Slack (NYSE:WORK) – Equities research analysts at Piper Jaffray Companies raised their FY2020 earnings per share estimates for Slack in a note issued to investors on Thursday, December 5th. Piper Jaffray Companies analyst B. Bracelin now expects that the company will post earnings per share of ($0.45) for the year, up from their previous estimate of ($0.58). Piper Jaffray Companies has a “Overweight” rating and a $30.00 price target on the stock. Piper Jaffray Companies also issued estimates for Slack’s Q4 2020 earnings at ($0.06) EPS, Q1 2021 earnings at ($0.07) EPS, Q2 2021 earnings at ($0.07) EPS, Q3 2021 earnings at ($0.06) EPS, Q4 2021 earnings at ($0.05) EPS, FY2021 earnings at ($0.25) EPS, Q1 2022 earnings at ($0.05) EPS, Q2 2022 earnings at ($0.04) EPS, Q3 2022 earnings at ($0.03) EPS and FY2022 earnings at ($0.13) EPS.
Other research analysts have also issued research reports about the stock. Stephens initiated coverage on shares of Slack in a research report on Thursday. They set a “buy” rating and a $37.00 price objective for the company. Morgan Stanley decreased their target price on Slack from $38.00 to $28.00 and set a “weight” rating on the stock in a research report on Wednesday, October 16th. Mizuho boosted their price target on Slack from $20.00 to $24.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. DA Davidson lowered their price target on Slack to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Finally, William Blair reaffirmed a “buy” rating on shares of Slack in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $31.21.
Slack (NYSE:WORK) last issued its quarterly earnings results on Wednesday, December 4th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.07. The firm had revenue of $168.70 million during 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.
Several hedge funds have recently added to or reduced their stakes in WORK. Morgan Stanley acquired a new position in shares of Slack in the 2nd quarter worth approximately $766,211,000. Price T Rowe Associates Inc. MD bought a new position in shares of Slack during the 2nd quarter worth approximately $390,768,000. Vanguard Group Inc. bought a new position in shares of Slack during the 2nd quarter worth approximately $263,631,000. Viking Global Investors LP acquired a new stake in Slack in the 2nd quarter valued at $170,236,000. Finally, JPMorgan Chase & Co. acquired a new stake in Slack in the 2nd quarter valued at $118,808,000. Institutional investors own 33.78% of the company’s stock.
In related news, CTO Cal Henderson sold 1,500 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $25.67, for a total value of $38,505.00. Also, CEO Stewart Butterfield sold 2,500 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $25.05, for a total transaction of $62,625.00. Over the last quarter, insiders have sold 265,429 shares of company stock worth $5,684,516.
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.
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