Upwork Inc. $UPWK Stock Holdings Lessened by Deutsche Bank AG

Key Points

• Deutsche Bank AG has reduced its stake in Upwork Inc. by 14.9%, now holding approximately 0.14% of the company, valued at $2.5 million.
• Numerous other institutional investors have significantly increased their positions in Upwork during the first quarter, reflecting growing interest in the company.
• Upwork recently reported earnings of $0.35 per share for the quarter, surpassing expectations and suggesting a modest year-over-year revenue growth of 0.9%.

Deutsche Bank AG decreased its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 14.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 192,714 shares of the company's stock after selling 33,659 shares during the quarter. Deutsche Bank AG owned 0.14% of Upwork worth $2,515,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in Upwork by 51.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company's stock worth $253,405,000 after purchasing an additional 5,289,493 shares during the last quarter. LSV Asset Management raised its holdings in shares of 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 purchasing an additional 4,199,244 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in shares of Upwork by 86.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,303,035 shares of the company's stock worth $54,005,000 after buying an additional 1,534,078 shares during the last quarter. Contour Asset Management LLC bought a new position in shares of Upwork in the 4th quarter worth about $24,633,000. Finally, Allianz Asset Management GmbH boosted its holdings in shares of Upwork by 200.0% in the 1st quarter. Allianz Asset Management GmbH now owns 2,237,616 shares of the company's stock valued at $29,201,000 after buying an additional 1,491,701 shares during the period. 77.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Upwork

In related news, CEO Hayden Brown sold 60,000 shares of the firm's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $13.76, for a total transaction of $825,600.00. Following the completion of the transaction, the chief executive officer owned 1,093,485 shares of the company's stock, valued at $15,046,353.60. This trade represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Leela Srinivasan sold 6,520 shares of Upwork stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $15.16, for a total value of $98,843.20. Following the transaction, the director directly owned 82,783 shares in the company, valued at approximately $1,254,990.28. The trade was a 7.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 169,442 shares of company stock worth $2,337,303 in the last quarter. Company insiders own 7.50% of the company's stock.

Upwork Stock Performance

Shares of NASDAQ:UPWK traded up $0.13 on Friday, hitting $14.92. The company's stock had a trading volume of 2,415,385 shares, compared to its average volume of 3,728,423. Upwork Inc. has a 12 month low of $8.90 and a 12 month high of $18.14. The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 8.57 and a beta of 1.38. The stock's 50-day moving average is $13.32 and its two-hundred day moving average is $14.14. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.36 and a current ratio of 3.36.

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

Analysts Set New Price Targets

UPWK has been the topic of several research reports. JMP Securities increased their price objective on shares of Upwork from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research note on Friday, May 16th. Citigroup reaffirmed an "outperform" rating on shares of Upwork in a report on Friday, May 16th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $18.00 price target on shares of Upwork in a research report on Monday, June 2nd. Wall Street Zen lowered Upwork from a "strong-buy" rating to a "buy" rating in a research 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 research note 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 a consensus rating of "Moderate Buy" and a consensus price target 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.