Is Workiva (WK) Well Positioned to Roll Out New Products?

Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTSX returned -21.52%, Advisor Class fund APDSX posted a return of -21.48%, and Institutional Class fund APHSX returned -21.47%, compared to a return of -19.25% for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Artisan Partners discussed stocks like Workiva Inc. (NYSE:WK) in the second quarter 2022 investor letter. Headquartered in Ames, Iowa, Workiva Inc. (NYSE:WK) is a cloud-based solutions provider. On September 27, 2022, Workiva Inc. (NYSE:WK) stock closed at $64.73 per share. One-month return of Workiva Inc. (NYSE:WK) was -4.65% and its shares lost 53.28% of their value over the last 52 weeks. Workiva Inc. (NYSE:WK) has a market capitalization of $3.388 billion.

Here is what Artisan Partners specifically said about Workiva Inc. (NYSE:WK) in its Q2 2022 investor letter:

“Shares of Workiva Inc. (NYSE:WK) underperformed during the quarter alongside tech stocks in general, though a weaker than expected guide for the upcoming quarter exacerbated the stock’s decline. The company’s Q1 results were ahead of expectations, and management raised its full year guidance. However, the company’s capital markets business, while ~5% of revenue, has been impacted by a sharp drop off in IPOs this year and is driving a decline in expectations for the upcoming quarter. The market has been very unforgiving when companies miss expectations, but we are remaining patient given our positive longer-term outlook. We continue to believe Workiva is well positioned to identify and quickly roll out new products, expand beyond North America and benefit from the potential ramp up of ESG regulatory reporting. The company has spent over a decade building an engine for SEC reporting, and it is well positioned to repurpose this platform for compiling ESG metrics.”

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Workiva Inc. (NYSE:WK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Workiva Inc. (NYSE:WK) at the end of the second quarter which was 17 in the previous quarter.

We discussed Workiva Inc. (NYSE:WK) in another article and shared the list of under-the-radar tech stocks to buy. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.