Bryce Point Capital LLC Invests $868,000 in Upwork Inc. (NASDAQ:UPWK)

Key Points

• Bryce Point Capital LLC acquired 66,499 shares of Upwork Inc. during the first quarter, valued at approximately $868,000, as part of its investment strategy.
• CEO Hayden Brown sold 60,000 shares at an average price of $17.16, resulting in a 5.14% decrease in his overall position, while other insiders have collectively sold 545,454 shares in the past 90 days.
• Upwork reported $0.34 earnings per share for the quarter, beating analysts' expectations, with revenues of $192.71 million, indicating a slight year-over-year increase.

Bryce Point Capital LLC purchased a new stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 66,499 shares of the company's stock, valued at approximately $868,000.

Several other hedge funds have also bought and sold shares of UPWK. Raymond James Financial Inc. bought a new position in shares of Upwork in the fourth quarter worth about $812,000. American Century Companies Inc. raised its position in Upwork by 6.4% during the fourth quarter. American Century Companies Inc. now owns 58,103 shares of the company's stock valued at $950,000 after purchasing an additional 3,491 shares during the period. Sei Investments Co. grew its stake in shares of Upwork by 41.6% during the fourth quarter. Sei Investments Co. now owns 159,945 shares of the company's stock valued at $2,615,000 after buying an additional 46,972 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Upwork during the fourth quarter valued at approximately $419,000. Finally, LPL Financial LLC bought a new position in shares of Upwork during the fourth quarter valued at approximately $1,175,000. Institutional investors own 77.71% of the company's stock.

Upwork Trading Down 1.0%

UPWK traded down $0.12 during trading hours on Thursday, reaching $11.96. The company's stock had a trading volume of 1,595,038 shares, compared to its average volume of 2,324,744. The stock has a market cap of $1.57 billion, a PE ratio of 7.16 and a beta of 1.38. The company has a debt-to-equity ratio of 0.60, a current ratio of 3.41 and a quick ratio of 3.41. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $18.14. The business's 50-day moving average is $14.08 and its 200-day moving average is $14.49.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.09. Upwork had a return on equity of 48.38% and a net margin of 30.46%. The business had revenue of $192.71 million for the quarter, compared to analyst estimates of $188.49 million. During the same quarter in the prior year, the company earned $0.22 earnings per share. The company's revenue was up .9% on a year-over-year basis. As a group, equities research analysts predict that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Dave Bottoms sold 11,562 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $13.51, for a total transaction of $156,202.62. Following the completion of the transaction, the insider owned 9,345 shares in the company, valued at approximately $126,250.95. The trade was a 55.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Hayden Brown sold 60,000 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $17.16, for a total transaction of $1,029,600.00. Following the transaction, the chief executive officer owned 1,106,846 shares of the company's stock, valued at approximately $18,993,477.36. The trade was a 5.14% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 545,454 shares of company stock valued at $9,172,963. Insiders own 7.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Needham & Company LLC reissued a "buy" rating and issued a $19.00 price objective on shares of Upwork in a research note on Tuesday, May 6th. Wall Street Zen upgraded Upwork from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. BTIG Research lowered Upwork from a "buy" rating to a "neutral" rating in a research note on Friday, April 4th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $18.00 price objective on shares of Upwork in a research note on Monday, June 2nd. Finally, Citigroup reiterated an "outperform" rating on shares of Upwork in a report on Friday, May 16th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $18.67.

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.