Lazard Asset Management LLC Purchases Shares of 114,710 Upwork Inc. (NASDAQ:UPWK)

Lazard Asset Management LLC purchased a new stake in Upwork Inc. (NASDAQ:UPWK - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 114,710 shares of the company's stock, valued at approximately $1,874,000. Lazard Asset Management LLC owned approximately 0.09% of Upwork at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its holdings in Upwork by 51.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company's stock valued at $253,405,000 after acquiring an additional 5,289,493 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Upwork by 86.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,303,035 shares of the company's stock worth $54,005,000 after purchasing an additional 1,534,078 shares during the last quarter. Dorsey Asset Management LLC grew its stake in shares of Upwork by 15.0% during the fourth quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company's stock worth $49,788,000 after purchasing an additional 397,997 shares during the period. Renaissance Technologies LLC increased its holdings in Upwork by 70.1% in the fourth quarter. Renaissance Technologies LLC now owns 2,045,115 shares of the company's stock valued at $33,438,000 after purchasing an additional 843,115 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Upwork by 9.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,951,630 shares of the company's stock worth $31,911,000 after buying an additional 161,661 shares during the last quarter. Institutional investors own 77.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on UPWK shares. Roth Mkm reduced their price objective on shares of Upwork from $20.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. BTIG Research cut Upwork from a "buy" rating to a "neutral" rating in a research note on Friday, April 4th. UBS Group raised their price target on Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Scotiabank started coverage on Upwork in a report on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 price objective on the stock. Finally, Citigroup reissued an "outperform" rating on shares of Upwork in a research note on Friday. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Upwork currently has an average rating of "Moderate Buy" and a consensus price target of $18.67.

Insider Transactions at Upwork

In related news, insider Dave Bottoms sold 5,411 shares of Upwork stock in a transaction dated 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 transaction, the insider now owns 9,593 shares in the company, valued at approximately $125,380.51. This trade represents a 36.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Olivier Marie sold 3,105 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $17.14, for a total value of $53,219.70. Following the completion of the sale, the chief accounting officer now owns 1,294 shares in the company, valued at $22,179.16. This represents a 70.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 638,593 shares of company stock worth $10,743,337 in the last ninety days. Insiders own 7.50% of the company's stock.

Upwork Stock Down 0.5%

Shares of NASDAQ UPWK traded down $0.09 during mid-day trading on Tuesday, hitting $16.46. The company had a trading volume of 1,845,368 shares, compared to its average volume of 2,259,490. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. The firm has a 50-day simple moving average of $13.87 and a two-hundred day simple moving average of $15.25. The company has a market capitalization of $2.17 billion, a PE ratio of 10.76 and a beta of 1.52. Upwork Inc. has a one year low of $8.43 and a one year high of $18.14.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.25 by $0.09. Upwork had a return on equity of 50.83% and a net margin of 28.02%. The firm had revenue of $192.71 million during the quarter, compared to the consensus estimate of $188.49 million. During the same period last year, the company earned $0.22 earnings per share. The business's revenue was up .9% compared to the same quarter last year. On average, equities analysts expect that Upwork Inc. will post 0.84 EPS for the current year.

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.