RedJay Asset Management Inc. Sells 395,000 Shares of Upwork Inc. (NASDAQ:UPWK)

RedJay Asset Management Inc. lowered its position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 65.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 205,000 shares of the company's stock after selling 395,000 shares during the period. Upwork makes up about 1.4% of RedJay Asset Management Inc.'s investment portfolio, making the stock its 26th largest position. RedJay Asset Management Inc. owned approximately 0.15% of Upwork worth $2,675,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of UPWK. Susquehanna Fundamental Investments LLC bought a new stake in shares of Upwork in the 4th quarter worth approximately $806,000. Bayesian Capital Management LP acquired a new stake in Upwork in the 4th quarter valued at approximately $1,019,000. Dorsey Asset Management LLC increased its holdings 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 valued at $49,788,000 after purchasing an additional 397,997 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Upwork by 385.2% during the fourth quarter. Ameriprise Financial Inc. now owns 232,128 shares of the company's stock valued at $3,795,000 after purchasing an additional 184,289 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Upwork in the fourth quarter worth about $419,000. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on UPWK shares. Wall Street Zen raised shares of Upwork from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Royal Bank Of Canada restated a "sector perform" rating and issued a $18.00 target price on shares of Upwork in a research report on Monday, June 2nd. Citigroup reaffirmed an "outperform" rating on shares of Upwork in a research note on Friday, May 16th. Jefferies Financial Group lowered their price target on Upwork from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Finally, Scotiabank initiated coverage on Upwork in a report on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 price objective for the company. Four 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.67.

Insider Activity at Upwork

In other Upwork news, insider Dave Bottoms sold 11,562 shares of the stock in a transaction that occurred 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 sale, the insider owned 9,345 shares in the company, valued at $126,250.95. This represents a 55.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hayden Brown sold 60,000 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $17.16, for a total transaction of $1,029,600.00. Following the transaction, the chief executive officer owned 1,106,846 shares in the company, valued at approximately $18,993,477.36. This represents a 5.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 545,454 shares of company stock worth $9,172,963. Company insiders own 7.50% of the company's stock.

Upwork Trading Up 1.4%

NASDAQ UPWK traded up $0.20 on Thursday, hitting $13.66. 1,471,419 shares of the company were exchanged, compared to its average volume of 2,306,464. The company has a debt-to-equity ratio of 0.60, a current ratio of 3.41 and a quick ratio of 3.41. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14. The firm has a market capitalization of $1.80 billion, a P/E ratio of 8.18 and a beta of 1.38. The company's 50 day moving average price is $14.87 and its 200-day moving average price is $14.92.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.34 EPS 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 firm had revenue of $192.71 million during the quarter, compared to analyst estimates of $188.49 million. During the same quarter last year, the business posted $0.22 EPS. The company's revenue was up .9% on a year-over-year basis. Analysts predict that Upwork Inc. will post 0.84 earnings per share for the current fiscal 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.