Workiva Inc. (NYSE:WK) shares jumped 17.6% on September 29 and are trending 2% higher in the pre-market trading hours today after speculation that the company could be a takeover target. The deal, as of now, remains uncertain and may or may not materialize.
Private equity firms such as Thoma Bravo and TPG have shown interest and are talking to lenders to fund a potential deal to acquire the software-as-a-service (SAAS) company. Workiva provides cloud-based solutions for connected data, reporting, and compliance worldwide.
Earlier this month, Workiva reported solid Q2 results, topping earnings and revenue expectations. The impressive revenue retention rate of 97.9%, as well as a spike in large contract customers driven by robust demand for regulatory software, led to the outperformance.
What was the 52-week High for Workiva Stock?
WK stock reached its 52-week high of $173.24 in November 2021. It is currently trading at half of its one-year peak levels at $76.15.
The Wall Street community is clearly optimistic about the stock. Overall, the stock commands a Strong Buy consensus rating based on five Buys and one Hold. Workiva’s average price target of $93.67 implies 23.07% upside potential from current levels.
Notably, WK stock has a smart score of 8 out of 10 on TipRanks. Further, the stock has a very positive signal from hedge fund managers, who added 271,800 shares during the last quarter.
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