111 Capital Takes Position in Upwork Inc. $UPWK

Key Points

• 111 Capital has acquired a new stake in Upwork Inc., purchasing 16,016 shares valued at approximately $215,000 during the 2nd quarter.
• Multiple institutional investors have significantly increased their holdings in Upwork, with IFP Advisors lifting their stake by 3,492.8% in the 1st quarter.
• Analysts are optimistic about Upwork, with UBS raising their price target from $16.00 to $21.00 and JMP Securities from $20.00 to $27.00, indicating a consensus target price of $19.42.

111 Capital acquired a new stake in Upwork Inc. (NASDAQ:UPWK - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 16,016 shares of the company's stock, valued at approximately $215,000.

Several other hedge funds and other institutional investors have also modified their holdings of UPWK. IFP Advisors Inc lifted its stake in shares of Upwork by 3,492.8% in the 1st quarter. IFP Advisors Inc now owns 3,988 shares of the company's stock valued at $52,000 after purchasing an additional 3,877 shares in the last quarter. GAMMA Investing LLC lifted its position in Upwork by 1,235.1% during the 1st quarter. GAMMA Investing LLC now owns 4,072 shares of the company's stock worth $53,000 after acquiring an additional 3,767 shares in the last quarter. Alpine Global Management LLC acquired a new position in Upwork during the 1st quarter worth approximately $130,000. Oppenheimer Asset Management Inc. acquired a new position in Upwork during the 1st quarter worth approximately $140,000. Finally, SeaCrest Wealth Management LLC lifted its position in Upwork by 8.0% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 10,800 shares of the company's stock worth $145,000 after acquiring an additional 800 shares in the last quarter. 77.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

UPWK has been the topic of several recent research reports. UBS Group boosted their price target on Upwork from $16.00 to $21.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 23rd. Citigroup reissued an "outperform" rating on shares of Upwork in a research report on Wednesday, September 24th. Weiss Ratings reissued a "hold (c+)" rating on shares of Upwork in a research report on Saturday, September 27th. Wall Street Zen raised Upwork from a "hold" rating to a "buy" rating in a research report on Sunday, September 28th. Finally, JMP Securities boosted their price target on Upwork from $20.00 to $27.00 and gave the stock a "market outperform" rating in a research report on Wednesday, September 24th. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $19.42.

Upwork Stock Performance

Shares of UPWK opened at $17.09 on Wednesday. The business's 50 day moving average is $15.80 and its two-hundred day moving average is $14.64. Upwork Inc. has a 52-week low of $9.93 and a 52-week high of $20.54. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 9.82 and a beta of 1.54. The company has a quick ratio of 3.36, a current ratio of 3.36 and a debt-to-equity ratio of 0.59.

Upwork (NASDAQ:UPWK - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.09. Upwork had a return on equity of 44.83% and a net margin of 31.75%.The business had revenue of $194.94 million during the quarter, compared to the consensus estimate of $187.56 million. During the same period in the previous year, the business earned $0.26 EPS. The business's quarterly revenue was up .9% on a year-over-year basis. Analysts forecast that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Upwork announced that its Board of Directors has authorized a share buyback plan on Wednesday, September 3rd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to purchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Insider Activity

In other news, CEO Hayden Brown sold 20,000 shares of the business's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the sale, the chief executive officer directly owned 1,082,358 shares in the company, valued at approximately $21,647,160. The trade was a 1.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dave Bottoms sold 10,014 shares of the business's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $19.96, for a total value of $199,879.44. Following the completion of the sale, the insider owned 345 shares of the company's stock, valued at $6,886.20. This trade represents a 96.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 222,576 shares of company stock worth $3,670,318. 7.60% of the stock is currently owned by insiders.

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.

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