Workiva Inc. (NYSE:WK) shares jumped 17.6% on September 29 and are trending 2% higher in the pre-market trading hours today after speculation that the company could be a takeover target. The deal, as of now, remains uncertain and may or may not materialize.
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Private equity firms such as Thoma Bravo and TPG have shown interest and are talking to lenders to fund a potential deal to acquire the software-as-a-service (SAAS) company. Workiva provides cloud-based solutions for connected data, reporting, and compliance worldwide.
Earlier this month, Workiva reported solid Q2 results, topping earnings and revenue expectations. The impressive revenue retention rate of 97.9%, as well as a spike in large contract customers driven by robust demand for regulatory software, led to the outperformance.
What was the 52-week High for Workiva Stock?
WK stock reached its 52-week high of $173.24 in November 2021. It is currently trading at half of its one-year peak levels at $76.15.
The Wall Street community is clearly optimistic about the stock. Overall, the stock commands a Strong Buy consensus rating based on five Buys and one Hold. Workiva’s average price target of $93.67 implies 23.07% upside potential from current levels.
Notably, WK stock has a smart score of 8 out of 10 on TipRanks. Further, the stock has a very positive signal from hedge fund managers, who added 271,800 shares during the last quarter.
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