Slack (NYSE:WORK) Shares Gap Up to $27.49

Shares of Slack (NYSE:WORK) gapped up before the market opened on Friday . The stock had previously closed at $25.31, but opened at $27.49. Slack shares last traded at $28.44, with a volume of 18,548,382 shares traded.

A number of analysts have commented on WORK shares. Piper Jaffray Companies started coverage on shares of Slack in a research report on Monday, October 28th. They set an “overweight” rating and a $30.00 price target on the stock. William Blair reaffirmed a “buy” rating on shares of Slack in a research note on Wednesday, November 20th. Wedbush reaffirmed a “sell” rating and issued a $14.00 price objective on shares of Slack in a research note on Tuesday, November 19th. MKM Partners lowered their price objective on shares of Slack from $38.00 to $28.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Finally, Wells Fargo & Co started coverage on shares of Slack in a research note on Monday, January 27th. They issued an “overweight” rating and a $30.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Slack presently has a consensus rating of “Buy” and an average target price of $30.76.

The firm’s 50-day moving average price is $23.31 and its two-hundred day moving average price is $24.17.

Slack (NYSE:WORK) last released its earnings results on Wednesday, December 4th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.07. The business had revenue of $168.70 million for 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 firm’s revenue for the quarter was up 59.8% on a year-over-year basis. Sell-side analysts anticipate that Slack will post -0.33 EPS for the current fiscal year.

In other news, CTO Cal Henderson sold 1,500 shares of Slack stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $22.42, for a total value of $33,630.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Stewart Butterfield sold 2,500 shares of Slack stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $27.78, for a total transaction of $69,450.00. Following the completion of the transaction, the chief executive officer now directly owns 181,395 shares in the company, valued at $5,039,153.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 207,095 shares of company stock worth $4,736,798.

Institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its position in Slack by 19.2% during the third quarter. Envestnet Asset Management Inc. now owns 10,702 shares of the company’s stock valued at $254,000 after purchasing an additional 1,721 shares in the last quarter. Wedbush Securities Inc. grew its position in Slack by 49.6% during the third quarter. Wedbush Securities Inc. now owns 8,450 shares of the company’s stock valued at $201,000 after purchasing an additional 2,800 shares in the last quarter. Flagship Harbor Advisors LLC grew its position in Slack by 152.5% during the third quarter. Flagship Harbor Advisors LLC now owns 2,777 shares of the company’s stock valued at $65,000 after purchasing an additional 1,677 shares in the last quarter. Segantii Capital Management Ltd purchased a new position in Slack during the third quarter valued at approximately $1,068,000. Finally, Railway Pension Investments Ltd grew its position in Slack by 73.4% during the third quarter. Railway Pension Investments Ltd now owns 38,091 shares of the company’s stock valued at $903,000 after purchasing an additional 16,127 shares in the last quarter. 39.69% of the stock is currently owned by institutional investors and hedge funds.

Slack Company Profile (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.

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