Morgan Stanley Investment Managem.. recently announced the acquisition of new stake in Slack Technologies Inc. (NYSE:WORK). The institutional investor has increased its shareholding in the Technology company by 9.08% to 61.44 million shares with purchase of 5.11 million shares. This fresh investment now brings its stake to 14.20% valued currently at $1.82 billion. In addition, T. Rowe Price Associates, Inc. (I.. raised its holdings by 9.64 million to 50.2 million shares. And The Vanguard Group, Inc. has lifted its position by 78.95% or 14.01 million shares – to 31.76 million shares.
With over 15.5 million Slack Technologies Inc. (WORK) shares trading Monday and a closing price of $32.84 on the day, the dollar volume was approximately $509.13 million. The shares have shown a positive weekly performance of 16.08% and its price on 08/31/20 gained nearly 2.91%. Currently, there are 557.41M common shares owned by the public and among those 427.19M shares have been available to trade.
Incidentally, analysts’ outlook for the Slack Technologies Inc. stock is 2.40 for the next 12 months.
Insiders at the company have transacted a total of 821 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 125 of these insider trades were purchases, accounting for 217,194,590 shares. Insider sales of the common stock occurred on 696 occasions, with total insider shares sold totaling 295,270,111 shares.
The top 3 mutual fund holders in Slack Technologies Inc. are Morgan Stanley Instl. Fund-Growth, Vanguard Total Stock Market Index, and Vanguard Mid Cap Index Fund. Morgan Stanley Instl. Fund-Growth owns 13.69 million shares of the company’s stock, all valued at over $404.43 million. The company bought an additional 2.49 million shares recently to bring their total holdings to about 3.16% of the shares outstanding. Vanguard Total Stock Market Index sold 27637.0 shares to see its total holdings shrink to 11.51 million shares valued at over $340.05 million and representing 2.66% of the shares outstanding. Vanguard Mid Cap Index Fund sold 83424.0 shares to bring its total holdings to over 9.91 million shares at a value of $292.92 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.29% of the shares outstanding.
Shares of Slack Technologies Inc. (NYSE: WORK) opened at $32.03, up $0.12 from a prior closing price of $31.91. However, the script later closed the day at $32.84, up 2.91%. The company’s stock has a 5-day price change of 16.08% and -14.43% over the past three months. WORK shares are trading 46.09% year to date (YTD), with the 12-month market performance up to 14.66% higher. It has a 12-month low price of $15.10 and touched a high of $40.07 over the same period. Currently, 15.5 million shares have been traded, compared to an average intraday trading volume of 19.20 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 12.39%, 6.99%, and 21.96% respectively.
Institutional ownership of Slack Technologies Inc. (NYSE: WORK) shares accounts for 85.40% of the company’s 557.41M shares outstanding. Mutual fund holders own 31.82%, while other institutional holders and individual stakeholders account for 53.05% and 3.95% respectively.
It has a market capitalization of $17.90B. The earnings-per-share (ttm) stands at -$1.12. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.57% over the week and 3.98% over the month.
Analysts forecast that Slack Technologies Inc. (WORK) will achieve an EPS of -$0.03 for the current quarter, -$0.05 for the next quarter and -$0.1 for 2022. The lowest estimate earnings-per-share for the quarter is -$0.04 while analysts give the company a high EPS estimate of -$0.02. Comparatively, EPS for the current quarter was -$0.14 a year ago. Earnings per share for the fiscal year are expected to decrease by -268.80%, and 37.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Slack Technologies Inc. (WORK) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 9 of the 26 advise that investors “hold,” and 3 rated it as a “Sell.”
Looking at the support for the WORK, a number of firms have released research notes about the stock. Wolfe Research stated their Peer Perform rating for the stock in a research note on July 24, 2020, with the firm’s price target at. FBN Securities coverage for the Slack Technologies Inc. (WORK) stock in a research note released on July 17, 2020 offered a Outperform rating with a price target of $45. Goldman was of a view on June 19, 2020 that the stock is Sell, while Monness Crespi & Hardt gave the stock Neutral rating on June 05, 2020, issuing a price target of. Cowen on their part issued Outperform rating on June 02, 2020.