Acadian Asset Management LLC Has $11 Million Stake in Upwork Inc. $UPWK

Key Points

• Acadian Asset Management LLC has increased its stake in Upwork Inc. by 24.3%, now owning approximately $11 million worth of the company.
• Upwork's recent earnings report showed an EPS of $0.35, outperforming expectations and reflecting a 31.75% net margin.
• The company approved a $100 million stock buyback plan, indicating confidence in its stock valuation.

Acadian Asset Management LLC increased its position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 24.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 843,330 shares of the company's stock after buying an additional 164,993 shares during the period. Acadian Asset Management LLC owned 0.64% of Upwork worth $10,996,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. LSV Asset Management increased its holdings in Upwork by 364.5% during the first quarter. LSV Asset Management now owns 5,351,406 shares of the company's stock worth $69,836,000 after buying an additional 4,199,244 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in Upwork by 41.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,660,511 shares of the company's stock worth $60,820,000 after buying an additional 1,357,476 shares during the last quarter. Invesco Ltd. increased its holdings in Upwork by 50.5% during the first quarter. Invesco Ltd. now owns 2,630,379 shares of the company's stock worth $34,326,000 after buying an additional 882,059 shares during the last quarter. Two Sigma Investments LP increased its holdings in Upwork by 49.2% during the fourth quarter. Two Sigma Investments LP now owns 2,436,680 shares of the company's stock worth $39,840,000 after buying an additional 803,929 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in Upwork by 15.8% during the fourth quarter. Nuveen Asset Management LLC now owns 2,283,040 shares of the company's stock worth $37,328,000 after buying an additional 310,678 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Price Performance

NASDAQ:UPWK opened at $16.86 on Friday. Upwork Inc. has a one year low of $9.75 and a one year high of $18.14. The company has a market cap of $2.24 billion, a P/E ratio of 9.69 and a beta of 1.43. The firm's fifty day moving average price is $14.03 and its two-hundred day moving average price is $14.11. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.36 and a quick ratio of 3.36.

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

Upwork declared that its board has approved a stock buyback plan on Wednesday, September 3rd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Upwork

In related news, CFO Erica Gessert sold 19,036 shares of the company's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $13.84, for a total value of $263,458.24. Following the transaction, the chief financial officer directly owned 209,202 shares in the company, valued at approximately $2,895,355.68. This represents a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Olivier Marie sold 1,879 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $13.50, for a total transaction of $25,366.50. Following the completion of the transaction, the chief accounting officer owned 4,632 shares in the company, valued at $62,532. This trade represents a 28.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 159,608 shares of company stock valued at $2,187,556. 7.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. JMP Securities restated a "market outperform" rating and set a $20.00 target price on shares of Upwork in a report on Friday. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $18.00 price objective on shares of Upwork in a report on Monday, June 2nd. Citigroup reiterated an "outperform" rating on shares of Upwork in a report on Friday, May 16th. Finally, Wall Street Zen downgraded shares of Upwork from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.67.

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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