Bayesian Capital Management LP Purchases Shares of 62,345 Upwork Inc. (NASDAQ:UPWK)

Bayesian Capital Management LP acquired a new stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 62,345 shares of the company's stock, valued at approximately $1,019,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wedmont Private Capital bought a new position in shares of Upwork during the fourth quarter valued at about $544,000. Financial Management Professionals Inc. purchased a new stake in Upwork in the fourth quarter worth $97,000. KBC Group NV increased its position in Upwork by 39.6% during the 4th quarter. KBC Group NV now owns 6,690 shares of the company's stock valued at $109,000 after purchasing an additional 1,899 shares during the period. Stoneridge Investment Partners LLC raised its holdings in Upwork by 19.9% in the 4th quarter. Stoneridge Investment Partners LLC now owns 16,566 shares of the company's stock worth $271,000 after purchasing an additional 2,744 shares in the last quarter. Finally, Bristlecone Advisors LLC lifted its position in shares of Upwork by 54.9% in the 4th quarter. Bristlecone Advisors LLC now owns 65,113 shares of the company's stock worth $1,065,000 after purchasing an additional 23,090 shares during the period. Institutional investors own 77.71% of the company's stock.

Insider Activity

In other Upwork news, insider Dave Bottoms sold 5,411 shares of the stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total value of $70,721.77. Following the transaction, the insider now owns 9,593 shares of the company's stock, valued at approximately $125,380.51. This represents a 36.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Erica Gessert sold 4,316 shares of the business's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total value of $56,410.12. Following the sale, the chief financial officer now owns 160,945 shares of the company's stock, valued at approximately $2,103,551.15. This represents a 2.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 233,108 shares of company stock valued at $3,683,448 over the last three months. Insiders own 7.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on UPWK. Jefferies Financial Group decreased their price target on shares of Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, April 7th. JMP Securities restated a "market outperform" rating and issued a $18.00 target price on shares of Upwork in a research note on Thursday, January 30th. BTIG Research cut Upwork from a "buy" rating to a "neutral" rating in a research note on Friday, April 4th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $18.00 price objective on shares of Upwork in a report on Tuesday. Finally, UBS Group boosted their target price on shares of Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $18.50.

Upwork Stock Up 2.6 %

Shares of UPWK traded up $0.43 on Friday, hitting $16.88. 1,711,703 shares of the stock traded hands, compared to its average volume of 2,235,873. Upwork Inc. has a one year low of $8.43 and a one year high of $18.14. The company has a market capitalization of $2.22 billion, a PE ratio of 11.03 and a beta of 1.52. The business has a 50 day simple moving average of $13.40 and a 200 day simple moving average of $15.05. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.09. Upwork had a return on equity of 50.83% and a net margin of 28.02%. The firm had revenue of $192.71 million during the quarter, compared to analysts' expectations of $188.49 million. During the same quarter in the previous year, the business earned $0.22 earnings per share. The company's revenue was up .9% on a year-over-year basis. As a group, equities analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

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.