Slack (NYSE:WORK) Shares Gap Up to $20.06

Shares of Slack (NYSE:WORK) gapped up before the market opened on Tuesday . The stock had previously closed at $19.55, but opened at $20.06. Slack shares last traded at $20.98, with a volume of 8,418,456 shares changing hands.

Several equities research analysts have commented on WORK shares. Wedbush restated a “sell” rating and set a $14.00 price target on shares of Slack in a research note on Tuesday, November 19th. MKM Partners reduced their price objective on Slack from $38.00 to $28.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Piper Jaffray Companies started coverage on Slack in a report on Monday, October 28th. They set an “overweight” rating and a $30.00 target price for the company. Credit Suisse Group dropped their target price on shares of Slack from $35.00 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, December 5th. Finally, Stephens began coverage on shares of Slack in a report on Thursday, December 5th. They issued a “buy” rating and a $37.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $31.05.

The firm has a fifty day moving average of $21.99 and a 200 day moving average of $25.18.

Slack (NYSE:WORK) last released its quarterly earnings results on Wednesday, December 4th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.07. The firm had revenue of $168.70 million for the quarter, compared to analyst estimates of $156.14 million. Slack had a negative return on equity of 554.57% and a negative net margin of 90.86%. The firm’s revenue for the quarter was up 59.8% compared to the same quarter last year. Analysts expect that Slack will post -0.33 EPS for the current year.

In other Slack news, CEO Stewart Butterfield sold 2,500 shares of Slack stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $21.95, for a total transaction of $54,875.00. Also, major shareholder Marc L. Andreessen sold 60,536 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $24.13, for a total value of $1,460,733.68. The disclosure for this sale can be found here. Insiders have sold 291,450 shares of company stock worth $6,438,615 in the last quarter.

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. bought a new stake in Slack in the second quarter valued at about $263,631,000. Gilder Gagnon Howe & Co. LLC lifted its holdings in Slack by 13.1% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 2,927,096 shares of the company’s stock worth $69,460,000 after acquiring an additional 339,152 shares during the last quarter. Calamos Advisors LLC acquired a new position in Slack in the third quarter valued at approximately $18,543,000. KAMES CAPITAL plc boosted its stake in Slack by 62.3% in the fourth quarter. KAMES CAPITAL plc now owns 730,211 shares of the company’s stock valued at $16,393,000 after acquiring an additional 280,270 shares during the period. Finally, BlackRock Inc. bought a new position in shares of Slack during the second quarter valued at approximately $27,347,000. Institutional investors own 33.57% of the company’s stock.

Slack Company Profile (NYSE:WORK)

Slack Technologies, Inc operates Slack, a business technology software platform in the United States and internationally. Its platform brings together people, applications, and data, as well as sells its offering under a software-as-a-service model. The company was formerly known as Tiny Speck, Inc and changed its name to Slack Technologies, Inc in 2014.

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