50,443 Shares in Slack (NYSE:WORK) Acquired by Avitas Wealth Management LLC

Avitas Wealth Management LLC purchased a new position in shares of Slack (NYSE:WORK) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 50,443 shares of the company’s stock, valued at approximately $1,568,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Michigan Retirement System lifted its position in shares of Slack by 227.0% during the second quarter. State of Michigan Retirement System now owns 131,602 shares of the company’s stock worth $4,092,000 after purchasing an additional 91,351 shares in the last quarter. Perigon Wealth Management LLC increased its stake in Slack by 63.5% during the 2nd quarter. Perigon Wealth Management LLC now owns 28,363 shares of the company’s stock worth $882,000 after buying an additional 11,020 shares during the period. Malaga Cove Capital LLC boosted its position in Slack by 20.6% in the 2nd quarter. Malaga Cove Capital LLC now owns 39,906 shares of the company’s stock valued at $1,241,000 after buying an additional 6,826 shares during the period. Shine Investment Advisory Services Inc. grew its stake in shares of Slack by 38.9% in the second quarter. Shine Investment Advisory Services Inc. now owns 6,812 shares of the company’s stock worth $212,000 after acquiring an additional 1,906 shares in the last quarter. Finally, Stratos Wealth Advisors LLC acquired a new position in shares of Slack in the second quarter worth $301,000. 51.75% of the stock is owned by institutional investors and hedge funds.

A number of research analysts recently issued reports on the stock. Royal Bank of Canada lifted their price target on shares of Slack from $28.00 to $38.00 and gave the stock an “outperform” rating in a research note on Friday, June 5th. DA Davidson boosted their target price on shares of Slack from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. Goldman Sachs Group cut shares of Slack from a “neutral” rating to a “sell” rating and set a $30.00 price objective on the stock. in a report on Friday, June 19th. They noted that the move was a valuation call. Canaccord Genuity raised their target price on shares of Slack from $25.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Finally, Piper Sandler increased their price objective on Slack from $31.00 to $40.00 and gave the stock an “overweight” rating in a research report on Friday, June 5th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $34.08.

NYSE:WORK traded up $0.78 during mid-day trading on Friday, reaching $29.55. The stock had a trading volume of 14,138,539 shares, compared to its average volume of 15,549,347. The company has a debt-to-equity ratio of 0.74, a current ratio of 3.32 and a quick ratio of 3.32. The company has a market capitalization of $16.45 billion and a price-to-earnings ratio of -20.66. Slack has a 1-year low of $15.10 and a 1-year high of $40.07. The stock’s 50 day simple moving average is $31.77 and its two-hundred day simple moving average is $27.89.

Slack (NYSE:WORK) last issued its quarterly earnings results on Thursday, June 4th. The company reported ($0.02) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.12. Slack had a negative return on equity of 79.21% and a negative net margin of 87.91%. The business had revenue of $201.65 million during the quarter, compared to the consensus estimate of $188.12 million. 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 EPS for the current fiscal year.

In related news, Director Andrew Braccia sold 184,729 shares of Slack stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $39.96, for a total transaction of $7,381,770.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Allen Shim sold 45,000 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $26.69, for a total transaction of $1,201,050.00. Following the completion of the sale, the chief financial officer now directly owns 258,511 shares of the company’s stock, valued at approximately $6,899,658.59. The disclosure for this sale can be found here. In the last three months, insiders sold 2,226,173 shares of company stock worth $74,100,666. Company insiders own 26.82% of the company’s stock.

Slack Company Profile

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.

Further Reading: What is Depreciation?

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Institutional Ownership by Quarter for Slack (NYSE:WORK)

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