Caxton Associates LP Takes Position in Upwork Inc. (NASDAQ:UPWK)

Caxton Associates LP bought a new position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 21,658 shares of the company's stock, valued at approximately $354,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wedmont Private Capital bought a new position in shares of Upwork in the fourth quarter valued at approximately $544,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Upwork in the fourth quarter valued at about $419,000. Rhumbline Advisers boosted its holdings in Upwork by 1.4% during the fourth quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock worth $2,914,000 after purchasing an additional 2,387 shares during the last quarter. Amundi grew its position in Upwork by 37.6% in the 4th quarter. Amundi now owns 93,251 shares of the company's stock worth $1,497,000 after purchasing an additional 25,464 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Upwork by 9.3% in the 4th quarter. Bank of New York Mellon Corp now owns 413,248 shares of the company's stock valued at $6,757,000 after buying an additional 35,074 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company's stock.

Upwork Trading Up 2.6 %

Shares of NASDAQ UPWK traded up $0.43 during trading hours on Friday, hitting $16.88. The company's stock had a trading volume of 1,711,703 shares, compared to its average volume of 2,238,808. The business has a 50-day simple moving average of $13.40 and a 200-day simple moving average of $15.06. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 11.03 and a beta of 1.52. 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 Inc. has a 12 month low of $8.43 and a 12 month high of $18.14.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, beating 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 firm's revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 earnings per share. On average, analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Activity at Upwork

In related news, CEO Hayden Brown sold 21,122 shares of the 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 in the company, valued at $20,592,590.45. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Erica Gessert sold 4,316 shares of the business's stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $56,410.12. Following the sale, the chief financial officer now directly owns 160,945 shares in the company, valued at $2,103,551.15. The trade was a 2.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 233,108 shares of company stock worth $3,683,448 over the last ninety days. 7.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

UPWK has been the subject of a number of recent analyst reports. Jefferies Financial Group reduced their price objective on Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, April 7th. UBS Group upped their price target on shares of Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Roth Mkm cut their price objective on shares of Upwork from $20.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. Scotiabank began coverage on Upwork in a report on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 price objective for the company. 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 assigned a buy rating to the company. According to data from MarketBeat.com, Upwork has an average rating of "Moderate Buy" and an average 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.