Slack Technologies Inc (WORK) Receives a Rating Update from a Top Analyst

By Ryan Adsit

In a report released today, Brent Bracelin from KeyBanc maintained a Buy rating on Slack Technologies Inc (WORKResearch Report), with a price target of $44. The company’s shares closed last Monday at $30.05, close to its 52-week low of $29.10.

Bracelin observed:

“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%.”

According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 30.5% and a 75.1% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Coupa Software Inc, and Salesforce.com.

Currently, the analyst consensus on Slack Technologies Inc is a Moderate Buy with an average price target of $39.58, which is a 29.7% upside from current levels. In a report issued on August 21, MKM Partners also initiated coverage with a Buy rating on the stock with a $40 price target.

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The company has a one-year high of $42 and a one-year low of $29.10. Currently, Slack Technologies Inc has an average volume of 9.13M.

Based on the recent corporate insider activity of 79 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of WORK in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Slack Technologies, Inc. develops and publishes real-time collaboration applications and platforms. It provides engineering, sales, marketing, IT, project management and human resources solutions.