Quarry LP Increases Position in Upwork Inc. (NASDAQ:UPWK)

Quarry LP raised its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 104.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,350 shares of the company’s stock after buying an additional 2,220 shares during the period. Quarry LP’s holdings in Upwork were worth $47,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Essex Investment Management Co. LLC raised its position in shares of Upwork by 56.2% in the first quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock worth $58,000 after acquiring an additional 1,700 shares during the period. ProShare Advisors LLC boosted its position in shares of Upwork by 8.6% during the 1st quarter. ProShare Advisors LLC now owns 22,483 shares of the company’s stock worth $276,000 after purchasing an additional 1,771 shares during the period. Federated Hermes Inc. boosted its position in shares of Upwork by 0.6% during the 2nd quarter. Federated Hermes Inc. now owns 318,659 shares of the company’s stock worth $3,426,000 after purchasing an additional 1,996 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Upwork by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock worth $718,000 after purchasing an additional 2,063 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Upwork by 17.1% in the 1st quarter. Principal Financial Group Inc. now owns 16,823 shares of the company’s stock valued at $206,000 after buying an additional 2,457 shares during the period. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Wall Street Analysts Forecast Growth

UPWK has been the topic of a number of analyst reports. Roth Mkm reduced their price objective on shares of Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, August 16th. UBS Group lowered their price objective on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Royal Bank of Canada lowered their target price on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. Piper Sandler decreased their price objective on shares of Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Finally, Canaccord Genuity Group decreased their price objective on shares of Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $15.27.

Upwork Stock Performance

Shares of UPWK opened at $10.84 on Friday. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 0.99. The stock has a market cap of $1.43 billion, a P/E ratio of 30.97 and a beta of 1.54. The company has a 50-day moving average of $10.09 and a two-hundred day moving average of $10.94. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $16.36.

Upwork (NASDAQ:UPWK) last announced its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. 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 business posted ($0.03) earnings per share. As a group, research analysts predict that Upwork Inc. will post 0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Erica Gessert sold 20,353 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $196,406.45. Following the completion of the transaction, the chief financial officer now owns 107,313 shares of the company’s stock, valued at $1,035,570.45. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Erica Gessert sold 20,353 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $196,406.45. Following the completion of the transaction, the chief financial officer now owns 107,313 shares of the company’s stock, valued at $1,035,570.45. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hayden Brown sold 9,444 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $99,823.08. Following the transaction, the chief executive officer now directly owns 1,178,850 shares of the company’s stock, valued at $12,460,444.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 176,785 shares of company stock worth $1,800,489. Insiders own 7.60% of the company’s stock.

Upwork Company Profile

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.