Nuveen Asset Management LLC Acquires 310,678 Shares of Upwork Inc. (NASDAQ:UPWK)

Nuveen Asset Management LLC raised its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 15.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,283,040 shares of the company's stock after purchasing an additional 310,678 shares during the quarter. Nuveen Asset Management LLC owned 1.71% of Upwork worth $37,328,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Susquehanna Fundamental Investments LLC acquired a new stake in Upwork in the 4th quarter valued at approximately $806,000. Bayesian Capital Management LP acquired a new position in Upwork during the fourth quarter worth $1,019,000. Dorsey Asset Management LLC grew its position in Upwork by 15.0% in 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 in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Upwork in the 4th quarter valued at $419,000. Finally, Rhumbline Advisers increased its stake in Upwork by 1.4% in the 4th quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock valued at $2,914,000 after buying an additional 2,387 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors.

Insider Transactions at Upwork

In other Upwork news, Director Thomas Layton sold 250,000 shares of Upwork stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $17.47, for a total value of $4,367,500.00. Following the completion of the sale, the director now directly owns 1,867,769 shares of the company's stock, valued at approximately $32,629,924.43. The trade was a 11.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hayden Brown sold 60,000 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $14.20, for a total transaction of $852,000.00. Following the transaction, the chief executive officer now directly owns 1,215,083 shares in the company, valued at $17,254,178.60. This trade represents a 4.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 566,868 shares of company stock worth $9,478,580. Company insiders own 7.50% of the company's stock.

Upwork Trading Down 2.9%

NASDAQ UPWK traded down $0.47 on Monday, hitting $15.75. The company's stock had a trading volume of 1,395,914 shares, compared to its average volume of 2,262,426. The company's 50-day moving average is $14.05 and its 200 day moving average is $15.29. The firm has a market cap of $2.07 billion, a PE ratio of 10.29 and a beta of 1.52. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. JMP Securities raised their target price on shares of Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a research note on Friday, May 16th. Royal Bank of Canada reissued a "sector perform" rating and issued a $18.00 price objective on shares of Upwork in a research report on Tuesday, May 6th. Scotiabank started coverage on shares of Upwork in a report on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 target price on the stock. Needham & Company LLC reiterated a "buy" rating and set a $19.00 price target on shares of Upwork in a report on Tuesday, May 6th. Finally, UBS Group upped their price objective on Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.67.

Upwork 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.