Bank of New York Mellon Corp Acquires 35,074 Shares of Upwork Inc. (NASDAQ:UPWK)

Bank of New York Mellon Corp lifted its holdings in Upwork Inc. (NASDAQ:UPWK) by 9.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 413,248 shares of the company’s stock after acquiring an additional 35,074 shares during the period. Bank of New York Mellon Corp owned approximately 0.31% of Upwork worth $6,757,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in UPWK. Janney Montgomery Scott LLC acquired a new position in Upwork during the 3rd quarter valued at about $858,000. Victory Capital Management Inc. grew its holdings in Upwork by 133.5% during the third quarter. Victory Capital Management Inc. now owns 116,899 shares of the company’s stock valued at $1,222,000 after purchasing an additional 66,842 shares during the period. BNP Paribas Financial Markets grew its holdings in Upwork by 40.9% during the third quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company’s stock valued at $2,630,000 after purchasing an additional 73,104 shares during the period. Verition Fund Management LLC bought a new position in Upwork during the third quarter valued at $8,369,000. Finally, Point72 Asset Management L.P. grew its holdings in Upwork by 2,216.8% during the third quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company’s stock valued at $5,263,000 after purchasing an additional 481,942 shares during the period. 77.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on UPWK shares. Roth Mkm reduced their price objective on Upwork from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Scotiabank started coverage on Upwork in a research report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 price objective on the stock. JMP Securities restated a “market outperform” rating and set a $18.00 price target on shares of Upwork in a research report on Thursday, January 30th. Jefferies Financial Group raised their price objective on Upwork from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, UBS Group raised their price objective on Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.58.

Upwork Stock Performance

Upwork stock opened at $12.60 on Monday. The stock’s 50 day simple moving average is $15.65 and its two-hundred day simple moving average is $14.20. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 8.24 and a beta of 1.61. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $18.14.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. As a group, analysts expect that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Upwork news, CEO Hayden Brown sold 8,997 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $17.12, for a total transaction of $154,028.64. Following the completion of the sale, the chief executive officer now directly owns 1,238,156 shares in the company, valued at approximately $21,197,230.72. The trade was a 0.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Dave Bottoms sold 5,360 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $17.11, for a total transaction of $91,709.60. Following the sale, the vice president now directly owns 9,642 shares of the company’s stock, valued at approximately $164,974.62. The trade was a 35.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 268,187 shares of company stock worth $4,432,413 in the last three months. 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.