Vanguard Group Inc. Has $197.73 Million Position in Upwork Inc. $UPWK

Key Points

• Vanguard Group Inc. has reduced its stake in Upwork Inc. by 1.4%, now holding approximately $197.73 million worth of shares.
• Upwork's latest quarterly earnings showed an EPS of $0.35, surpassing estimates and contributing to a modest revenue increase of 0.9% year-over-year.
• Institutional investors currently own 77.71% of Upwork's stock, indicating strong investment interest from large financial entities.

Vanguard Group Inc. cut its holdings in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 1.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,151,849 shares of the company's stock after selling 218,570 shares during the period. Vanguard Group Inc. owned about 11.19% of Upwork worth $197,732,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas lifted its stake in Upwork by 12.8% during the first quarter. Teacher Retirement System of Texas now owns 115,205 shares of the company's stock worth $1,503,000 after purchasing an additional 13,044 shares during the last quarter. Bayesian Capital Management LP bought a new stake in Upwork during the fourth quarter worth $1,019,000. Susquehanna Fundamental Investments LLC bought a new stake in Upwork during the fourth quarter worth $806,000. Dorsey Asset Management LLC lifted its stake in Upwork by 15.0% during the fourth quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company's stock worth $49,788,000 after purchasing an additional 397,997 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Upwork by 385.2% during the fourth quarter. Ameriprise Financial Inc. now owns 232,128 shares of the company's stock worth $3,795,000 after purchasing an additional 184,289 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

UPWK has been the subject of several research analyst reports. 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. Wall Street Zen downgraded shares of Upwork from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Citigroup reiterated an "outperform" rating on shares of Upwork in a report on Friday, May 16th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $18.00 price target on shares of Upwork in a report on Monday, June 2nd. Finally, JMP Securities upped their price target on shares of Upwork from $18.00 to $20.00 and gave the stock a "market outperform" rating in a report on Friday, May 16th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Upwork currently has a consensus rating of "Moderate Buy" and an average target price of $18.67.

Insiders Place Their Bets

In related news, CAO Olivier Marie sold 1,879 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $13.50, for a total value of $25,366.50. Following the completion of the sale, the chief accounting officer directly owned 4,632 shares in the company, valued at $62,532. This represents a 28.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Dave Bottoms sold 2,060 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $13.84, for a total value of $28,510.40. Following the completion of the sale, the insider owned 2,035 shares of the company's stock, valued at $28,164.40. The trade was a 50.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 169,442 shares of company stock valued at $2,337,303 over the last ninety days. 7.60% of the stock is currently owned by corporate insiders.

Upwork Trading Down 0.1%

NASDAQ UPWK traded down $0.01 on Monday, reaching $14.91. The company had a trading volume of 1,921,461 shares, compared to its average volume of 3,731,580. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of 8.57 and a beta of 1.38. Upwork Inc. has a fifty-two week low of $8.90 and a fifty-two week high of $18.14. The business has a 50 day moving average of $13.35 and a two-hundred day moving average of $14.11. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.36 and a quick ratio of 3.36.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.09. The business had revenue of $194.94 million during the quarter, compared to the consensus estimate of $187.56 million. Upwork had a return on equity of 44.83% and a net margin of 31.75%.Upwork's quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. Analysts forecast that Upwork Inc. will post 0.84 EPS for the current year.

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.