Contour Asset Management LLC Makes New $24.63 Million Investment in Upwork Inc. (NASDAQ:UPWK)

Contour Asset Management LLC bought a new stake in Upwork Inc. (NASDAQ:UPWK - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 1,506,610 shares of the company's stock, valued at approximately $24,633,000. Upwork makes up 0.7% of Contour Asset Management LLC's investment portfolio, making the stock its 26th biggest holding. Contour Asset Management LLC owned 1.13% of Upwork as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of UPWK. KBC Group NV boosted its stake in Upwork by 39.6% in the fourth quarter. KBC Group NV now owns 6,690 shares of the company's stock valued at $109,000 after buying an additional 1,899 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Upwork by 3.3% in the fourth 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 during the last quarter. Rhumbline Advisers boosted its stake in shares of Upwork by 1.4% in the 4th 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 in the last quarter. King Luther Capital Management Corp grew its holdings in shares of Upwork by 1.0% during the 4th 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 during the last quarter. Finally, Hillsdale Investment Management Inc. increased its position in Upwork by 0.8% during the 4th 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 in the last quarter. Institutional investors own 77.71% of the company's stock.

Analyst Ratings Changes

UPWK has been the subject of several research reports. BTIG Research downgraded Upwork from a "buy" rating to a "neutral" rating in a research report 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. Citigroup reduced their target price on shares of Upwork from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Tuesday. 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 report on Monday, April 7th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $19.00 price target on shares of Upwork in a report on Tuesday. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $18.50.

Upwork Price Performance

Shares of NASDAQ:UPWK opened at $15.72 on Wednesday. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14. The stock's 50 day moving average is $13.31 and its 200-day moving average is $14.95. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. The firm has a market capitalization 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 released its quarterly earnings data 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 net margin of 28.02% and a return on equity of 50.83%. The firm had revenue of $192.71 million for the quarter, compared to the consensus estimate of $188.49 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The business's revenue was up .9% on a year-over-year basis. Sell-side analysts forecast that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Insider Activity at Upwork

In other news, insider Dave Bottoms sold 5,411 shares of the firm's stock in a transaction on Tuesday, March 18th. The stock was 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 of the company's stock, valued at $125,380.51. This trade represents a 36.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Elizabeth A. Nelson sold 75,000 shares of Upwork stock in a transaction dated 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 sale, the director now directly owns 16,299 shares in the company, valued at approximately $286,536.42. This represents a 82.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 193,108 shares of company stock valued at $3,046,648 over the last 90 days. 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.

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