Gilder Gagnon Howe & Co. LLC boosted its stake in shares of Slack (NYSE:WORK) by 69.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,645,485 shares of the company’s stock after acquiring an additional 1,490,828 shares during the quarter. Gilder Gagnon Howe & Co. LLC owned about 0.65% of Slack worth $113,338,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. lifted its position in Slack by 88.1% during the 1st quarter. BlackRock Inc. now owns 1,488,048 shares of the company’s stock worth $39,939,000 after acquiring an additional 696,835 shares during the period. New York State Common Retirement Fund acquired a new stake in shares of Slack in the 2nd quarter valued at approximately $17,721,000. Wells Fargo & Company MN lifted its holdings in shares of Slack by 78.5% in the 1st quarter. Wells Fargo & Company MN now owns 993,298 shares of the company’s stock valued at $26,660,000 after buying an additional 436,897 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Slack in the 2nd quarter valued at approximately $1,989,000. Finally, First Trust Advisors LP lifted its holdings in shares of Slack by 12.4% in the 2nd quarter. First Trust Advisors LP now owns 332,898 shares of the company’s stock valued at $10,350,000 after buying an additional 36,850 shares during the period. 65.92% of the stock is owned by institutional investors.
In related news, SVP Robert Frati sold 5,000 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $31.25, for a total value of $156,250.00. Following the completion of the transaction, the senior vice president now directly owns 349,632 shares of the company’s stock, valued at approximately $10,926,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Stewart Butterfield sold 180,000 shares of the stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $36.04, for a total value of $6,487,200.00. Following the completion of the transaction, the chief executive officer now directly owns 49,417 shares of the company’s stock, valued at $1,780,988.68. The disclosure for this sale can be found here. Insiders have sold 2,119,267 shares of company stock valued at $69,152,920 over the last ninety days. Corporate insiders own 26.82% of the company’s stock.
Several analysts have recently commented on WORK shares. Canaccord Genuity raised their price target on Slack from $25.00 to $38.00 and gave the company a “buy” rating in a report on Friday, June 5th. Wedbush raised their price target on Slack from $14.00 to $20.00 and gave the company an “underperform” rating in a report on Friday, June 5th. Goldman Sachs Group cut Slack from a “neutral” rating to a “sell” rating and set a $30.00 price objective for the company. in a report on Friday, June 19th. They noted that the move was a valuation call. Monness Crespi & Hardt cut Slack from a “buy” rating to a “neutral” rating in a report on Friday, June 5th. They noted that the move was a valuation call. Finally, Credit Suisse Group lifted their price objective on Slack from $26.00 to $30.00 and gave the stock a “neutral” rating in a report on Friday, June 5th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and fifteen have given a buy rating to the company. Slack presently has a consensus rating of “Buy” and an average price target of $33.64.
Shares of NYSE:WORK traded down $1.91 during midday trading on Friday, reaching $29.07. The company’s stock had a trading volume of 19,091,900 shares, compared to its average volume of 12,560,276. The firm has a market cap of $16.19 billion, a price-to-earnings ratio of -20.33 and a beta of -0.21. The business has a 50 day moving average price of $30.02 and a 200 day moving average price of $29.13. Slack has a 1 year low of $15.10 and a 1 year high of $40.07. The company has a quick ratio of 3.32, a current ratio of 3.32 and a debt-to-equity ratio of 0.74.
Slack (NYSE:WORK) last posted its 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 company had revenue of $201.65 million during the quarter, compared to analyst estimates of $188.12 million. Slack had a negative return on equity of 79.21% and a negative net margin of 87.91%. The firm’s revenue for the quarter was up 49.6% compared to the same quarter last year. Sell-side analysts anticipate that Slack will post -0.58 earnings per share for the current fiscal year.
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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