Workiva initiated with an Outperform at Wolfe Research

Wolfe Research initiated coverage of Workiva with an Outperform rating and $120 price target. The firm says the Workiva story is “straightforward.” Strengthening fundamentals, a “sticky” installed base, disparate competition, and an expanding total addressable market aided by global regulatory changes, gives Workiva the opportunity to stretch its leadership position, and drive accelerating growth and rapidly expanding margins, the analyst tells investors in a research note.