AE Wealth Management LLC Invests $380,000 in Slack (NYSE:WORK)

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AE Wealth Management LLC bought a new stake in Slack (NYSE:WORK) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 14,161 shares of the company’s stock, valued at approximately $380,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Trustcore Financial Services LLC boosted its position in shares of Slack by 86.2% in the 1st quarter. Trustcore Financial Services LLC now owns 1,037 shares of the company’s stock valued at $28,000 after purchasing an additional 480 shares during the period. Benjamin F. Edwards & Company Inc. boosted its position in shares of Slack by 400.0% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 2,000 shares of the company’s stock valued at $54,000 after purchasing an additional 1,600 shares during the period. First Trust Advisors LP acquired a new stake in shares of Slack in the 1st quarter valued at about $7,946,000. Russell Investments Group Ltd. boosted its position in shares of Slack by 392.9% in the 1st quarter. Russell Investments Group Ltd. now owns 269,807 shares of the company’s stock valued at $7,489,000 after purchasing an additional 215,073 shares during the period. Finally, Gerber Kawasaki Wealth & Investment Management boosted its position in shares of Slack by 248.2% in the 1st quarter. Gerber Kawasaki Wealth & Investment Management now owns 45,697 shares of the company’s stock valued at $1,226,000 after purchasing an additional 32,572 shares during the period. 47.81% of the stock is owned by hedge funds and other institutional investors.

A number of analysts recently issued reports on the company. ValuEngine raised Slack from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Cantor Fitzgerald assumed coverage on Slack in a research report on Sunday, April 19th. They issued an “overweight” rating for the company. Monness Crespi & Hardt reduced their price objective on Slack from $41.00 to $31.00 and set a “buy” rating for the company in a research note on Friday, March 13th. William Blair reaffirmed a “buy” rating on shares of Slack in a research note on Friday, March 27th. Finally, Barclays reduced their price objective on Slack from $31.00 to $23.00 and set an “overweight” rating for the company in a research note on Friday, March 13th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $29.35.

Shares of WORK stock opened at $31.71 on Friday. The company has a market cap of $17.51 billion and a price-to-earnings ratio of -20.33. The stock has a 50 day simple moving average of $27.56 and a 200-day simple moving average of $24.23. Slack has a 12-month low of $15.10 and a 12-month high of $42.00.

Slack (NYSE:WORK) last issued its earnings results on Thursday, March 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. Slack had a negative return on equity of 138.05% and a negative net margin of 90.58%. The business had revenue of $181.90 million during the quarter, compared to the consensus estimate of $174.24 million. Slack’s revenue for the quarter was up 49.1% on a year-over-year basis. Analysts expect that Slack will post -0.61 earnings per share for the current year.

In related news, CAO Brandon Zell sold 1,798 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $26.32, for a total value of $47,323.36. Following the completion of the transaction, the chief accounting officer now directly owns 172,409 shares of the company’s stock, valued at approximately $4,537,804.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Robert Frati sold 33,623 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $25.93, for a total value of $871,844.39. Following the completion of 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 a total of 1,771,999 shares of company stock valued at $42,848,500 over the last ninety days. 26.82% of the stock is currently owned by company insiders.

Slack 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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Institutional Ownership by Quarter for Slack (NYSE:WORK)

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