Slack (NASDAQ:WORK) PT Lowered to $27.00 at Citigroup

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Slack (NASDAQ:WORK) had its price target dropped by investment analysts at Citigroup from $39.00 to $27.00 in a report issued on Friday, BenzingaRatingsTable reports. The brokerage currently has a “neutral” rating on the stock. Citigroup‘s price target suggests a potential downside of 1.28% from the stock’s current price.

A number of other brokerages have also recently weighed in on WORK. Zacks Investment Research cut shares of Slack from a “hold” rating to a “sell” rating in a report on Friday, August 9th. MKM Partners dropped their target price on shares of Slack from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Thursday. Monness Crespi & Hardt increased their target price on shares of Slack from $39.00 to $41.00 and gave the stock a “buy” rating in a report on Thursday. William Blair started coverage on shares of Slack in a report on Monday, July 15th. They set an “outperform” rating on the stock. Finally, Goldman Sachs Group started coverage on shares of Slack in a report on Tuesday, July 16th. They set a “neutral” rating and a $34.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $37.47.

Shares of NASDAQ:WORK traded down $2.66 on Friday, reaching $27.35. 487,433 shares of the company’s stock were exchanged, compared to its average volume of 6,944,529. Slack has a fifty-two week low of $26.00 and a fifty-two week high of $42.00. The business has a 50-day simple moving average of $31.06.

Slack (NASDAQ:WORK) last issued its earnings results on Monday, June 10th. The company reported ($0.26) earnings per share for the quarter. The business had revenue of $134.82 million for the quarter.

In other news, General Counsel David Schellhase sold 349,339 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $38.28, for a total transaction of $13,372,696.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Allen Shim sold 9,375 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $28.81, for a total transaction of $270,093.75. Following the transaction, the chief financial officer now owns 9,375 shares of the company’s stock, valued at approximately $270,093.75. The disclosure for this sale can be found here. Insiders have sold 7,127,654 shares of company stock valued at $274,137,436 in the last 90 days.

Several institutional investors have recently added to or reduced their stakes in the company. Meadow Creek Investment Management LLC bought a new position in shares of Slack during the second quarter worth about $25,000. Sterling Investment Advisors Ltd. bought a new position in shares of Slack during the second quarter worth about $28,000. Neuburgh Advisers LLC bought a new position in Slack in the 2nd quarter valued at about $35,000. Winslow Evans & Crocker Inc. bought a new position in Slack in the 2nd quarter valued at about $38,000. Finally, Gables Capital Management Inc. bought a new position in Slack in the 2nd quarter valued at about $38,000.

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Analyst Recommendations for Slack (NASDAQ:WORK)

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