Pacer Advisors Inc. Makes New Investment in Upwork Inc. (NASDAQ:UPWK)

Key Points

• Pacer Advisors Inc. has acquired 805,603 shares of Upwork Inc. (NASDAQ: UPWK), valued at approximately $10.5 million, representing about 0.59% of the company.
• Several hedge funds have increased their holdings in Upwork, with notable increases including a 12.8% stake growth by Teacher Retirement System of Texas and a 385.2% increase by Ameriprise Financial Inc.
• Upwork's recent earnings beat expectations with an EPS of $0.34, exceeding the consensus estimate by $0.09, while its revenue for the quarter rose 0.9% year-over-year.

Pacer Advisors Inc. bought a new position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 805,603 shares of the company's stock, valued at approximately $10,513,000. Pacer Advisors Inc. owned approximately 0.59% of Upwork at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. IFP Advisors Inc lifted its stake in Upwork by 3,492.8% in the 1st quarter. IFP Advisors Inc now owns 3,988 shares of the company's stock valued at $52,000 after purchasing an additional 3,877 shares during the last quarter. GAMMA Investing LLC lifted its stake in Upwork by 1,235.1% in the 1st quarter. GAMMA Investing LLC now owns 4,072 shares of the company's stock valued at $53,000 after purchasing an additional 3,767 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Upwork during the first quarter worth approximately $140,000. State of Tennessee Department of Treasury acquired a new stake in shares of Upwork in the fourth quarter valued at approximately $180,000. Finally, Alhambra Investment Management LLC bought a new position in Upwork in the first quarter valued at approximately $178,000. Institutional investors own 77.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on UPWK shares. BTIG Research cut shares of Upwork from a "buy" rating to a "neutral" rating in a research note on Friday, April 4th. Citigroup reiterated an "outperform" rating on shares of Upwork in a report on Friday, May 16th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $18.00 target price on shares of Upwork in a report on Monday, June 2nd. Needham & Company LLC reissued a "buy" rating and issued a $19.00 price objective on shares of Upwork in a research note on Tuesday, May 6th. Finally, Wall Street Zen raised Upwork from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Four research 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $18.67.

Insider Activity

In other news, CAO Olivier Marie sold 1,879 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $13.50, for a total transaction of $25,366.50. Following the completion of the sale, the chief accounting officer owned 4,632 shares of the company's stock, valued at $62,532. The trade was a 28.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Leela Srinivasan sold 3,314 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $15.36, for a total transaction of $50,903.04. Following the completion of the transaction, the director directly owned 79,469 shares of the company's stock, valued at $1,220,643.84. This represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 545,454 shares of company stock worth $9,172,963. Company insiders own 7.50% of the company's stock.

Upwork Stock Up 0.8%

Shares of UPWK stock traded up $0.10 during trading hours on Thursday, hitting $12.17. 905,494 shares of the company's stock traded hands, compared to its average volume of 2,319,928. The stock's fifty day simple moving average is $14.08 and its two-hundred day simple moving average is $14.49. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $18.14. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 7.28 and a beta of 1.38. The company has a quick ratio of 3.41, a current ratio of 3.41 and a debt-to-equity ratio of 0.60.

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. On average, analysts expect that Upwork Inc. will post 0.84 EPS for the current year.

About Upwork

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.