Yahoo Finance Workiva (WK) Fell on Disappointing Forward Guidance
Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Equity markets surged at the beginning of 2024 in anticipation of the US economy entering a "goldilocks" scenario - a soft landing combined with decreasing inflation, potentially leading to a cut in interest rates by the Fed. In the first quarter, its Investor Class fund ARTSX returned 9.43%, Advisor Class fund APDSX posted a return of 9.42%, and Institutional Class fund APHSX returned 9.48%, compared to a return of 7.58% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Artisan Small Cap Fund highlighted stocks like Workiva Inc. (NYSE:WK), in the first quarter 2024 investor letter. Workiva Inc. (NYSE:WK) offers cloud-based reporting solutions. The one-month return of Workiva Inc. (NYSE:WK) was -2.01%, and its shares lost 15.79% of their value over the last 52 weeks. On May 24, 2024, Workiva Inc. (NYSE:WK) stock closed at $79.50 per share with a market capitalization of $4.359 billion.
Artisan Small Cap Fund stated the following regarding Workiva Inc. (NYSE:WK) in its first quarter 2024 investor letter:
"Among our top detractors in Q1 were Veracyte, Workiva Inc. (NYSE:WK) and MarketAxess. Workiva is a leading provider of cloud software for financial reporting with approximately 70% of its business tied to SEC reporting through its core Wdesk offering. Our profit cycle thesis is based on the company’s capability to identify and quickly roll out new products, effort to expand beyond North America and opportunity to benefit from increasing ESG regulatory reporting longer term. While the company reported financial results that exceeded expectations, shares declined due to disappointing forward guidance. However, we remain invested on the belief that trends are supportive of multiyear growth."
A money manager at a desk crowded with financial reports and data screens.
Workiva Inc. (NYSE:WK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Workiva Inc. (NYSE:WK) at the end of the first quarter which was 2o in the previous quarter. In the first quarter, Workiva Inc. (NYSE:WK) reported a total revenue of $175.7 million, a substantial 17% growth from Q1 2023 and the subscription revenue surged to $155 million, a 20% increase from Q1 2023.
In another article, we discussed Workiva Inc. (NYSE:WK) and shared Conestoga Capital Advisors' views on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
