Cubist Systematic Strategies LLC Has $573,000 Stock Position in Upwork Inc. (NASDAQ:UPWK)

Cubist Systematic Strategies LLC decreased its position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 85.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,063 shares of the company's stock after selling 211,490 shares during the period. Cubist Systematic Strategies LLC's holdings in Upwork were worth $573,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. KBC Group NV increased its stake in shares of Upwork by 39.6% in the fourth quarter. KBC Group NV now owns 6,690 shares of the company's stock worth $109,000 after purchasing an additional 1,899 shares during the period. The Manufacturers Life Insurance Company increased its stake 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 purchasing an additional 2,148 shares during the period. Rhumbline Advisers increased its stake in shares of Upwork by 1.4% in 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 period. King Luther Capital Management Corp increased its stake in shares of Upwork by 1.0% in the fourth quarter. King Luther Capital Management Corp now owns 263,802 shares of the company's stock worth $4,313,000 after purchasing an additional 2,636 shares during the period. Finally, Hillsdale Investment Management Inc. increased its stake in shares of Upwork by 0.8% in 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 period. Institutional investors and hedge funds own 77.71% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. JMP Securities reiterated a "market outperform" rating and issued a $18.00 price objective on shares of Upwork in a research note on Thursday, January 30th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $18.00 price objective on shares of Upwork in a research note on Tuesday, May 6th. Citigroup lowered their price target on Upwork from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. Needham & Company LLC restated a "buy" rating and set a $19.00 price target on shares of Upwork in a research note on Tuesday, May 6th. Finally, UBS Group boosted their price target on Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $18.50.

Insider Activity

In related news, CFO Erica Gessert sold 4,316 shares of the stock in a transaction that occurred on 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. This represents a 2.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas Layton sold 250,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $17.47, for a total value of $4,367,500.00. Following the sale, the director now owns 1,867,769 shares in the company, valued at approximately $32,629,924.43. This trade represents a 11.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 562,773 shares of company stock worth $9,433,027. Company insiders own 7.50% of the company's stock.

Upwork Trading Down 1.7%

UPWK stock opened at $17.09 on Friday. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14. The firm has a market cap of $2.25 billion, a P/E ratio of 11.17 and a beta of 1.52. The business's 50 day moving average is $13.65 and its 200-day moving average is $15.18. 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 (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, beating 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 company had revenue of $192.71 million for the quarter, compared to analyst estimates of $188.49 million. During the same period in the prior year, the company posted $0.22 EPS. The company's revenue was up .9% compared to the same quarter last year. Equities analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

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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