Financial Gravity Asset Management Inc. Makes New $4.61 Million Investment in Upwork Inc. (NASDAQ:UPWK)

Financial Gravity Asset Management Inc. acquired a new stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 353,546 shares of the company's stock, valued at approximately $4,614,000. Upwork comprises approximately 1.0% of Financial Gravity Asset Management Inc.'s investment portfolio, making the stock its 24th biggest position. Financial Gravity Asset Management Inc. owned approximately 0.26% of Upwork as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC boosted its position in Upwork by 1,235.1% during the first quarter. GAMMA Investing LLC now owns 4,072 shares of the company's stock valued at $53,000 after buying an additional 3,767 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of Upwork in the 1st quarter valued at about $140,000. State of Tennessee Department of Treasury purchased a new stake in Upwork during the 4th quarter valued at about $180,000. Cibc World Markets Corp bought a new position in Upwork during the 4th quarter worth approximately $191,000. Finally, Alhambra Investment Management LLC bought a new position in Upwork during the 1st quarter worth approximately $178,000. 77.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Upwork

In other news, insider Dave Bottoms sold 11,562 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $13.51, for a total value of $156,202.62. Following the sale, the insider directly owned 9,345 shares of the company's stock, valued at $126,250.95. This represents a 55.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hayden Brown sold 60,000 shares of Upwork stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $17.16, for a total transaction of $1,029,600.00. Following the transaction, the chief executive officer directly owned 1,106,846 shares of the company's stock, valued at approximately $18,993,477.36. This trade represents a 5.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 545,454 shares of company stock valued at $9,172,963. Company insiders own 7.60% of the company's stock.

Wall Street Analysts Forecast Growth

UPWK has been the subject of a number of analyst reports. Needham & Company LLC reissued a "buy" rating and set a $19.00 price objective on shares of Upwork in a research note on Tuesday, May 6th. Wall Street Zen raised shares of Upwork from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Jefferies Financial Group cut their price target on shares of Upwork from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, April 7th. BTIG Research cut shares of Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and set a $18.00 target price on shares of Upwork in a report on Monday, June 2nd. Four 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 company's stock. According to data from MarketBeat.com, Upwork presently has a consensus rating of "Moderate Buy" and an average price target of $18.67.

Upwork Trading Down 3.7%

Shares of NASDAQ UPWK traded down $0.49 during midday trading on Friday, hitting $12.92. 3,103,718 shares of the company traded hands, compared to its average volume of 2,322,313. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $18.14. The firm has a market cap of $1.70 billion, a P/E ratio of 7.74 and a beta of 1.38. The stock has a 50-day moving average price of $14.88 and a 200 day moving average price of $14.74. The company has a debt-to-equity ratio of 0.60, a quick ratio of 3.41 and a current ratio of 3.41.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share 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 business had revenue of $192.71 million for the quarter, compared to analysts' expectations of $188.49 million. During the same period in the previous year, the firm posted $0.22 EPS. The business's revenue was up .9% on a year-over-year basis. As a group, analysts expect that Upwork Inc. will post 0.84 earnings per share for the current year.

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.