Slack Technologies, Inc. (WORK)

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Slack (NYSE:WORK) Shares Purchased by Raymond James Financial Services Advisors Inc.
Posted by Shane Hupp on Jul 23rd, 2020


Raymond James Financial Services Advisors Inc. boosted its stake in Slack (NYSE:WORK) by 47.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 185,133 shares of the company’s stock after purchasing an additional 59,502 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Slack were worth $5,756,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of WORK. Morgan Stanley increased its holdings in Slack by 61.1% in the 1st quarter. Morgan Stanley now owns 57,901,739 shares of the company’s stock valued at $1,554,083,000 after purchasing an additional 21,959,800 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Slack by 376.7% in the 4th quarter. Alliancebernstein L.P. now owns 6,620,586 shares of the company’s stock valued at $148,831,000 after purchasing an additional 5,231,846 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Slack by 16.9% in the first quarter. Wellington Management Group LLP now owns 31,474,971 shares of the company’s stock worth $844,789,000 after acquiring an additional 4,556,329 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in shares of Slack in the fourth quarter worth $58,993,000. Finally, Yale University acquired a new position in shares of Slack in the first quarter worth $45,103,000. Hedge funds and other institutional investors own 51.75% of the company’s stock.

Several research firms have commented on WORK. Credit Suisse Group boosted their price target on shares of Slack from $26.00 to $30.00 and gave the stock a “neutral” rating in a research note on Friday, June 5th. William Blair restated a “buy” rating on shares of Slack in a research note on Friday, March 27th. Oppenheimer restated a “hold” rating on shares of Slack in a research note on Friday, June 5th. Stephens boosted their price target on shares of Slack from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Finally, Goldman Sachs Group downgraded shares of Slack from a “neutral” rating to a “sell” rating and set a $30.00 target price for the company. in a research note on Friday, June 19th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. Slack presently has an average rating of “Buy” and an average target price of $34.17.

In related news, CTO Cal Henderson sold 1,500 shares of the stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $33.02, for a total transaction of $49,530.00. Following the completion of the transaction, the chief technology officer now directly owns 43,560 shares of the company’s stock, valued at $1,438,351.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Robert Frati sold 33,623 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $25.93, for a total transaction of $871,844.39. Following the transaction, the senior vice president now directly owns 386,822 shares of the company’s stock, valued at $10,030,294.46. The disclosure for this sale can be found here. Insiders sold 2,304,610 shares of company stock valued at $76,115,631 over the last ninety days. Corporate insiders own 26.82% of the company’s stock.
Shares of WORK opened at $30.94 on Thursday. The firm has a fifty day moving average price of $32.65 and a 200 day moving average price of $27.60. Slack has a 1-year low of $15.10 and a 1-year high of $40.07. 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 stock has a market cap of $17.23 billion and a PE ratio of -21.64.



Slack (NYSE:WORK) last announced its earnings results on Thursday, June 4th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.12. Slack had a negative net margin of 87.91% and a negative return on equity of 79.21%. The business had revenue of $201.65 million during the quarter, compared to analysts’ expectations of $188.12 million. Slack’s revenue was up 49.6% compared to the same quarter last year. As a group, equities analysts expect that Slack will post -0.58 EPS for the current fiscal year.

About Slack

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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