Victory Capital Management Inc. Raises Stock Holdings in Upwork Inc. (NASDAQ:UPWK)

Victory Capital Management Inc. raised its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 59.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,855 shares of the company's stock after acquiring an additional 49,036 shares during the quarter. Victory Capital Management Inc. owned approximately 0.10% of Upwork worth $1,721,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of UPWK. GAMMA Investing LLC boosted its stake in shares of 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 buying an additional 3,767 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in shares of Upwork in the 1st quarter valued at about $140,000. Alhambra Investment Management LLC purchased a new position in shares of Upwork in the 1st quarter valued at about $178,000. State of Tennessee Department of Treasury purchased a new position in shares of Upwork in the 4th quarter valued at about $180,000. Finally, Ethic Inc. purchased a new position in shares of Upwork in the 4th quarter valued at about $229,000. 77.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Erica Gessert sold 19,677 shares of the business's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $16.56, for a total value of $325,851.12. Following the completion of the transaction, the chief financial officer directly owned 181,873 shares of the company's stock, valued at $3,011,816.88. The trade was a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Thomas Layton sold 250,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $17.47, for a total value of $4,367,500.00. Following the sale, the director owned 1,867,769 shares of the company's stock, valued at $32,629,924.43. This represents a 11.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 545,454 shares of company stock valued at $9,172,963. Company insiders own 7.50% of the company's stock.

Upwork Price Performance

UPWK traded down $0.58 during trading on Wednesday, reaching $12.07. 3,810,500 shares of the stock were exchanged, compared to its average volume of 2,175,409. The business's 50 day moving average price is $14.08 and its two-hundred day moving average price is $14.49. The company has a debt-to-equity ratio of 0.60, a current ratio of 3.41 and a quick ratio of 3.41. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of 7.23 and a beta of 1.38. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its earnings results 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 return on equity of 48.38% and a net margin of 30.46%. The company had revenue of $192.71 million for the quarter, compared to the consensus estimate of $188.49 million. During the same period in the previous year, the business earned $0.22 earnings per share. Upwork's quarterly revenue was up .9% compared to the same quarter last year. As a group, equities research analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Jefferies Financial Group decreased their target price on 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 set a $19.00 target price on shares of Upwork in a research note on Tuesday, May 6th. BTIG Research cut Upwork from a "buy" rating to a "neutral" rating in a research note on Friday, April 4th. Finally, JMP Securities boosted their target price on Upwork from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research note 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company currently 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.