Charles Schwab Investment Management Inc. Has $13.57 Million Position in Upwork Inc. $UPWK

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Upwork Inc. by 3.3% in Q1, owning approximately 1,040,042 shares worth $13.57 million as of the latest SEC filing.
• Several institutional investors, including Price T Rowe Associates and LSV Asset Management, significantly increased their positions in Upwork, demonstrating growing interest in the company's stock.
• Upwork reported earnings of $0.35 per share, exceeding analyst expectations and indicating a 9% revenue increase compared to the same quarter last year.

Charles Schwab Investment Management Inc. cut its position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,040,042 shares of the company's stock after selling 35,904 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.77% of Upwork worth $13,573,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mesirow Financial Investment Management Inc. raised its holdings in shares of Upwork by 5.7% in the first quarter. Mesirow Financial Investment Management Inc. now owns 27,228 shares of the company's stock worth $347,000 after acquiring an additional 1,465 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Upwork by 3.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 67,716 shares of the company's stock worth $1,107,000 after acquiring an additional 2,148 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Upwork by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,867 shares of the company's stock valued at $1,159,000 after purchasing an additional 2,695 shares during the period. Wells Fargo & Company MN grew its position in shares of Upwork by 5.7% in the fourth quarter. Wells Fargo & Company MN now owns 65,775 shares of the company's stock valued at $1,075,000 after purchasing an additional 3,543 shares during the period. Finally, MetLife Investment Management LLC grew its position in shares of Upwork by 5.1% in the fourth quarter. MetLife Investment Management LLC now owns 75,934 shares of the company's stock valued at $1,242,000 after purchasing an additional 3,692 shares during the period. 77.71% of the stock is owned by institutional investors and hedge funds.

Upwork Price Performance

Shares of NASDAQ:UPWK traded up $0.18 on Tuesday, reaching $15.09. 2,247,547 shares of the company traded hands, compared to its average volume of 3,697,519. Upwork Inc. has a fifty-two week low of $8.90 and a fifty-two week high of $18.14. The company's 50 day moving average is $13.38 and its 200-day moving average is $14.11. The stock has a market capitalization of $2.00 billion, a PE ratio of 8.67 and a beta of 1.38. 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 earnings results on Wednesday, August 6th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.09. The company had revenue of $194.94 million during the quarter, compared to analyst estimates of $187.56 million. Upwork had a return on equity of 44.83% and a net margin of 31.75%.The company's revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 earnings per share. As a group, analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 price objective on shares of Upwork in a research report on Tuesday, May 6th. JMP Securities boosted their price target on Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a research report on Friday, May 16th. Citigroup restated an "outperform" rating on shares of Upwork in a research note on Friday, May 16th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $18.00 price target on shares of Upwork in a research note on Monday, June 2nd. Finally, Wall Street Zen cut Upwork from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.67.

Insiders Place Their Bets

In other news, CEO Hayden Brown sold 60,000 shares of the company's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $13.76, for a total value of $825,600.00. Following the transaction, the chief executive officer directly owned 1,093,485 shares of the company's stock, valued at approximately $15,046,353.60. This represents a 5.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Olivier Marie sold 1,879 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was 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 directly 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. Insiders sold a total of 169,442 shares of company stock valued at $2,337,303 in the last three months. Company insiders own 7.60% of the company's stock.

Upwork Company 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.