Slack (NASDAQ:WORK) Given a $44.00 Price Target by KeyCorp Analysts

Slack (NASDAQ:WORK) received a $44.00 price objective from equities researchers at KeyCorp in a research note issued to investors on Sunday, AnalystRatings.com reports. The firm currently has a “buy” rating on the stock. KeyCorp’s price objective would indicate a potential upside of 48.60% from the company’s current price.

The analysts wrote, “We estimate revenue growth could exceed 53% y/y even with a slight drag from service outage credits. We remain buyers of WORK as a category pioneer with multi-billion-dollar revenue potential, particularly given shares have declined 26% from the opening direct listing price of $38.50 vs. Nasdaq -1%.””

Several other analysts have also recently weighed in on WORK. Citigroup assumed coverage on shares of Slack in a research note on Wednesday, July 17th. They issued a “neutral” rating and a $34.40 price objective on the stock. Robert W. Baird assumed coverage on shares of Slack in a research note on Tuesday, June 25th. They issued an “outperform” rating and a $44.00 price objective on the stock. DA Davidson boosted their price objective on shares of Slack to $31.00 and gave the stock an “average” rating in a research note on Tuesday, June 11th. William Blair assumed coverage on shares of Slack in a research note on Monday, July 15th. They issued an “outperform” rating on the stock. Finally, Goldman Sachs Group assumed coverage on shares of Slack in a research note on Tuesday, July 16th. They issued a “neutral” rating and a $34.00 price objective on the stock. One investment 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 stock has a consensus rating of “Hold” and an average target price of $38.36.

Shares of NASDAQ WORK traded down $0.30 during midday trading on Friday, reaching $29.61. 78,225 shares of the company were exchanged, compared to its average volume of 6,165,347. The company’s 50-day moving average price is $31.99. Slack has a one year low of $29.10 and a one year high of $42.00.

In other news, insider Cal Henderson sold 1,500 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $36.23, for a total transaction of $54,345.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Stewart Butterfield sold 1,360,909 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $39.07, for a total transaction of $53,170,714.63. The disclosure for this sale can be found here. Insiders have sold 6,944,311 shares of company stock worth $268,446,707 in the last quarter.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Morgan Stanley bought a new position in shares of Slack during the 2nd quarter valued at approximately $766,211,000. Price T Rowe Associates Inc. MD bought a new stake in Slack in the 2nd quarter worth $390,768,000. Vanguard Group Inc. bought a new stake in Slack in the 2nd quarter worth $263,631,000. Viking Global Investors LP bought a new stake in Slack in the 2nd quarter worth $170,236,000. Finally, JPMorgan Chase & Co. bought a new stake in Slack in the 2nd quarter worth $118,808,000.

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Analyst Recommendations for Slack (NASDAQ:WORK)

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