Corton Capital Inc. Acquires Shares of 19,513 Upwork Inc. (NASDAQ:UPWK)

Corton Capital Inc. bought a new position in Upwork Inc. (NASDAQ:UPWK - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 19,513 shares of the company's stock, valued at approximately $319,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Nkcfo LLC purchased a new stake in Upwork in the fourth quarter worth about $82,000. SBI Securities Co. Ltd. purchased a new stake in Upwork in the fourth quarter worth about $84,000. Financial Management Professionals Inc. bought a new position in shares of Upwork during the fourth quarter valued at approximately $97,000. KBC Group NV increased its stake in shares of Upwork by 39.6% during the fourth 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 in the last quarter. Finally, State of Tennessee Department of Treasury bought a new position in shares of Upwork during the fourth quarter valued at approximately $180,000. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

UPWK has been the subject of a number of analyst reports. 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. Scotiabank initiated coverage on shares of Upwork in a research note on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 target price for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 target price on shares of Upwork in a research note on Tuesday, May 6th. UBS Group raised their target price 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. Finally, BTIG Research downgraded shares of Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.50.

Upwork Price Performance

UPWK stock traded up $0.57 during mid-day trading on Monday, hitting $17.45. The company had a trading volume of 1,883,704 shares, compared to its average volume of 2,237,685. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 11.42 and a beta of 1.52. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $18.14. 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 company has a 50-day moving average price of $13.40 and a 200 day moving average price of $15.08.

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

Insider Activity at Upwork

In related news, CEO Hayden Brown sold 21,122 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total transaction of $341,120.30. Following the transaction, the chief executive officer now directly owns 1,275,083 shares in the company, valued at approximately $20,592,590.45. This represents a 1.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Dave Bottoms sold 5,411 shares of the company's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $70,721.77. Following the transaction, the insider now 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 233,108 shares of company stock worth $3,683,448. Insiders own 7.50% of the company's stock.

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.