Toroso Investments LLC bought a new stake in shares of Slack (NYSE:WORK) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 7,471 shares of the company’s stock, valued at approximately $201,000.
A number of other hedge funds have also modified their holdings of WORK. AH Equity Partners I L.L.C. bought a new position in shares of Slack in the fourth quarter worth $220,628,000. FMR LLC increased its holdings in shares of Slack by 142.1% in the fourth quarter. FMR LLC now owns 10,336,759 shares of the company’s stock worth $232,370,000 after purchasing an additional 6,067,761 shares during the period. Alliancebernstein L.P. increased its holdings in shares of Slack by 376.7% in the fourth quarter. Alliancebernstein L.P. now owns 6,620,586 shares of the company’s stock worth $148,831,000 after purchasing an additional 5,231,846 shares during the period. Spark Growth Management Partners LLC bought a new position in shares of Slack in the fourth quarter worth $113,570,000. Finally, AH Equity Partners IV Parallel L.L.C. bought a new position in shares of Slack in the fourth quarter worth $85,793,000. 47.81% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on the stock. Robert W. Baird reaffirmed an “in-line” rating and issued a $24.00 price target (down previously from $31.00) on shares of Slack in a report on Friday, March 13th. Cantor Fitzgerald began coverage on shares of Slack in a report on Sunday, April 19th. They issued an “overweight” rating on the stock. Credit Suisse Group upped their target price on shares of Slack from $21.00 to $26.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Royal Bank of Canada upped their target price on shares of Slack from $23.00 to $28.00 and gave the stock an “outperform” rating in a research report on Friday, March 27th. Finally, Stephens reiterated a “buy” rating and issued a $32.00 target price on shares of Slack in a research report on Thursday, March 26th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $29.35.
NYSE WORK opened at $31.71 on Friday. The company has a 50-day simple moving average of $27.56 and a two-hundred day simple moving average of $24.23. Slack has a 12-month low of $15.10 and a 12-month high of $42.00.
Slack (NYSE:WORK) last posted its quarterly earnings results on Thursday, March 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. The business had revenue of $181.90 million during the quarter, compared to analyst estimates of $174.24 million. Slack had a negative net margin of 90.58% and a negative return on equity of 138.05%. Slack’s revenue was up 49.1% on a year-over-year basis. Sell-side analysts predict that Slack will post -0.61 earnings per share for the current fiscal year.
In other news, insider Tamar Yehoshua sold 50,000 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $27.75, for a total transaction of $1,387,500.00. Following the completion of the transaction, the insider now directly owns 203,169 shares of the company’s stock, valued at $5,637,939.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Brandon Zell sold 1,798 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $26.32, for a total transaction of $47,323.36. Following the transaction, the chief accounting officer now directly owns 172,409 shares of the company’s stock, valued at $4,537,804.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,771,999 shares of company stock valued at $42,848,500. Insiders own 26.82% 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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