Coastal Investment Advisors Inc. Cuts Stock Position in Slack (NYSE:WORK)

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Coastal Investment Advisors Inc. reduced its position in Slack (NYSE:WORK) by 3.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 133,815 shares of the company’s stock after selling 4,206 shares during the quarter. Slack makes up about 0.9% of Coastal Investment Advisors Inc.’s holdings, making the stock its 16th largest position. Coastal Investment Advisors Inc.’s holdings in Slack were worth $3,165,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in WORK. Winslow Evans & Crocker Inc. purchased a new position in shares of Slack in the second quarter valued at $38,000. Commonwealth Equity Services LLC purchased a new position in shares of Slack in the second quarter valued at $1,083,000. Bessemer Group Inc. purchased a new position in shares of Slack in the second quarter valued at $1,358,000. SeaCrest Wealth Management LLC purchased a new position in shares of Slack in the second quarter valued at $225,000. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of Slack in the second quarter valued at $41,000. 19.58% of the stock is owned by institutional investors and hedge funds.

In other news, CFO Allen Shim sold 31,795 shares of the business’s stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel David Schellhase sold 5,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $30.41, for a total value of $152,050.00. Following the completion of the sale, the general counsel now directly owns 153,921 shares of the company’s stock, valued at approximately $4,680,737.61. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 310,712 shares of company stock valued at $7,558,549.

WORK stock traded up $0.16 during mid-day trading on Friday, hitting $20.50. 9,383,960 shares of the stock were exchanged, compared to its average volume of 8,348,680. The firm’s fifty day simple moving average is $22.95. Slack has a 12 month low of $19.69 and a 12 month high of $42.00.

Slack (NYSE:WORK) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.98) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.03) by $0.05. The firm had revenue of $144.97 million for the quarter, compared to the consensus estimate of $140.60 million. On average, equities analysts expect that Slack will post -0.43 earnings per share for the current fiscal year.

Several equities analysts have recently weighed in on the company. Sanford C. Bernstein assumed coverage on Slack in a research report on Wednesday, August 14th. They issued a “market perform” rating and a $31.00 price target for the company. Barclays reiterated a “buy” rating and issued a $31.00 price target on shares of Slack in a research report on Sunday, November 3rd. DA Davidson reduced their price target on Slack to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Morgan Stanley reduced their target price on Slack from $38.00 to $28.00 and set a “weight” rating for the company in a research report on Wednesday, October 16th. Finally, Piper Jaffray Companies initiated coverage on Slack in a research report on Monday, October 28th. They set an “overweight” rating and a $30.00 target price for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Slack presently has a consensus rating of “Buy” and an average target price of $33.16.

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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