Slack (NYSE:WORK) Shares Purchased by Sterling Investment Advisors Ltd.

Sterling Investment Advisors Ltd. raised its holdings in shares of Slack (NYSE:WORK) by 67.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,240 shares of the company’s stock after purchasing an additional 500 shares during the quarter. Sterling Investment Advisors Ltd.’s holdings in Slack were worth $29,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Meadow Creek Investment Management LLC bought a new position in Slack during the 2nd quarter worth approximately $25,000. Neuburgh Advisers LLC bought a new position in Slack during the 2nd quarter worth approximately $35,000. Griffin Asset Management Inc. bought a new position in Slack during the 2nd quarter worth approximately $37,000. Gables Capital Management Inc. bought a new position in Slack during the 2nd quarter worth approximately $38,000. Finally, Winslow Evans & Crocker Inc. bought a new position in Slack during the 2nd quarter worth approximately $38,000. Hedge funds and other institutional investors own 19.35% of the company’s stock.

In related news, CFO Allen Shim sold 31,795 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $30.65, for a total value of $974,516.75. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Brandon Zell sold 4,850 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $30.08, for a total value of $145,888.00. Following the completion of the sale, the chief accounting officer now owns 173,140 shares in the company, valued at $5,208,051.20. The disclosure for this sale can be found here. In the last three months, insiders sold 297,858 shares of company stock worth $8,519,853.

Shares of NYSE WORK traded down $1.58 during mid-day trading on Wednesday, hitting $23.16. The company had a trading volume of 10,791,421 shares, compared to its average volume of 9,514,206. Slack has a 12 month low of $21.25 and a 12 month high of $42.00. The firm’s 50 day simple moving average is $25.80.

A number of research firms have commented on WORK. William Blair began coverage on Slack in a report on Monday, July 15th. They set an “outperform” rating on the stock. DA Davidson reduced their target price on Slack to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. KeyCorp set a $44.00 target price on Slack and gave the stock a “buy” rating in a report on Wednesday, September 4th. Citigroup cut their price target on Slack from $39.00 to $27.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Finally, Oppenheimer started coverage on Slack in a report on Tuesday, July 9th. They issued a “market perform” rating and a $35.00 price target on the stock. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $35.35.

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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Institutional Ownership by Quarter for Slack (NYSE:WORK)

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