SCHEDULE: Eminence Capital Discloses 5.1% Stake in Workiva

Eminence Capital, LP and Ricky C. Sandler have disclosed a 5.1% beneficial ownership stake in Workiva Inc.'s Class A Common Stock.

Summary

• Eminence Capital, LP and Ricky C. Sandler collectively reported beneficial ownership of 2,646,768 shares of Workiva Inc.'s Class A Common Stock.
• This represents 5.1% of the total outstanding Class A Common Stock.
• The percentage is calculated based on 51,888,191 shares of Class A Common Stock outstanding as of April 25, 2025, as reported in Workiva Inc.'s Quarterly Report on Form 10-Q.
• The shares are held through various investment funds and separately managed accounts managed by Eminence Capital.
• Ricky C. Sandler, as Chief Executive Officer of Eminence Capital, shares voting and dispositive power over these shares.

Sentiment

Score: 7

Explanation: The disclosure of a significant beneficial ownership stake by a reputable investment firm like Eminence Capital is generally viewed positively, signaling institutional confidence in Workiva Inc.'s prospects.

Positives

• Eminence Capital, a significant investment firm, has taken a 5.1% stake in Workiva Inc., indicating institutional confidence in the company's prospects.

Risks

• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of Workiva Inc.

Future Outlook

NA

Management Comments

• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

This filing indicates a significant institutional investor's confidence in Workiva Inc., a company specializing in cloud-based solutions for financial reporting, compliance, and risk management. Such investments often reflect a positive outlook on the software-as-a-service (SaaS) sector, particularly for companies providing critical enterprise solutions.

Stakeholder Impact

• Shareholders: Potential positive sentiment due to the disclosed significant institutional investment, which may be interpreted as a vote of confidence in the company's value.

Key Dates

Recommendation

While this filing signals a significant institutional investor's confidence in Workiva Inc. by establishing a substantial stake, it is a passive ownership disclosure and does not provide new fundamental financial or operational data. A seasoned investor would view this as a positive signal but would typically require further analysis of the company's performance and market conditions before making a definitive 'buy' or 'sell' recommendation. Therefore, 'hold' is appropriate as it acknowledges the positive signal while awaiting more comprehensive information.

Keywords

Workiva, Eminence Capital, Ricky C. Sandler, Beneficial Ownership, SEC Filing, Class A Common Stock, WVIA, Institutional Investment