82,120 Shares in Upwork Inc. (NASDAQ:UPWK) Acquired by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC acquired a new stake in Upwork Inc. (NASDAQ:UPWK) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 82,120 shares of the company’s stock, valued at approximately $858,000. Janney Montgomery Scott LLC owned 0.06% of Upwork at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Swiss National Bank lifted its stake in shares of Upwork by 1.1% in the 1st quarter. Swiss National Bank now owns 241,900 shares of the company’s stock valued at $2,966,000 after purchasing an additional 2,600 shares during the period. Russell Investments Group Ltd. boosted its holdings in Upwork by 28.4% during the first quarter. Russell Investments Group Ltd. now owns 68,531 shares of the company’s stock worth $840,000 after buying an additional 15,146 shares during the last quarter. ProShare Advisors LLC grew 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 buying an additional 1,771 shares during the period. Vanguard Group Inc. increased 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 acquiring an additional 770,088 shares during the last quarter. Finally, Acadian Asset Management LLC raised its position in shares of Upwork by 19.0% in the 1st quarter. Acadian Asset Management LLC now owns 956,574 shares of the company’s stock valued at $11,720,000 after acquiring an additional 152,539 shares during the period. 77.71% of the stock is owned by institutional investors.

Upwork Trading Down 1.3 %

NASDAQ:UPWK opened at $14.91 on Friday. The company has a market cap of $1.99 billion, a P/E ratio of 23.67 and a beta of 1.49. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $17.79. The business has a 50 day moving average price of $11.71 and a two-hundred day moving average price of $11.13. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87.

Upwork (NASDAQ:UPWK) last announced its earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The business had revenue of $193.78 million during the quarter, compared to analysts’ expectations of $185.55 million. During the same quarter in the prior year, the company posted $0.12 earnings per share. The firm’s revenue was up 10.3% on a year-over-year basis. As a group, analysts expect that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on UPWK. Roth Mkm boosted their price objective on shares of Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Citigroup decreased their price target on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, September 25th. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (up previously from $13.00) on shares of Upwork in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their target price on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, BTIG Research raised their price target on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Insider Buying and Selling

In other Upwork news, CEO Hayden Brown sold 10,000 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $15.85, for a total transaction of $158,500.00. Following the sale, the chief executive officer now directly owns 1,168,850 shares of the company’s stock, valued at approximately $18,526,272.50. This represents a 0.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Erica Gessert sold 20,353 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $196,406.45. Following the completion of the sale, the chief financial officer now owns 107,313 shares of the company’s stock, valued at approximately $1,035,570.45. This represents a 15.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 206,078 shares of company stock worth $2,267,715. Corporate insiders own 7.60% of the company’s stock.

Upwork 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.