Envestnet Asset Management Inc. Sells 16,136 Shares of Workiva Inc. (NYSE:WK)

Envestnet Asset Management Inc. reduced its stake in shares of Workiva Inc. (NYSE:WK) by 6.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 219,218 shares of the software maker’s stock after selling 16,136 shares during the quarter. Envestnet Asset Management Inc. owned 0.40% of Workiva worth $16,001,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. EntryPoint Capital LLC acquired a new stake in Workiva during the first quarter worth about $40,000. Fidelis Capital Partners LLC bought a new stake in shares of Workiva during the 1st quarter worth approximately $45,000. RiverPark Advisors LLC boosted its position in shares of Workiva by 361.5% during the 1st quarter. RiverPark Advisors LLC now owns 1,140 shares of the software maker’s stock worth $97,000 after acquiring an additional 893 shares in the last quarter. Headlands Technologies LLC increased 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, Quest Partners LLC raised its position in Workiva by 44,933.3% during the second quarter. Quest Partners LLC now owns 2,702 shares of the software maker’s stock valued at $197,000 after purchasing an additional 2,696 shares in the last quarter. Institutional investors own 92.21% of the company’s stock.

Workiva Stock Performance

NYSE WK opened at $77.95 on Wednesday. The firm’s fifty day moving average price is $75.39 and its two-hundred day moving average price is $77.52. The stock has a market cap of $4.27 billion, a PE ratio of -45.32 and a beta of 1.05. Workiva Inc. has a fifty-two week low of $65.47 and a fifty-two week high of $105.00.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on WK shares. Robert W. Baird lowered their price objective on shares of Workiva from $105.00 to $94.00 and set an “outperform” rating for the company in a research report on Thursday, June 27th. BMO Capital Markets restated an “outperform” rating and set a $96.00 price objective on shares of Workiva in a research report on Tuesday, June 11th. Northland Securities lowered their price objective on shares of Workiva from $106.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Citigroup boosted their price objective on shares of Workiva from $103.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, StockNews.com downgraded shares of Workiva from a “buy” rating to a “hold” rating in a research report on Saturday, August 3rd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Workiva has a consensus rating of “Moderate Buy” and a consensus target price of $95.00.

Insider Buying and Selling

In related news, EVP Michael D. Hawkins sold 2,761 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $74.60, for a total value of $205,970.60. Following the sale, the executive vice president now owns 49,887 shares of the company’s stock, valued at $3,721,570.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.86% of the stock is currently owned by insiders.

Workiva 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.