Millennium Management LLC Decreases Position in Upwork Inc. (NASDAQ:UPWK)

Millennium Management LLC reduced its holdings in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 33.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 170,179 shares of the company's stock after selling 85,351 shares during the quarter. Millennium Management LLC owned approximately 0.13% of Upwork worth $2,782,000 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. KBC Group NV grew its stake in Upwork by 39.6% in the 4th quarter. KBC Group NV now owns 6,690 shares of the company's stock valued at $109,000 after buying an additional 1,899 shares during the last quarter. Stoneridge Investment Partners LLC grew its position in Upwork by 19.9% in the fourth quarter. Stoneridge Investment Partners LLC now owns 16,566 shares of the company's stock valued at $271,000 after acquiring an additional 2,744 shares during the last quarter. Bristlecone Advisors LLC grew its position in Upwork by 54.9% in the fourth quarter. Bristlecone Advisors LLC now owns 65,113 shares of the company's stock valued at $1,065,000 after acquiring an additional 23,090 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Upwork by 1.4% in the 4th quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock valued at $2,914,000 after purchasing an additional 2,387 shares in the last quarter. Finally, Nkcfo LLC bought a new stake in shares of Upwork during the 4th quarter valued at approximately $82,000. Institutional investors own 77.71% of the company's stock.

Insider Activity at Upwork

In related news, Director Thomas Layton sold 250,000 shares of Upwork stock in a transaction dated 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 now owns 1,867,769 shares in the company, valued at $32,629,924.43. The trade was a 11.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dave Bottoms sold 5,411 shares of the stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $70,721.77. Following the transaction, the insider now directly owns 9,593 shares in the company, valued at approximately $125,380.51. The trade was a 36.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 566,868 shares of company stock worth $9,478,580 in the last three months. Company insiders own 7.50% of the company's stock.

Upwork Stock Performance

Shares of NASDAQ:UPWK traded down $0.34 on Tuesday, hitting $15.35. 2,381,725 shares of the company were exchanged, compared to its average volume of 2,249,881. The firm has a market capitalization of $2.02 billion, a P/E ratio of 10.03 and a beta of 1.52. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14. The stock's 50 day moving average price is $14.29 and its 200 day moving average price is $15.29.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.25 by $0.09. The business had revenue of $192.71 million during the quarter, compared to analyst estimates of $188.49 million. Upwork had a return on equity of 50.83% and a net margin of 28.02%. The company's revenue was up .9% on a year-over-year basis. During the same quarter last year, the business posted $0.22 EPS. Sell-side analysts predict that Upwork Inc. will post 0.84 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on UPWK shares. Citigroup reaffirmed an "outperform" rating on shares of Upwork in a research note on Friday, May 16th. UBS Group boosted their target price on Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Wall Street Zen upgraded shares of Upwork from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. JMP Securities lifted their target price on Upwork from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research note on Friday, May 16th. Finally, Jefferies Financial Group decreased their target price on Upwork from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Upwork has a consensus rating of "Moderate Buy" and an average price target 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.