5 Reddit Stocks to Buy in November

4. Workiva Inc. (NYSE:WK)

Number of Hedge Fund Holders: 31

Workiva Inc. (NYSE:WK) is an applications software firm that markets cloud-based compliance and regulatory reporting solutions. It recently smashed analyst predictions on earnings per share and revenue for the third quarter. Analysts are largely bullish on the firm, with Truist analyst Terry Tillman recently reiterating a Buy rating on the stock with a price target of $150, noting the business momentum of the firm was reflected in billings and revenue growth. 

Martin Vanderploeg, the CEO of Workiva Inc. (NYSE:WK), said during the earnings call that the company achieved 30% organic growth in subscription and support revenue and approximately 28% in total revenue between June and September this year. 

Among the hedge funds being tracked by Insider Monkey, New York-based firm Renaissance Technologies is a leading shareholder in Workiva Inc. (NYSE:WK) with 1.1 million shares worth more than $128 million. 

In its Q2 2021 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and Workiva Inc. (NYSE:WK) was one of them. Here is what the fund said:

“Workiva is a global provider of cloud-based financial reporting and compliance solutions. Compiling data from disparate and unconnected systems across various departments within an organization for reporting and compliance purposes is an incredibly manual process. An evolving regulatory landscape over the past decade has not only made this increasingly burdensome, but has also required further management oversight. Workiva’s solutions aggregate this data and enable companies to have more efficiency in and greater visibility into regulatory reporting processes. In addition to this strong value proposition, we believe organizations are also on the cusp of shifting their software spend from front-office to backoffice departments, particularly in the CFO office where the shift to remote work during the pandemic highlighted the need to bring these workflows up to date. We also believe the company’s expanded product capabilities—which now go beyond its core SEC reporting capabilities—will lead to more use cases for new and existing customers, providing Workiva with a plethora of new growth opportunities in the periods ahead.”