Shares of Slack (NYSE:WORK) gapped up before the market opened on Wednesday . The stock had previously closed at $24.95, but opened at $23.25. Slack shares last traded at $23.21, with a volume of 7,869,764 shares changing hands.
WORK has been the topic of several analyst reports. Monness Crespi & Hardt initiated coverage on shares of Slack in a research report on Thursday, December 5th. They set a “buy” rating and a $41.00 price target on the stock. Barclays reaffirmed a “buy” rating and set a $31.00 price target on shares of Slack in a research report on Sunday, November 3rd. Mizuho lifted their price target on shares of Slack from $20.00 to $24.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Credit Suisse Group reduced their price target on shares of Slack from $35.00 to $27.00 and set a “neutral” rating on the stock in a research report on Thursday, December 5th. Finally, Wells Fargo & Co initiated coverage on shares of Slack in a research report on Monday, January 27th. They set an “overweight” rating and a $30.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have issued a buy rating to the stock. Slack currently has a consensus rating of “Buy” and an average target price of $30.76.
The company’s 50 day simple moving average is $22.04 and its 200 day simple moving average is $24.63.
Slack (NYSE:WORK) last posted its quarterly earnings results on Wednesday, December 4th. The company reported ($0.02) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.07. The business had revenue of $168.70 million during the quarter, compared to the consensus estimate of $156.14 million. Slack had a negative net margin of 90.86% and a negative return on equity of 554.57%. The business’s revenue for the quarter was up 59.8% on a year-over-year basis. Research analysts forecast that Slack will post -0.33 earnings per share for the current fiscal year.
In related news, CTO Cal Henderson sold 1,500 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $20.05, for a total transaction of $30,075.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Stewart Butterfield sold 2,500 shares of the business’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $22.98, for a total transaction of $57,450.00. Following the transaction, the chief executive officer now owns 208,055 shares of the company’s stock, valued at approximately $4,781,103.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 213,835 shares of company stock valued at $4,829,569.
Hedge funds have recently modified their holdings of the stock. Pegasus Asset Management Inc. boosted its stake in Slack by 1.2% in the third quarter. Pegasus Asset Management Inc. now owns 37,979 shares of the company’s stock valued at $901,000 after acquiring an additional 465 shares in the last quarter. Sterling Investment Advisors Ltd. boosted its stake in Slack by 67.6% in the third quarter. Sterling Investment Advisors Ltd. now owns 1,240 shares of the company’s stock valued at $29,000 after acquiring an additional 500 shares in the last quarter. Quadrant Capital Group LLC acquired a new position in Slack in the fourth quarter valued at $27,000. CWM LLC acquired a new position in Slack in the fourth quarter valued at $30,000. Finally, Global Retirement Partners LLC acquired a new position in Slack in the third quarter valued at $33,000. Hedge funds and other institutional investors own 33.60% of the company’s stock.
About Slack (NYSE:WORK)
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.
