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Upwork Inc. (NASDAQ:UPWK) Stake Decreased by Baillie Gifford & Co.

Upwork logo with Computer and Technology background

Key Points

  • Baillie Gifford & Co. has reduced its position in Upwork Inc. by 19.6%, selling 548,244 shares, and now owns 2.25 million shares valued at approximately $29.37 million.
  • Several institutional investors have increased their stakes in Upwork with Teacher Retirement System of Texas growing its position by 12.8% in the same quarter.
  • Upwork's stock has an average rating of "Moderate Buy" with a target price of $18.67, despite Wall Street adjustments that include a downgrade from BTIG Research and upgrades from others.
  • MarketBeat previews top five stocks to own in September.

Baillie Gifford & Co. reduced its stake in Upwork Inc. (NASDAQ:UPWK - Free Report) by 19.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,250,827 shares of the company's stock after selling 548,244 shares during the period. Baillie Gifford & Co. owned approximately 1.66% of Upwork worth $29,373,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in UPWK. Raymond James Financial Inc. bought a new stake in Upwork during the fourth quarter valued at $812,000. Teacher Retirement System of Texas purchased a new position in Upwork during the 4th quarter valued at about $1,670,000. American Century Companies Inc. increased its holdings in Upwork by 6.4% during the 4th quarter. American Century Companies Inc. now owns 58,103 shares of the company's stock valued at $950,000 after purchasing an additional 3,491 shares during the period. Sei Investments Co. boosted its position in Upwork by 41.6% during the 4th quarter. Sei Investments Co. now owns 159,945 shares of the company's stock valued at $2,615,000 after acquiring an additional 46,972 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Upwork in the 4th quarter worth approximately $419,000. Institutional investors own 77.71% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on UPWK. Jefferies Financial Group decreased their target price on shares of Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Citigroup restated an "outperform" rating on shares of Upwork in a research note on Friday, May 16th. Needham & Company LLC restated a "buy" rating and issued a $19.00 price objective on shares of Upwork in a research note on Tuesday, May 6th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $18.00 price target on shares of Upwork in a research note on Monday, June 2nd. Finally, JMP Securities increased their price objective on shares of Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a report on Friday, May 16th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Upwork has a consensus rating of "Moderate Buy" and an average price target of $18.67.

Check Out Our Latest Analysis on UPWK

Upwork Trading Down 1.9%

Shares of UPWK stock traded down $0.24 during trading hours on Wednesday, hitting $12.41. The company had a trading volume of 768,573 shares, compared to its average volume of 2,308,487. The company's fifty day moving average is $14.16 and its 200 day moving average is $14.51. 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 fifty-two week low of $8.43 and a fifty-two week high of $18.14. The stock has a market capitalization of $1.63 billion, a PE ratio of 7.43 and a beta of 1.38.

Upwork (NASDAQ:UPWK - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.09. The company had revenue of $192.71 million for the quarter, compared to analyst estimates of $188.49 million. Upwork had a net margin of 30.46% and a return on equity of 48.38%. The firm's quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the business earned $0.22 EPS. Research analysts expect that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Upwork news, Director Leela Srinivasan sold 3,314 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were 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 in the company, valued at approximately $1,220,643.84. This trade represents a 4.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Dave Bottoms sold 11,562 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $13.51, for a total transaction of $156,202.62. Following the sale, the insider directly owned 9,345 shares of the company's stock, valued at $126,250.95. This represents a 55.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 545,454 shares of company stock worth $9,172,963. 7.60% of the stock is currently owned by insiders.

About Upwork

(Free Report)

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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Institutional Ownership by Quarter for Upwork (NASDAQ:UPWK)

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