Workiva (NYSE:WK) Shares Gap Up – Still a Buy?

Workiva Inc. (NYSE:WK) shares gapped up before the market opened on Wednesday . The stock had previously closed at $109.29, but opened at $112.57. Workiva shares last traded at $114.12, with a volume of 93,953 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently commented on WK shares. BMO Capital Markets upped their target price on Workiva from $96.00 to $104.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Stifel Nicolaus raised shares of Workiva from a “hold” rating to a “buy” rating and raised their price objective for the stock from $102.00 to $130.00 in a report on Wednesday. Citigroup upped their target price on shares of Workiva from $116.00 to $128.00 and gave the company a “buy” rating in a research note on Monday. Finally, Robert W. Baird raised 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, December 13th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.40.

Workiva Price Performance

The stock has a 50 day moving average price of $91.16 and a two-hundred day moving average price of $80.65. The company has a market capitalization of $6.17 billion, a price-to-earnings ratio of -121.07 and a beta of 1.09.

Institutional Investors Weigh In On Workiva

Institutional investors and hedge funds have recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new stake in Workiva in the third quarter worth about $28,000. Quarry LP raised its stake in shares of Workiva by 57.8% during the second quarter. Quarry LP now owns 453 shares of the software maker’s stock worth $33,000 after buying an additional 166 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in Workiva in the second quarter valued at approximately $62,000. Headlands Technologies LLC boosted its stake in Workiva by 896.0% in the second quarter. Headlands Technologies LLC now owns 1,753 shares of the software maker’s stock valued at $128,000 after acquiring an additional 1,577 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in Workiva during the 3rd quarter worth $168,000. 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.