Rhumbline Advisers Raises Holdings in Upwork Inc. (NASDAQ:UPWK)

Rhumbline Advisers lifted its holdings in Upwork Inc. (NASDAQ:UPWK) by 1.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 178,202 shares of the company’s stock after purchasing an additional 2,387 shares during the quarter. Rhumbline Advisers owned 0.13% of Upwork worth $2,914,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of UPWK. KBC Group NV increased its holdings in Upwork by 45.4% in the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after buying an additional 1,497 shares in the last quarter. Financial Management Professionals Inc. bought a new stake in shares of Upwork in the fourth quarter worth approximately $97,000. Quarry LP grew its stake in shares of Upwork by 42.6% in the third quarter. Quarry LP now owns 6,201 shares of the company’s stock worth $65,000 after acquiring an additional 1,851 shares during the period. Citizens Financial Group Inc. RI raised its holdings in shares of Upwork by 18.4% during the third quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company’s stock valued at $143,000 after purchasing an additional 2,129 shares during the last quarter. Finally, Stoneridge Investment Partners LLC lifted its position in Upwork by 19.9% during the fourth quarter. Stoneridge Investment Partners LLC now owns 16,566 shares of the company’s stock valued at $271,000 after purchasing an additional 2,744 shares during the period. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Insider Transactions at Upwork

In other news, Director Elizabeth A. Nelson sold 75,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $17.58, for a total transaction of $1,318,500.00. Following the completion of the transaction, the director now directly owns 16,299 shares in the company, valued at $286,536.42. This trade represents a 82.15 % 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 21,122 shares of Upwork stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total value of $341,120.30. Following the completion of the transaction, the chief executive officer now directly owns 1,275,083 shares of the company’s stock, valued at approximately $20,592,590.45. This represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 228,187 shares of company stock worth $3,917,213. 7.60% of the stock is currently owned by company insiders.

Upwork Price Performance

NASDAQ:UPWK opened at $15.93 on Friday. The firm has a market cap of $2.16 billion, a P/E ratio of 10.41 and a beta of 1.57. The stock has a 50 day moving average of $16.20 and a two-hundred day moving average of $13.88. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $18.14. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62.

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on UPWK shares. Roth Mkm decreased their target price on shares of Upwork from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Citigroup upped their price objective on Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. The Goldman Sachs Group raised their target price on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC upped their price target on shares of Upwork from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, BTIG Research increased their price objective on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.91.

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.