Is it a Wise Choice to Invest in Workiva (WK)?

ClearBridge Investments, an investment management firm, published its “Mid Cap Strategy” first quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Strategy underperformed its Russell Midcap Index during the first quarter. On an absolute basis, the Strategy had losses across eight of the 11 sectors in which it was invested during the quarter. The leading detractors were the industrials and consumer discretionary sectors, while the leading contributor was the energy sector. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Clearbridge Investments Mid Cap Strategy mentioned Workiva Inc. (NYSE:WK) and explained its insights for the company. Founded in 2008, Workiva Inc. (NYSE:WK)  is an Ames, Iowa-based global software-as-a-service company with a $5.6 billion market capitalization. Workiva Inc. (NYSE:WK)  delivered a -16.90% return since the beginning of the year, while its 12-month returns are up by 10.73%. The stock closed at $108.44 per share on April 15, 2022.

Here is what Clearbridge Investments Mid Cap Strategy has to say about Workiva Inc. (NYSE:WK) in its Q1 2022 investor letter:

“We also initiated a new position in Workiva (NYSE:WK) in the IT sector. The company provides cloud-based compliance and regulatory software that allows users to improve the productivity and efficiency of their reporting. It is the industry leader with over 50% market share for its reporting software and is making significant progress in expanding its geographical footprint outside the U.S. Workiva is also working to expand its product offerings into ESG reporting to meet the growing demand from U.S. companies and meet new EU regulations. As such, we see an attractive growth runway as a strong returns compounder over the foreseeable future.”

Our calculations show that Workiva Inc. (NYSE:WK) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Workiva Inc. (NYSE:WK) was in 29 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 23 funds in the previous quarter. Workiva Inc. (NYSE:WK) delivered a -7.35% return in the past 3 months.

In February 2022, we published an article that includes Workiva Inc. (NYSE:WK) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

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