Principal Financial Group Inc. Cuts Stock Position in Workiva Inc. (NYSE:WK)

Principal Financial Group Inc. cut its holdings in Workiva Inc. (NYSE:WK) by 31.2% in the third quarter, Holdings Channel reports. The institutional investor owned 4,691 shares of the software maker’s stock after selling 2,132 shares during the quarter. Principal Financial Group Inc.’s holdings in Workiva were worth $371,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Workiva by 3.6% during the first quarter. Vanguard Group Inc. now owns 5,185,929 shares of the software maker’s stock worth $439,767,000 after purchasing an additional 181,520 shares in the last quarter. Conestoga Capital Advisors LLC boosted its stake in Workiva by 2.8% during the second quarter. Conestoga Capital Advisors LLC now owns 1,188,445 shares of the software maker’s stock worth $86,745,000 after buying an additional 32,230 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Workiva by 14.3% during the second quarter. Bank of New York Mellon Corp now owns 392,951 shares of the software maker’s stock worth $28,682,000 after buying an additional 49,222 shares during the last quarter. William Blair Investment Management LLC boosted its stake in Workiva by 8.3% during the second quarter. William Blair Investment Management LLC now owns 377,832 shares of the software maker’s stock worth $27,578,000 after buying an additional 29,005 shares during the last quarter. Finally, Swedbank AB acquired a new position in Workiva during the first quarter worth $16,180,000. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Workiva Stock Up 0.8 %

Shares of Workiva stock opened at $95.62 on Monday. The business’s fifty day simple moving average is $82.57 and its 200-day simple moving average is $78.07. Workiva Inc. has a 52 week low of $65.47 and a 52 week high of $105.00. The firm has a market cap of $5.30 billion, a PE ratio of -103.93 and a beta of 1.05.

Insider Buying and Selling

In related news, EVP Michael D. Hawkins sold 2,761 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $74.60, for a total transaction of $205,970.60. Following the transaction, the executive vice president now owns 49,887 shares of the company’s stock, valued at approximately $3,721,570.20. This represents a 5.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.86% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

WK has been the topic of a number of recent research reports. Stifel Nicolaus boosted their price objective on Workiva from $85.00 to $102.00 and gave the stock a “hold” rating in a research note on Thursday, November 7th. Northland Securities lowered their price objective on Workiva from $106.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. StockNews.com lowered Workiva from a “buy” rating to a “hold” rating in a research note on Saturday, August 3rd. Robert W. Baird upped their price target on Workiva from $94.00 to $110.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Finally, BMO Capital Markets upped their price target on Workiva from $96.00 to $104.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Workiva presently has a consensus rating of “Moderate Buy” and an average target price of $103.20.

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.