XTX Topco Ltd Invests $218,000 in Upwork Inc. (NASDAQ:UPWK)

XTX Topco Ltd purchased a new stake in Upwork Inc. (NASDAQ:UPWK) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 20,267 shares of the company’s stock, valued at approximately $218,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in UPWK. Vanguard Group Inc. lifted its stake in shares of Upwork by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after purchasing an additional 770,088 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Upwork by 239.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock worth $33,491,000 after buying an additional 1,589,693 shares during the period. Dimensional Fund Advisors LP increased its position in Upwork by 27.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock valued at $19,424,000 after acquiring an additional 389,006 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Upwork by 71.0% in the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after acquiring an additional 679,028 shares during the period. Finally, Invenomic Capital Management LP lifted its holdings in shares of Upwork by 132.5% in the 1st quarter. Invenomic Capital Management LP now owns 964,641 shares of the company’s stock worth $11,826,000 after acquiring an additional 549,733 shares during the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Wall Street Analyst Weigh In

UPWK has been the topic of a number of recent analyst reports. The Goldman Sachs Group reduced their price objective on shares of Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Royal Bank of Canada decreased their price target on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. Piper Sandler cut their price objective on Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Canaccord Genuity Group decreased their target price on Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, Citigroup cut their price target on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.27.

Insider Buying and Selling

In other Upwork news, VP Dave Bottoms sold 5,818 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $9.81, for a total value of $57,074.58. Following the completion of the sale, the vice president now directly owns 5,818 shares in the company, valued at $57,074.58. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the transaction, the vice president now directly owns 5,818 shares in the company, valued at approximately $57,074.58. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Hayden Brown sold 31,506 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the sale, the chief executive officer now owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. The disclosure for this sale can be found here. Insiders sold a total of 176,785 shares of company stock worth $1,800,489 in the last 90 days. 7.60% of the stock is owned by corporate insiders.

Upwork Stock Up 2.3 %

Upwork stock opened at $10.55 on Monday. The firm has a market cap of $1.40 billion, a P/E ratio of 30.14 and a beta of 1.54. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $16.36. The business has a fifty day moving average of $10.19 and a two-hundred day moving average of $10.99.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. The company had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. On average, analysts forecast that Upwork Inc. will post 0.51 earnings per share for the current fiscal year.

About Upwork

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company’s work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.