worth $89,197,000 after acquiring an additional 86,207 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Workiva by 21.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,390 shares of the software maker’s stock valued at $266,000 after purchasing an additional 423 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Workiva by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 5,800,074 shares of the software maker’s stock worth $635,108,000 after purchasing an additional 70,820 shares during the last quarter. Hedge funds and other institutional investors own 92.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts 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 on the stock in a research note on Friday, January 3rd. Stifel Nicolaus dropped their price objective on shares of Workiva from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Citigroup upped their target price on Workiva from $128.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Stephens began coverage on Workiva in a report on Wednesday, March 19th. They issued an “overweight” rating and a $111.00 price target for the company. Finally, Robert W. Baird increased their price objective on Workiva from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.38.

Workiva Price Performance

Shares of WK stock opened at $75.94 on Wednesday. The firm’s 50-day simple moving average is $90.08 and its 200-day simple moving average is $92.49. Workiva Inc. has a 1-year low of $65.47 and a 1-year high of $116.83. The firm has a market cap of $4.26 billion, a P/E ratio of -82.54 and a beta of 1.09.

Insider Buying and Selling

In other news, CFO Jill Klindt sold 5,593 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $85.04, for a total value of $475,628.72. Following the transaction, the chief financial officer now directly owns 119,054 shares in the company, valued at $10,124,352.16. This trade represents a 4.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $352,737.80. Following the completion of the transaction, the chief accounting officer now directly owns 103,509 shares in the company, valued at $8,872,791.48. This represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,129 shares of company stock valued at $1,807,333. Insiders own 3.86% 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.