Sterling Investment Advisors Ltd. Purchases New Position in Slack (NASDAQ:WORK)

Sterling Investment Advisors Ltd. purchased a new stake in Slack (NASDAQ:WORK) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 740 shares of the company’s stock, valued at approximately $28,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Wells Fargo & Company MN bought a new position in Slack in the second quarter worth about $11,803,000. Pegasus Asset Management Inc. bought a new position in Slack in the second quarter worth about $1,407,000. Congress Park Capital LLC bought a new position in Slack in the second quarter worth about $378,000. Envestnet Asset Management Inc. bought a new position in Slack in the second quarter worth about $337,000. Finally, Coastal Investment Advisors Inc. bought a new position in Slack in the second quarter worth about $5,181,000.

In other news, CEO Stewart Butterfield sold 1,360,909 shares of Slack stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $39.07, for a total transaction of $53,170,714.63. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Parallel Fund Iv-A L.P. Ah sold 3,000,000 shares of Slack stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $38.66, for a total value of $115,980,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,940,311 shares of company stock worth $268,323,017.

A number of equities analysts have issued reports on the stock. William Blair assumed coverage on shares of Slack in a report on Monday, July 15th. They issued an “outperform” rating on the stock. Goldman Sachs Group assumed coverage on shares of Slack in a report on Tuesday, July 16th. They issued a “neutral” rating and a $34.00 target price on the stock. Atlantic Securities assumed coverage on shares of Slack in a report on Wednesday, June 19th. They issued an “overweight” rating and a $37.00 target price on the stock. Sanford C. Bernstein assumed coverage on shares of Slack in a report on Wednesday, August 14th. They issued a “market perform” rating and a $31.00 target price on the stock. Finally, Morgan Stanley assumed coverage on shares of Slack in a report on Tuesday, July 16th. They issued an “equal weight” rating and a $38.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $38.31.

Shares of WORK traded down $0.50 during mid-day trading on Friday, reaching $30.05. 3,921,646 shares of the company’s stock traded hands, compared to its average volume of 6,284,362. The firm’s 50-day simple moving average is $32.41. Slack has a 12 month low of $29.10 and a 12 month high of $42.00.

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Institutional Ownership by Quarter for Slack (NASDAQ:WORK)

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