Upwork Inc. (NASDAQ:UPWK) Stake Reduced by RedJay Asset Management Inc.

RedJay Asset Management Inc. reduced its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 25.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 600,000 shares of the company's stock after selling 200,000 shares during the period. Upwork makes up 6.0% of RedJay Asset Management Inc.'s investment portfolio, making the stock its 8th largest holding. RedJay Asset Management Inc. owned about 0.44% of Upwork worth $9,810,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Nkcfo LLC purchased a new stake in Upwork in the 4th quarter valued at $82,000. SBI Securities Co. Ltd. purchased a new stake in Upwork in the 4th quarter valued at $84,000. KBC Group NV raised its position in 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 buying an additional 1,899 shares during the last quarter. State of Tennessee Department of Treasury purchased a new stake in Upwork in the 4th quarter valued at $180,000. Finally, Cibc World Markets Corp purchased a new stake in Upwork in the 4th quarter valued at $191,000. 77.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Royal Bank of Canada reissued a "sector perform" rating and issued a $18.00 price target on shares of Upwork in a research report on Tuesday, May 6th. Citigroup reaffirmed an "outperform" rating on shares of Upwork in a research report on Friday, May 16th. JMP Securities raised their target price on Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a research report on Friday, May 16th. Scotiabank assumed coverage on Upwork in a research report on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 target price for the company. Finally, UBS Group raised their target price on Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $18.67.

Insiders Place Their Bets

In other news, insider Dave Bottoms sold 5,411 shares of Upwork stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $70,721.77. Following the completion of the sale, the insider now owns 9,593 shares in the company, valued at approximately $125,380.51. This trade represents a 36.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Erica Gessert sold 4,316 shares of Upwork stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total value of $56,410.12. Following the sale, the chief financial officer now owns 160,945 shares of the company's stock, valued at approximately $2,103,551.15. This trade represents a 2.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 566,868 shares of company stock worth $9,478,580 in the last quarter. 7.50% of the stock is owned by company insiders.

Upwork Stock Performance

UPWK traded down $0.22 during trading hours on Wednesday, hitting $15.60. The stock had a trading volume of 1,054,109 shares, compared to its average volume of 2,258,161. The company's fifty day simple moving average is $14.19 and its 200 day simple moving average is $15.29. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The stock has a market cap of $2.05 billion, a PE ratio of 10.20 and a beta of 1.52. 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 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 return on equity of 50.83% and a net margin of 28.02%. The company had revenue of $192.71 million during the quarter, compared to analyst estimates of $188.49 million. During the same quarter last year, the firm posted $0.22 EPS. The firm's revenue for the quarter was up .9% on a year-over-year basis. Equities analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current year.

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.