New York State Common Retirement Fund Has $3.89 Million Stock Position in Upwork Inc. (NASDAQ:UPWK)

New York State Common Retirement Fund increased its position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 747.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 297,995 shares of the company's stock after buying an additional 262,840 shares during the quarter. New York State Common Retirement Fund owned about 0.22% of Upwork worth $3,889,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of Upwork by 1,235.1% in the first quarter. GAMMA Investing LLC now owns 4,072 shares of the company's stock valued at $53,000 after acquiring an additional 3,767 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Upwork in the first quarter valued at approximately $140,000. State of Tennessee Department of Treasury bought a new position in shares of Upwork in the fourth quarter valued at approximately $180,000. Cibc World Markets Corp bought a new position in shares of Upwork in the fourth quarter valued at approximately $191,000. Finally, Alhambra Investment Management LLC bought a new position in shares of Upwork in the first quarter valued at approximately $178,000. 77.71% of the stock is owned by institutional investors and hedge funds.

Upwork Price Performance

UPWK stock opened at $13.68 on Wednesday. The firm has a 50 day moving average price of $14.46 and a 200-day moving average price of $14.59. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $18.14. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 8.19 and a beta of 1.38. 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 announced its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $188.49 million. During the same period in the previous year, the business earned $0.22 EPS. The firm's revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts forecast that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Dave Bottoms sold 11,562 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were 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 of the company's stock, valued at approximately $126,250.95. This represents a 55.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Hayden Brown sold 60,000 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $17.16, for a total transaction of $1,029,600.00. Following the completion of the sale, the chief executive officer owned 1,106,846 shares in the company, valued at approximately $18,993,477.36. The trade was a 5.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 545,454 shares of company stock worth $9,172,963 in the last three months. Corporate insiders own 7.60% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Citigroup reiterated an "outperform" rating on shares of Upwork in a research note on Friday, May 16th. Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 price target on shares of Upwork in a report on Tuesday, May 6th. JMP Securities increased 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. Wall Street Zen upgraded Upwork from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Finally, Jefferies Financial Group lowered their price objective on Upwork from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Upwork presently has an average 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.

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