Cary Street Partners Financial LLC Invests $1.78 Million in Upwork Inc. (NASDAQ:UPWK)

Cary Street Partners Financial LLC purchased a new stake in Upwork Inc. (NASDAQ:UPWK - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 108,672 shares of the company's stock, valued at approximately $1,777,000. Cary Street Partners Financial LLC owned 0.08% of Upwork at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. KBC Group NV grew its holdings in Upwork by 39.6% during the fourth quarter. KBC Group NV now owns 6,690 shares of the company's stock worth $109,000 after buying an additional 1,899 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Upwork by 3.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 67,716 shares of the company's stock worth $1,107,000 after acquiring an additional 2,148 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Upwork by 1.4% in the fourth quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock valued at $2,914,000 after purchasing an additional 2,387 shares during the last quarter. King Luther Capital Management Corp lifted its position in shares of Upwork by 1.0% during the fourth quarter. King Luther Capital Management Corp now owns 263,802 shares of the company's stock valued at $4,313,000 after purchasing an additional 2,636 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its holdings in Upwork by 0.8% during the fourth quarter. Hillsdale Investment Management Inc. now owns 349,800 shares of the company's stock worth $5,719,000 after purchasing an additional 2,700 shares during the last quarter. Institutional investors own 77.71% of the company's stock.

Insider Buying and Selling

In other Upwork news, insider Dave Bottoms sold 5,411 shares of Upwork stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $70,721.77. Following the completion of the sale, the insider now directly owns 9,593 shares in the company, valued at $125,380.51. The trade was a 36.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Elizabeth A. Nelson sold 75,000 shares of the 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. The trade was a 82.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 193,108 shares of company stock worth $3,046,648 over the last ninety days. 7.60% of the stock is owned by corporate insiders.

Upwork Trading Up 18.0 %

Shares of Upwork stock opened at $15.72 on Wednesday. The company's 50-day moving average price is $13.31 and its 200-day moving average price is $14.95. 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 Inc. has a 12-month low of $8.43 and a 12-month high of $18.14. The company has a market cap of $2.13 billion, a price-to-earnings ratio of 10.27 and a beta of 1.52.

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

Analyst Ratings Changes

UPWK has been the subject of several analyst reports. Citigroup decreased their price objective on shares of Upwork from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Tuesday. UBS Group boosted their price objective on Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Scotiabank initiated coverage on Upwork in a research report on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 target price for the company. JMP Securities reissued a "market outperform" rating and issued a $18.00 price target on shares of Upwork in a report on Thursday, January 30th. Finally, BTIG Research downgraded shares of Upwork from a "buy" rating to a "neutral" rating in a report on Friday, April 4th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.50.

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.

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