Financial Gravity Asset Management Inc. Buys Shares of 353,546 Upwork Inc. (NASDAQ:UPWK)

Financial Gravity Asset Management Inc. bought a new stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 353,546 shares of the company's stock, valued at approximately $4,614,000. Upwork makes up about 1.0% of Financial Gravity Asset Management Inc.'s holdings, making the stock its 24th biggest holding. Financial Gravity Asset Management Inc. owned about 0.26% of Upwork at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Envestnet Asset Management Inc. bought a new stake in shares of Upwork during the 1st quarter valued at about $1,258,000. Teacher Retirement System of Texas boosted its position in shares of Upwork by 12.8% during 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. Robeco Institutional Asset Management B.V. bought a new stake in shares of Upwork during the 1st quarter valued at about $1,854,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Upwork during the 1st quarter valued at about $140,000. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of Upwork by 174.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 54,365 shares of the company's stock valued at $709,000 after acquiring an additional 34,534 shares during the last quarter. Hedge funds and other institutional investors own 77.71% of the company's stock.

Insiders Place Their Bets

In other Upwork news, insider Dave Bottoms sold 11,562 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $13.51, for a total value of $156,202.62. Following the completion of the transaction, the insider owned 9,345 shares in the company, valued at approximately $126,250.95. This represents a 55.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Erica Gessert sold 19,677 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $16.56, for a total value of $325,851.12. Following the completion of the sale, the chief financial officer directly owned 181,873 shares in the company, valued at approximately $3,011,816.88. This represents a 9.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 545,454 shares of company stock valued at $9,172,963 in the last 90 days. Corporate insiders own 7.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on UPWK shares. Jefferies Financial Group dropped their target price on Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Needham & Company LLC restated a "buy" rating and issued a $19.00 target price on shares of Upwork in a research report on Tuesday, May 6th. Citigroup restated an "outperform" rating on shares of Upwork in a research report on Friday, May 16th. Scotiabank assumed coverage on Upwork in a research report on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 target price for the company. Finally, JMP Securities increased their price objective on Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a research note on Friday, May 16th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Upwork presently has an average rating of "Moderate Buy" and an average target price of $18.67.

Upwork Price Performance

Shares of Upwork stock opened at $13.70 on Thursday. The business has a 50 day moving average of $14.89 and a 200 day moving average of $14.81. 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 $1.80 billion, a PE ratio of 8.20 and a beta of 1.38. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $18.14.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.09. The business had revenue of $192.71 million during the quarter, compared to the consensus estimate of $188.49 million. Upwork had a return on equity of 48.38% and a net margin of 30.46%. The firm's quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.22 earnings per share. As a group, equities research analysts forecast 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.

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