Invesco Ltd. Increases Position in Upwork Inc. $UPWK

Key Points

• Invesco Ltd. raised its stake in Upwork Inc. by 50.5% during Q1, owning 2,630,379 shares valued at approximately $34.3 million.
• Multiple institutional investors, including Price T Rowe Associates and LSV Asset Management, have significantly increased their positions in Upwork, indicating strong investor interest.
• Upwork's recent earnings report surpassed expectations with $0.35 EPS and $194.94 million in revenue, suggesting positive growth despite a competitive market.

Invesco Ltd. raised its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 50.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,630,379 shares of the company's stock after purchasing an additional 882,059 shares during the quarter. Invesco Ltd. owned 2.00% of Upwork worth $34,326,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its position in Upwork by 51.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company's stock valued at $253,405,000 after purchasing an additional 5,289,493 shares during the period. LSV Asset Management increased its position 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 acquiring an additional 4,199,244 shares during the period. T. Rowe Price Investment Management Inc. increased its position in shares of Upwork by 86.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,303,035 shares of the company's stock worth $54,005,000 after acquiring an additional 1,534,078 shares during the period. Dorsey Asset Management LLC increased its position in shares of Upwork by 15.0% during the fourth quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company's stock worth $49,788,000 after acquiring an additional 397,997 shares during the period. Finally, Two Sigma Investments LP increased its position in shares of Upwork by 49.2% during the fourth quarter. Two Sigma Investments LP now owns 2,436,680 shares of the company's stock worth $39,840,000 after acquiring an additional 803,929 shares during the period. Hedge funds and other institutional investors own 77.71% of the company's stock.

Insider Activity at Upwork

In other Upwork news, CFO Erica Gessert sold 9,267 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $13.51, for a total transaction of $125,197.17. Following the transaction, the chief financial officer owned 190,738 shares of the company's stock, valued at approximately $2,576,870.38. This trade represents a 4.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hayden Brown sold 23,716 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $13.51, for a total value of $320,403.16. Following the transaction, the chief executive officer directly owned 1,153,485 shares in the company, valued at approximately $15,583,582.35. The trade was a 2.01% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 61,083 shares of company stock valued at $842,347. Corporate insiders own 7.60% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. JMP Securities upped their price objective on Upwork from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research report on Friday, May 16th. Citigroup reaffirmed an "outperform" rating on shares of Upwork in a research report on Friday, May 16th. Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 price objective on shares of Upwork in a research report on Tuesday, May 6th. Wall Street Zen lowered Upwork from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $18.00 price objective on shares of Upwork in a research report on Monday, June 2nd. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $18.67.

Upwork Stock Performance

Shares of UPWK stock opened at $13.99 on Tuesday. The stock's 50-day moving average is $13.33 and its two-hundred day moving average is $14.14. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 8.04 and a beta of 1.38. Upwork Inc. has a 1 year low of $8.90 and a 1 year high of $18.14. 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 issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.09. The company had revenue of $194.94 million for 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 business's quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the company posted $0.26 earnings per share. Analysts predict that Upwork Inc. will post 0.84 earnings per share for the current year.

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.

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