Graham Capital Management L.P. Invests $776,000 in Upwork Inc. (NASDAQ:UPWK)

Graham Capital Management L.P. acquired a new stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 47,460 shares of the company's stock, valued at approximately $776,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in UPWK. Wedmont Private Capital purchased a new position in Upwork in the 4th quarter worth approximately $544,000. Susquehanna Fundamental Investments LLC purchased a new stake in Upwork in the 4th quarter worth $806,000. Bayesian Capital Management LP purchased a new position in shares of Upwork during the fourth quarter valued at about $1,019,000. Dorsey Asset Management LLC grew its position in shares of Upwork by 15.0% during the fourth quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company's stock valued at $49,788,000 after purchasing an additional 397,997 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Upwork in the fourth quarter worth about $419,000. 77.71% of the stock is owned by hedge funds and other institutional investors.

Upwork Trading Down 1.2%

NASDAQ:UPWK traded down $0.20 during mid-day trading on Tuesday, hitting $16.35. 446,713 shares of the stock traded hands, compared to its average volume of 2,252,487. 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 Inc. has a 52 week low of $8.43 and a 52 week high of $18.14. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 10.66 and a beta of 1.52. The firm's 50 day moving average is $13.78 and its two-hundred day moving average is $15.25.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its 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 quarter in the previous year, the business earned $0.22 earnings per share. The company's revenue for the quarter was up .9% compared to the same quarter last year. On average, equities research analysts predict that Upwork Inc. will post 0.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on UPWK. Needham & Company LLC reissued a "buy" rating and set a $19.00 price target on shares of Upwork in a research note on Tuesday, May 6th. Roth Mkm lowered their target price on Upwork from $20.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. JMP Securities boosted their price target on shares of Upwork from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research report on Friday. UBS Group upped their price target on shares of Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $18.00 price objective on shares of Upwork in a research note 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. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $18.67.

Insider Buying and Selling at Upwork

In related news, insider Dave Bottoms sold 5,411 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 transaction of $70,721.77. Following the completion of the sale, the insider now owns 9,593 shares in the company, valued at $125,380.51. This trade represents a 36.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Olivier Marie sold 3,105 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $17.14, for a total transaction of $53,219.70. Following the completion of the transaction, the chief accounting officer now owns 1,294 shares in the company, valued at $22,179.16. This represents a 70.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 638,593 shares of company stock valued at $10,743,337 in the last quarter. 7.50% of the stock is owned by insiders.

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.