abrdn plc Decreases Stock Position in Workiva Inc. (NYSE:WK)

abrdn plc trimmed its position in shares of Workiva Inc. (NYSE:WK) by 7.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 261,757 shares of the software maker’s stock after selling 19,897 shares during the quarter. abrdn plc’s holdings in Workiva were worth $20,710,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Workiva by 3.6% in the first quarter. Vanguard Group Inc. now owns 5,185,929 shares of the software maker’s stock worth $439,767,000 after buying an additional 181,520 shares during the period. Champlain Investment Partners LLC grew its position in Workiva by 58.2% in the 1st quarter. Champlain Investment Partners LLC now owns 1,340,114 shares of the software maker’s stock valued at $113,642,000 after acquiring an additional 492,945 shares during the last quarter. Conestoga Capital Advisors LLC increased its stake in Workiva by 2.8% in the second quarter. Conestoga Capital Advisors LLC now owns 1,188,445 shares of the software maker’s stock worth $86,745,000 after purchasing an additional 32,230 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Workiva by 14.3% during the second quarter. Bank of New York Mellon Corp now owns 392,951 shares of the software maker’s stock worth $28,682,000 after purchasing an additional 49,222 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in shares of Workiva by 8.3% during the second quarter. William Blair Investment Management LLC now owns 377,832 shares of the software maker’s stock valued at $27,578,000 after purchasing an additional 29,005 shares during the period. Institutional investors own 92.21% of the company’s stock.

Insider Activity at Workiva

In other Workiva news, EVP Michael D. Hawkins sold 2,761 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $74.60, for a total transaction of $205,970.60. Following the sale, the executive vice president now owns 49,887 shares of the company’s stock, valued at approximately $3,721,570.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.86% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently commented on WK shares. Northland Securities reduced their price target on shares of Workiva from $106.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. StockNews.com lowered shares of Workiva from a “buy” rating to a “hold” rating in a research report on Saturday, August 3rd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $95.00.

Workiva Price Performance

WK stock opened at $79.76 on Friday. Workiva Inc. has a 1-year low of $65.47 and a 1-year high of $105.00. The business has a 50-day moving average price of $77.82 and a 200 day moving average price of $76.89. The company has a market capitalization of $4.37 billion, a P/E ratio of -46.98 and a beta of 1.05.

Workiva (NYSE:WK) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.16 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.02). The firm had revenue of $177.50 million for the quarter, compared to analyst estimates of $175.22 million. During the same period in the prior year, the company posted ($0.36) EPS. The business’s quarterly revenue was up 14.5% on a year-over-year basis. On average, analysts anticipate that Workiva Inc. will post -0.86 earnings per share for the current fiscal year.

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.