Tenzing Global Management LLC increased its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 88.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 850,000 shares of the company's stock after buying an additional 400,000 shares during the quarter. Upwork comprises 10.4% of Tenzing Global Management LLC's holdings, making the stock its 3rd largest position. Tenzing Global Management LLC owned 0.64% of Upwork worth $13,898,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Nkcfo LLC purchased a new position in Upwork during the fourth quarter worth approximately $82,000. SBI Securities Co. Ltd. purchased a new position in Upwork during the fourth quarter worth approximately $84,000. Financial Management Professionals Inc. acquired a new stake in Upwork during the fourth quarter worth $97,000. KBC Group NV increased its stake in Upwork by 39.6% during the fourth quarter. KBC Group NV now owns 6,690 shares of the company's stock worth $109,000 after acquiring an additional 1,899 shares during the last quarter. Finally, State of Tennessee Department of Treasury acquired a new stake in Upwork during the fourth quarter worth $180,000. Hedge funds and other institutional investors own 77.71% of the company's stock.
Analysts Set New Price Targets
UPWK has been the subject of several recent analyst reports. Citigroup reissued an "outperform" rating on shares of Upwork in a research note on Friday. JMP Securities raised 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. BTIG Research cut Upwork from a "buy" rating to a "neutral" rating in a research note on Friday, April 4th. Scotiabank initiated coverage on Upwork in a research note on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 target price for the company. Finally, Needham & Company LLC reissued a "buy" rating and set a $19.00 target price on shares of Upwork in a research note on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Upwork has an average rating of "Moderate Buy" and an average price target of $18.67.
View Our Latest Report on UPWK
Insider Buying and Selling
In other news, Director Elizabeth A. Nelson sold 75,000 shares of the company's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $17.58, for a total transaction of $1,318,500.00. Following the completion of the transaction, the director now directly owns 16,299 shares of the company's stock, valued at approximately $286,536.42. This represents a 82.15% 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 5,411 shares of the company's stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total value of $70,721.77. Following the transaction, the insider now directly owns 9,593 shares of the company's stock, valued at approximately $125,380.51. This represents a 36.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 638,593 shares of company stock valued at $10,743,337 in the last three months. 7.50% of the stock is owned by corporate insiders.
Upwork Trading Down 0.5%
Shares of UPWK stock traded down $0.09 on Tuesday, hitting $16.46. The stock had a trading volume of 1,845,368 shares, compared to its average volume of 2,259,490. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39. The firm has a market capitalization of $2.17 billion, a P/E ratio of 10.76 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's 50 day moving average price is $13.87 and its 200-day moving average price is $15.25.
Upwork (NASDAQ:UPWK - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $0.34 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 firm had revenue of $192.71 million during the quarter, compared to analysts' expectations of $188.49 million. During the same period in the previous year, the firm posted $0.22 EPS. Upwork's revenue for the quarter was up .9% on a year-over-year basis. Analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current year.
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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