11,590 Shares in Upwork Inc. (NASDAQ:UPWK) Bought by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI purchased a new position in Upwork Inc. (NASDAQ:UPWK) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,590 shares of the company’s stock, valued at approximately $125,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Goldman Sachs Group Inc. increased 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 valued at $33,491,000 after purchasing an additional 1,589,693 shares during the last quarter. Norges Bank bought a new stake in Upwork during the fourth quarter valued at $11,486,000. Vanguard Group Inc. increased its stake in Upwork by 5.1% during the first 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. Acadian Asset Management LLC increased its stake in Upwork by 71.0% during the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after purchasing an additional 679,028 shares during the last quarter. Finally, Invenomic Capital Management LP increased its stake in Upwork by 132.5% during the first quarter. Invenomic Capital Management LP now owns 964,641 shares of the company’s stock valued at $11,826,000 after purchasing an additional 549,733 shares during the last quarter. Institutional investors own 77.71% of the company’s stock.

Upwork Stock Performance

UPWK stock opened at $10.77 on Friday. The company has a market capitalization of $1.43 billion, a P/E ratio of 30.77 and a beta of 1.54. The company has a 50-day simple moving average of $10.31 and a 200 day simple moving average of $11.11. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $16.36. 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 (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.03. The business had revenue of $193.13 million during the quarter, compared to the consensus estimate of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.03) earnings per share. Sell-side analysts predict that Upwork Inc. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on UPWK. The Goldman Sachs Group lowered their target price on shares of Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Piper Sandler lowered their target price on shares of Upwork from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Roth Mkm reduced their price target on shares of Upwork from $19.00 to $13.00 and set a “buy” rating for the company in a report on Friday, August 16th. UBS Group reduced their price target on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, Canaccord Genuity Group reduced their price target on shares of Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $15.70.

Insiders Place Their Bets

In other Upwork news, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $9.81, for a total value of $57,074.58. Following 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 document filed with the SEC, which is available through this hyperlink. In other Upwork news, CFO Erica Gessert sold 20,353 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $196,406.45. Following the sale, the chief financial officer now directly owns 107,313 shares in the company, valued at $1,035,570.45. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the sale, the vice president now owns 5,818 shares in the company, valued at $57,074.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,150 shares of company stock worth $887,007. 7.60% of the stock is owned by corporate insiders.

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.