Tenzing Global Management LLC Buys 400,000 Shares of Upwork Inc. (NASDAQ:UPWK)

Tenzing Global Management LLC raised its holdings in Upwork Inc. (NASDAQ:UPWK - Free Report) by 88.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 850,000 shares of the company's stock after buying an additional 400,000 shares during the period. Upwork makes up approximately 10.4% of Tenzing Global Management LLC's portfolio, 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 SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of UPWK. KBC Group NV increased its position in shares of Upwork by 39.6% in the 4th quarter. KBC Group NV now owns 6,690 shares of the company's stock valued at $109,000 after purchasing an additional 1,899 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Upwork by 3.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 67,716 shares of the company's stock valued at $1,107,000 after acquiring an additional 2,148 shares during the period. Rhumbline Advisers boosted its stake in shares of Upwork by 1.4% during the fourth quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock worth $2,914,000 after buying an additional 2,387 shares during the period. King Luther Capital Management Corp raised its stake in shares of Upwork by 1.0% during the fourth quarter. King Luther Capital Management Corp now owns 263,802 shares of the company's stock worth $4,313,000 after purchasing an additional 2,636 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Upwork by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,867 shares of the company's stock worth $1,159,000 after buying an additional 2,695 shares during the last quarter. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Hayden Brown sold 60,000 shares of Upwork stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $14.20, for a total transaction of $852,000.00. Following the sale, the chief executive officer now directly owns 1,215,083 shares in the company, valued at $17,254,178.60. The trade was a 4.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dave Bottoms sold 5,411 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $70,721.77. Following the completion of the transaction, the insider now owns 9,593 shares of the company's stock, valued at $125,380.51. This trade represents a 36.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 566,868 shares of company stock valued at $9,478,580. 7.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on UPWK shares. UBS Group boosted their target price on shares of Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Jefferies Financial Group lowered their price target on Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a report on Monday, April 7th. BTIG Research lowered Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Roth Mkm dropped their price objective on shares of Upwork from $20.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. Finally, Royal Bank of Canada restated a "sector perform" rating and issued a $18.00 price target on shares of Upwork in a report on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $18.67.

Upwork Stock Down 2.0%

Shares of UPWK stock traded down $0.33 during trading hours on Friday, hitting $15.89. 377,833 shares of the company were exchanged, compared to its average volume of 2,252,757. Upwork Inc. has a one year low of $8.43 and a one year high of $18.14. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 10.38 and a beta of 1.52. The business's 50-day simple moving average is $14.00 and its two-hundred day simple moving average is $15.28.

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