Slack (NYSE:WORK) had its price target upped by equities researchers at DA Davidson from $29.00 to $32.00 in a report issued on Friday, The Fly reports. The firm presently has a “neutral” rating on the stock. DA Davidson’s price objective would indicate a potential downside of 1.72% from the stock’s current price.
Other equities research analysts have also recently issued research reports about the company. Cantor Fitzgerald boosted their price target on Slack from $30.00 to $38.00 and gave the company an “overweight” rating in a research note on Friday. Barclays boosted their price target on Slack from $23.00 to $38.00 and gave the company an “overweight” rating in a research note on Friday. Morgan Stanley boosted their price target on Slack from $25.00 to $29.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. William Blair reissued a “buy” rating on shares of Slack in a research note on Friday, March 27th. Finally, Royal Bank of Canada upped their target price on Slack from $28.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the company’s stock. Slack currently has a consensus rating of “Buy” and an average target price of $34.00.
Shares of NYSE WORK opened at $32.56 on Friday. The stock has a market cap of $21.13 billion and a price-to-earnings ratio of -22.77. The business has a 50 day simple moving average of $30.32 and a 200 day simple moving average of $25.17. Slack has a 52 week low of $15.10 and a 52 week high of $42.00.
Slack (NYSE:WORK) last announced its quarterly earnings results on Thursday, June 4th. The company reported ($0.02) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.12. The business had revenue of $201.65 million during the quarter, compared to analysts’ expectations of $188.12 million. Slack had a negative return on equity of 81.89% and a negative net margin of 87.91%. The company’s revenue was up 49.6% on a year-over-year basis. Analysts predict that Slack will post -0.61 EPS for the current fiscal year.
In related news, Director Andrew Braccia sold 184,729 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $39.96, for a total value of $7,381,770.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Cal Henderson sold 1,500 shares of the company’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $24.35, for a total value of $36,525.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,950,498 shares of company stock valued at $50,548,133. Corporate insiders own 26.82% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Trustcore Financial Services LLC raised its stake in shares of Slack by 86.2% in the first quarter. Trustcore Financial Services LLC now owns 1,037 shares of the company’s stock valued at $28,000 after purchasing an additional 480 shares in the last quarter. CSat Investment Advisory L.P. grew its position in Slack by 9.8% in the fourth quarter. CSat Investment Advisory L.P. now owns 6,735 shares of the company’s stock valued at $151,000 after acquiring an additional 602 shares during the period. Kiwi Wealth Investments Limited Partnership grew its position in Slack by 3.4% in the fourth quarter. Kiwi Wealth Investments Limited Partnership now owns 30,272 shares of the company’s stock valued at $681,000 after acquiring an additional 991 shares during the period. Duncker Streett & Co. Inc. bought a new stake in Slack in the first quarter valued at $27,000. Finally, Quadrant Capital Group LLC bought a new stake in Slack in the fourth quarter valued at $27,000. Institutional investors and hedge funds own 51.91% of the company’s stock.
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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