Voloridge Investment Management LLC Has $14.65 Million Stock Position in Upwork Inc. (NASDAQ:UPWK)

Voloridge Investment Management LLC lessened its position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 32.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 896,236 shares of the company's stock after selling 429,912 shares during the quarter. Voloridge Investment Management LLC owned 0.67% of Upwork worth $14,653,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Two Sigma Advisers LP boosted its stake in shares of Upwork by 40.1% during the 4th quarter. Two Sigma Advisers LP now owns 1,488,500 shares of the company's stock worth $24,337,000 after acquiring an additional 426,100 shares in the last quarter. Two Sigma Investments LP lifted its stake in shares of Upwork by 49.2% in the fourth quarter. Two Sigma Investments LP now owns 2,436,680 shares of the company's stock worth $39,840,000 after buying an additional 803,929 shares in the last quarter. Tidal Investments LLC acquired a new position in shares of Upwork during the 4th quarter worth approximately $669,000. Tenzing Global Management LLC grew its holdings in shares of Upwork by 88.9% in the fourth quarter. Tenzing Global Management LLC now owns 850,000 shares of the company's stock valued at $13,898,000 after purchasing an additional 400,000 shares during the period. Finally, Polar Asset Management Partners Inc. acquired a new position in Upwork in the fourth quarter valued at approximately $2,013,000. 77.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on UPWK. Roth Mkm cut their target price on Upwork from $20.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Jefferies Financial Group lowered their target price on Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 price objective on shares of Upwork in a research report on Tuesday, May 6th. BTIG Research cut shares of Upwork from a "buy" rating to a "neutral" rating in a report on Friday, April 4th. Finally, Scotiabank initiated coverage on Upwork in a research note on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 price target for the company. 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 stock. According to data from MarketBeat.com, Upwork has a consensus rating of "Moderate Buy" and an average target price of $18.67.

Insider Buying and Selling at Upwork

In related news, CAO Olivier Marie sold 1,655 shares of Upwork stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $16.41, for a total transaction of $27,158.55. Following the sale, the chief accounting officer now directly owns 1,294 shares of the company's stock, valued at $21,234.54. This trade represents a 56.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dave Bottoms sold 1,620 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $16.41, for a total value of $26,584.20. The disclosure for this sale can be found here. Insiders have sold 566,868 shares of company stock valued at $9,478,580 in the last 90 days. 7.50% of the stock is currently owned by insiders.

Upwork Price Performance

Shares of UPWK traded down $0.22 during trading hours on Wednesday, hitting $15.60. 1,054,076 shares of the company were exchanged, compared to its average volume of 2,255,007. The firm has a fifty day simple moving average of $14.14 and a 200-day simple moving average of $15.29. 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 current ratio of 3.39 and a quick ratio of 3.39. The company has a market capitalization of $2.05 billion, a PE ratio of 10.20 and a beta of 1.52.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, beating 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 in the previous year, the company earned $0.22 EPS. The firm's revenue was up .9% on a year-over-year basis. As a group, sell-side analysts predict that Upwork Inc. will post 0.84 earnings per share for the current 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.