Victory Capital Management Inc. Boosts Position in Upwork Inc. (NASDAQ:UPWK)

Victory Capital Management Inc. lifted its position in Upwork Inc. (NASDAQ:UPWK) by 133.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,899 shares of the company’s stock after buying an additional 66,842 shares during the quarter. Victory Capital Management Inc. owned approximately 0.09% of Upwork worth $1,222,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of UPWK. Canada Pension Plan Investment Board boosted its position in shares of Upwork by 186.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company’s stock valued at $3,299,000 after acquiring an additional 199,900 shares during the last quarter. Janney Montgomery Scott LLC purchased a new stake in Upwork in the third quarter valued at approximately $858,000. Vanguard Group Inc. lifted its position 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. Bayesian Capital Management LP purchased a new position in Upwork in the 1st quarter worth approximately $567,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Upwork in the 2nd quarter worth $1,637,000. 77.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

UPWK has been the topic of a number of research reports. Piper Sandler restated an “overweight” rating and set a $18.00 price target (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. The Goldman Sachs Group raised their price objective on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Citigroup dropped their target price on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. JMP Securities increased their price target on shares of Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Finally, BTIG Research boosted their price objective on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Upwork has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Upwork Trading Up 0.8 %

UPWK stock opened at $16.83 on Wednesday. The firm has a fifty day moving average price of $12.43 and a 200 day moving average price of $11.25. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The firm has a market cap of $2.25 billion, a PE ratio of 26.71 and a beta of 1.49. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18.

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

Insider Buying and Selling at Upwork

In other Upwork news, Director Elizabeth A. Nelson sold 75,000 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the sale, the director now directly owns 48,915 shares of the company’s stock, valued at approximately $515,564.10. This represents a 60.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hayden Brown sold 20,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $10.01, for a total value of $200,200.00. Following the transaction, the chief executive officer now directly owns 1,170,561 shares in the company, valued at approximately $11,717,315.61. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 199,808 shares of company stock valued at $2,501,163 in the last three months. Company 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.