Boston Partners Makes New Investment in Upwork Inc. $UPWK

Key Points

• Boston Partners has acquired a new stake in Upwork Inc., purchasing 162,278 shares valued at approximately $2.12 million, representing about 0.12% of the company's total stock.
• Several institutional investors have increased their holdings in Upwork, with Price T. Rowe Associates Inc. growing its stake by 51.8% to own over 15 million shares, indicating strong investor interest in the company.
• Upwork reported quarterly earnings of $0.35 per share, exceeding expectations, and had a net margin of 31.75%, suggesting robust financial performance and continued growth potential.

Boston Partners purchased a new position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 162,278 shares of the company's stock, valued at approximately $2,118,000. Boston Partners owned approximately 0.12% of Upwork at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Teacher Retirement System of Texas lifted its holdings in Upwork by 12.8% in the 1st quarter. Teacher Retirement System of Texas now owns 115,205 shares of the company's stock valued at $1,503,000 after acquiring an additional 13,044 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Upwork in the 4th quarter valued at about $806,000. Bayesian Capital Management LP acquired a new stake in Upwork in the 4th quarter valued at about $1,019,000. Dorsey Asset Management LLC lifted its holdings in Upwork by 15.0% in the 4th quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company's stock valued at $49,788,000 after acquiring an additional 397,997 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Upwork by 385.2% in the 4th quarter. Ameriprise Financial Inc. now owns 232,128 shares of the company's stock valued at $3,795,000 after acquiring an additional 184,289 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on UPWK shares. Citigroup restated an "outperform" rating on shares of Upwork in a report on Friday, May 16th. JMP Securities boosted their price objective on Upwork from $18.00 to $20.00 and gave the stock a "market outperform" rating in a report on Friday, May 16th. Royal Bank Of Canada restated a "sector perform" rating and set a $18.00 price objective on shares of Upwork in a report on Monday, June 2nd. Wall Street Zen downgraded Upwork from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Needham & Company LLC restated a "buy" rating and set a $19.00 price objective on shares of Upwork in a report on Tuesday, May 6th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Upwork has an average rating of "Moderate Buy" and an average target price of $18.67.

Upwork Stock Up 2.5%

NASDAQ UPWK traded up $0.34 on Wednesday, reaching $14.20. The stock had a trading volume of 3,112,289 shares, compared to its average volume of 2,487,808. The company has a current ratio of 3.36, a quick ratio of 3.36 and a debt-to-equity ratio of 0.59. Upwork Inc. has a 1 year low of $8.90 and a 1 year high of $18.14. The business has a 50 day moving average price of $13.30 and a 200 day moving average price of $14.14. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 8.16 and a beta of 1.38.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly earnings results 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 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 analysts' expectations of $187.56 million. During the same quarter in the previous year, the business posted $0.26 EPS. The firm's quarterly revenue was up .9% compared to the same quarter last year. On average, analysts forecast that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Insider Transactions at Upwork

In related news, CFO Erica Gessert sold 9,267 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $13.51, for a total value of $125,197.17. Following the transaction, the chief financial officer owned 190,738 shares in the company, valued at approximately $2,576,870.38. This represents a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Olivier Marie sold 1,879 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $13.50, for a total value 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 represents a 28.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 146,660 shares of company stock valued at $2,021,932 in the last ninety days. 7.60% of the stock is currently owned by insiders.

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.