William Blair analyst Jake Roberge has maintained their bullish stance on WK stock, giving a Buy rating on October 23.
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Jake Roberge’s rating is based on Workiva’s impressive financial performance and strategic developments. The company reported a quarter that exceeded expectations across key metrics, with a notable 23% growth in subscription revenue, surpassing the consensus estimate of 20%. Additionally, Workiva achieved an operating margin of 12.7%, significantly higher than the anticipated 7.7%, indicating substantial margin expansion compared to the previous year.
Moreover, Workiva’s ability to attract multi-solution customers, now accounting for 73% of subscription revenue, demonstrates its success in platform consolidation trends. The growth in large customer spending, with increases of 41% and 42% in customers spending over $300,000 and $500,000 respectively, further underscores this strength. Despite uncertainties in the macro environment, the demand remains robust, supported by recent IPO activities. The appointment of a new chief revenue officer and the anticipated announcement of a new CFO also signal positive strategic moves for the company.
Roberge covers the Technology sector, focusing on stocks such as Jamf Holding, UiPath, and Adobe. According to TipRanks, Roberge has an average return of -3.5% and a 39.20% success rate on recommended stocks.
In another report released on October 23, BMO Capital also maintained a Buy rating on the stock with a $100.00 price target.