Tensile Capital Management LP Sells 66,284 Shares of Workiva Inc. (NYSE:WK)

Tensile Capital Management LP decreased its position in Workiva Inc. (NYSE:WK) by 21.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 238,321 shares of the software maker’s stock after selling 66,284 shares during the period. Workiva comprises approximately 2.7% of Tensile Capital Management LP’s portfolio, making the stock its 14th biggest holding. Tensile Capital Management LP owned about 0.43% of Workiva worth $26,096,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Workiva in the 4th quarter worth approximately $59,676,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Workiva during the fourth quarter valued at approximately $51,353,000. Point72 Asset Management L.P. purchased a new stake in Workiva in the fourth quarter worth $32,863,000. T. Rowe Price Investment Management Inc. lifted its stake in Workiva by 10.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,148,021 shares of the software maker’s stock worth $235,209,000 after acquiring an additional 200,220 shares during the period. Finally, Engle Capital Management L.P. bought a new stake in Workiva in the fourth quarter valued at $20,367,000. Institutional investors own 92.21% of the company’s stock.

Workiva Price Performance

NYSE:WK opened at $71.49 on Friday. The firm has a market capitalization of $4.01 billion, a P/E ratio of -77.70 and a beta of 0.98. Workiva Inc. has a one year low of $60.50 and a one year high of $116.83. The company’s 50-day simple moving average is $73.92 and its 200 day simple moving average is $89.98.

Workiva (NYSE:WK) last released its earnings results on Thursday, May 1st. The software maker reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.07. The business had revenue of $206.28 million for the quarter, compared to analysts’ expectations of $204.24 million. Workiva’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.22 earnings per share. On average, equities research analysts expect that Workiva Inc. will post -0.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Workiva news, Director Robert H. Herz sold 1,000 shares of Workiva stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $88.70, for a total value of $88,700.00. Following the completion of the transaction, the director now directly owns 34,084 shares of the company’s stock, valued at approximately $3,023,250.80. The trade was a 2.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jill Klindt sold 5,593 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $85.04, for a total transaction of $475,628.72. Following the completion of the transaction, the chief financial officer now owns 119,054 shares in the company, valued at approximately $10,124,352.16. This represents a 4.49% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,129 shares of company stock valued at $1,807,333. 3.86% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

WK has been the subject of several research reports. Truist Financial decreased their price objective on shares of Workiva from $120.00 to $95.00 and set a “buy” rating for the company in a report on Monday, April 7th. BMO Capital Markets decreased their price target on shares of Workiva from $120.00 to $108.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Citigroup raised their price objective on shares of Workiva from $128.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, February 26th. Raymond James cut their price objective on Workiva from $125.00 to $105.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Finally, Stephens started coverage on Workiva in a research report on Wednesday, March 19th. They issued an “overweight” rating and a $111.00 target price for the company. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Workiva has an average rating of “Moderate Buy” and an average target price of $107.90.

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.