Envestnet Asset Management Inc. Acquires Shares of 96,376 Upwork Inc. (NASDAQ:UPWK)

Key Points

• Envestnet Asset Management Inc. has acquired 96,376 shares of Upwork Inc., valued at approximately $1,258,000, representing about 0.07% of the company.
• Upwork's latest quarterly earnings surpassed analysts' expectations, with an EPS of $0.34 and revenue of $192.71 million, showing a year-over-year revenue increase of 0.9%.
• Institutional investors currently hold approximately 77.71% of Upwork's shares, with notable changes in ownership from several hedge funds in the previous quarter.

Envestnet Asset Management Inc. bought a new position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 96,376 shares of the company's stock, valued at approximately $1,258,000. Envestnet Asset Management Inc. owned approximately 0.07% of Upwork at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its holdings in Upwork by 3.3% during the 4th 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. boosted its holdings in Upwork by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,867 shares of the company's stock worth $1,159,000 after purchasing an additional 2,695 shares during the last quarter. American Century Companies Inc. grew its position in Upwork by 6.4% in the 4th quarter. American Century Companies Inc. now owns 58,103 shares of the company's stock worth $950,000 after purchasing an additional 3,491 shares in the last quarter. Wells Fargo & Company MN increased its stake in Upwork by 5.7% in the 4th quarter. Wells Fargo & Company MN now owns 65,775 shares of the company's stock valued at $1,075,000 after buying an additional 3,543 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in Upwork by 5.1% in the 4th quarter. MetLife Investment Management LLC now owns 75,934 shares of the company's stock valued at $1,242,000 after buying an additional 3,692 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company's stock.

Upwork Price Performance

NASDAQ UPWK opened at $11.75 on Friday. The company has a quick ratio of 3.41, a current ratio of 3.41 and a debt-to-equity ratio of 0.60. The company has a market cap of $1.55 billion, a PE ratio of 7.04 and a beta of 1.38. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $18.14. The firm's 50-day simple moving average is $13.83 and its two-hundred day simple moving average is $14.42.

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

Insider Transactions at Upwork

In other news, Director Thomas Layton sold 250,000 shares of Upwork stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.47, for a total value of $4,367,500.00. Following the completion of the transaction, the director directly owned 1,867,769 shares in the company, valued at approximately $32,629,924.43. The trade was a 11.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Erica Gessert sold 19,677 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $16.56, for a total value of $325,851.12. Following the sale, the chief financial officer directly owned 181,873 shares in the company, valued at $3,011,816.88. This trade represents a 9.76% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 545,454 shares of company stock valued at $9,172,963. 7.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Citigroup restated an "outperform" rating on shares of Upwork in a research note on Friday, May 16th. Wall Street Zen raised Upwork from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. BTIG Research lowered Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Needham & Company LLC reissued a "buy" rating and issued a $19.00 price target on shares of Upwork in a report on Tuesday, May 6th. Finally, Jefferies Financial Group reduced their price target on shares of Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.67.

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.

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