Connor Clark & Lunn Investment Management Ltd. Increases Stock Position in Workiva Inc. (NYSE:WK)

Connor Clark & Lunn Investment Management Ltd. increased its position in Workiva Inc. (NYSE:WK) by 16.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 107,335 shares of the software maker’s stock after acquiring an additional 14,884 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.19% of Workiva worth $11,753,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in WK. EverSource Wealth Advisors LLC raised its holdings in Workiva by 14,650.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 885 shares of the software maker’s stock worth $97,000 after acquiring an additional 879 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Workiva by 8.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,452 shares of the software maker’s stock worth $159,000 after acquiring an additional 116 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Workiva in the 3rd quarter worth approximately $168,000. Quantinno Capital Management LP purchased a new position in Workiva in the 3rd quarter worth approximately $207,000. Finally, Truist Financial Corp purchased a new position in Workiva in the 4th quarter worth approximately $211,000. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on WK shares. Stifel Nicolaus decreased their target price on shares of Workiva from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. The Goldman Sachs Group boosted their target price on shares of Workiva from $120.00 to $133.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Raymond James upgraded shares of Workiva from a “market perform” rating to an “outperform” rating and set a $135.00 target price for the company in a research note on Friday, January 3rd. Citigroup boosted their target price on shares of Workiva from $128.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Finally, BMO Capital Markets decreased their target price 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. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $121.57.

Workiva Price Performance

Shares of WK stock opened at $87.63 on Friday. Workiva Inc. has a 1 year low of $65.47 and a 1 year high of $116.83. The firm has a fifty day moving average price of $96.98 and a 200-day moving average price of $91.43. The company has a market cap of $4.92 billion, a price-to-earnings ratio of -95.25 and a beta of 1.09.

Insider Activity

In related news, EVP Michael D. Hawkins sold 10,421 shares of the company’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $85.43, for a total value of $890,266.03. Following the completion of the transaction, the executive vice president now owns 61,298 shares of the company’s stock, valued at approximately $5,236,688.14. This represents a 14.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert H. Herz sold 1,000 shares of the company’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $88.70, for a total transaction 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 $3,023,250.80. This represents a 2.85 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,129 shares of company stock valued at $1,807,333 in the last 90 days. Company insiders own 3.86% of the company’s stock.

Workiva Company 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.