Allianz Asset Management GmbH Purchases 1,491,701 Shares of Upwork Inc. (NASDAQ:UPWK)

Allianz Asset Management GmbH boosted its holdings in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 200.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,237,616 shares of the company's stock after acquiring an additional 1,491,701 shares during the quarter. Allianz Asset Management GmbH owned 1.65% of Upwork worth $29,201,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of UPWK. IFP Advisors Inc increased its position in Upwork by 3,492.8% in the 1st quarter. IFP Advisors Inc now owns 3,988 shares of the company's stock worth $52,000 after purchasing an additional 3,877 shares during the last quarter. Jennison Associates LLC bought a new position in Upwork during the first quarter valued at approximately $656,000. Victory Capital Management Inc. lifted its stake in Upwork by 59.2% in the first quarter. Victory Capital Management Inc. now owns 131,855 shares of the company's stock valued at $1,721,000 after acquiring an additional 49,036 shares during the last quarter. New York State Common Retirement Fund grew its position in Upwork by 747.7% in the first quarter. New York State Common Retirement Fund now owns 297,995 shares of the company's stock worth $3,889,000 after acquiring an additional 262,840 shares in the last quarter. Finally, Cerity Partners LLC increased its stake in shares of Upwork by 8.0% during the 1st quarter. Cerity Partners LLC now owns 68,349 shares of the company's stock worth $892,000 after purchasing an additional 5,068 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Upwork

In related news, Director Thomas Layton sold 250,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $17.47, for a total value of $4,367,500.00. Following the sale, the director owned 1,867,769 shares of the company's stock, valued at $32,629,924.43. The trade was a 11.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Dave Bottoms sold 11,562 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $13.51, for a total transaction of $156,202.62. Following the transaction, the insider owned 9,345 shares of the company's stock, valued at approximately $126,250.95. This represents a 55.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold 545,454 shares of company stock valued at $9,172,963 over the last 90 days. Corporate insiders own 7.50% of the company's stock.

Upwork Stock Performance

Shares of UPWK traded down $0.12 during trading hours on Friday, reaching $13.11. 2,353,497 shares of the company traded hands, compared to its average volume of 2,200,303. The company has a debt-to-equity ratio of 0.60, a quick ratio of 3.41 and a current ratio of 3.41. The stock's fifty day moving average is $14.23 and its 200 day moving average is $14.54. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14. The stock has a market cap of $1.73 billion, a P/E ratio of 7.85 and a beta of 1.38.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.25 by $0.09. Upwork had a return on equity of 48.38% and a net margin of 30.46%. The firm had revenue of $192.71 million during the quarter, compared to analysts' expectations of $188.49 million. During the same quarter in the prior year, the firm posted $0.22 EPS. The company's revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on UPWK. Citigroup reaffirmed an "outperform" rating on shares of Upwork in a research note on Friday, May 16th. JMP Securities increased their price objective on Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a report on Friday, May 16th. Royal Bank Of Canada restated a "sector perform" rating and issued a $18.00 target price on shares of Upwork in a report on Monday, June 2nd. Wall Street Zen upgraded Upwork from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Finally, Needham & Company LLC restated a "buy" rating and issued a $19.00 price objective on shares of Upwork in a research note on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Upwork presently has an average rating of "Moderate Buy" and a consensus 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.