Polar Asset Management Partners Inc. Makes New Investment in Upwork Inc. (NASDAQ:UPWK)

Polar Asset Management Partners Inc. acquired a new stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 123,100 shares of the company's stock, valued at approximately $2,013,000. Polar Asset Management Partners Inc. owned about 0.09% of Upwork as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in UPWK. Price T Rowe Associates Inc. MD increased its stake 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 acquiring an additional 5,289,493 shares during the period. Invesco Ltd. grew its stake in Upwork by 1,674.0% during the fourth quarter. Invesco Ltd. now owns 1,748,320 shares of the company's stock worth $28,585,000 after buying an additional 1,649,766 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in 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 buying an additional 1,534,078 shares during the last quarter. Contour Asset Management LLC bought a new stake in Upwork during the fourth quarter worth about $24,633,000. Finally, LSV Asset Management bought a new stake in Upwork during the fourth quarter worth about $18,838,000. Institutional investors own 77.71% of the company's stock.

Upwork Price Performance

Shares of UPWK traded down $0.15 during mid-day trading on Friday, hitting $15.46. 1,682,035 shares of the company traded hands, compared to its average volume of 2,249,685. Upwork Inc. has a one year low of $8.43 and a one year high of $18.14. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. The business has a 50-day moving average of $14.25 and a 200 day moving average of $15.28. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of 10.10 and a beta of 1.52.

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

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Wall Street Zen raised shares of Upwork from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. BTIG Research cut shares of Upwork from a "buy" rating to a "neutral" rating in a research note on Friday, April 4th. Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 price objective on shares of Upwork in a research note on Tuesday, May 6th. UBS Group upped their price objective on shares of Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $18.00 price objective on shares of Upwork in a research note on Tuesday, May 6th. Four equities research 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. According to data from MarketBeat.com, Upwork has an average rating of "Moderate Buy" and a consensus price target of $18.67.

Insider Buying and Selling at Upwork

In other Upwork news, insider Dave Bottoms sold 1,620 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $16.41, for a total value of $26,584.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Olivier Marie sold 3,105 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $17.14, for a total transaction of $53,219.70. Following the completion of the transaction, the chief accounting officer now directly owns 1,294 shares in the company, valued at approximately $22,179.16. The trade was a 70.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 566,868 shares of company stock valued at $9,478,580. 7.50% of the stock is currently owned by insiders.

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.