Vanguard Group Inc. Acquires 702,595 Shares of Upwork Inc. (NASDAQ:UPWK)

Vanguard Group Inc. raised its holdings in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 5.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,565,252 shares of the company's stock after purchasing an additional 702,595 shares during the period. Vanguard Group Inc. owned 10.70% of Upwork worth $165,461,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Russell Investments Group Ltd. grew its position in shares of Upwork by 575.3% during the 1st quarter. Russell Investments Group Ltd. now owns 2,600 shares of the company's stock worth $29,000 after buying an additional 2,215 shares during the period. Quarry LP grew its position in shares of Upwork by 92.5% during the 1st quarter. Quarry LP now owns 3,486 shares of the company's stock worth $39,000 after buying an additional 1,675 shares during the period. CWM LLC grew its position in shares of Upwork by 107.1% during the 3rd quarter. CWM LLC now owns 4,323 shares of the company's stock worth $49,000 after buying an additional 2,236 shares during the period. UBS Group AG grew its position in shares of Upwork by 30.7% during the 3rd quarter. UBS Group AG now owns 4,634 shares of the company's stock worth $63,000 after buying an additional 1,089 shares during the period. Finally, Harbour Investments Inc. acquired a new stake in shares of Upwork during the 1st quarter worth approximately $65,000. Institutional investors and hedge funds own 77.71% of the company's stock.

Analyst Upgrades and Downgrades

UPWK has been the topic of several recent analyst reports. JMP Securities lifted their price objective on shares of Upwork from $16.00 to $17.00 and gave the stock a "market outperform" rating in a research note on Thursday, February 15th. Jefferies Financial Group raised shares of Upwork from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $13.00 to $20.00 in a research note on Monday, January 8th. UBS Group lifted their price objective on shares of Upwork from $17.00 to $18.00 and gave the stock a "neutral" rating in a research note on Thursday, February 15th. Needham & Company LLC lifted their price objective on shares of Upwork from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, February 15th. Finally, The Goldman Sachs Group lifted their price objective on shares of Upwork from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Thursday, February 15th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $16.55.

Insider Activity

In related news, CEO Hayden Brown sold 43,714 shares of the business's stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $12.86, for a total transaction of $562,162.04. Following the transaction, the chief executive officer now directly owns 1,165,980 shares in the company, valued at $14,994,502.80. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 67,567 shares of company stock worth $853,087 over the last ninety days. Insiders own 9.00% of the company's stock.

Upwork Stock Down 0.4 %

Shares of NASDAQ UPWK traded down $0.05 during midday trading on Monday, reaching $12.21. The company's stock had a trading volume of 1,567,108 shares, compared to its average volume of 2,053,221. The company has a current ratio of 3.01, a quick ratio of 3.01 and a debt-to-equity ratio of 0.93. Upwork Inc. has a fifty-two week low of $6.56 and a fifty-two week high of $16.36. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 174.45 and a beta of 1.67. The stock has a 50 day simple moving average of $13.26 and a 200-day simple moving average of $13.17.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.12 by $0.01. Upwork had a net margin of 6.80% and a return on equity of 14.21%. The company had revenue of $183.93 million for the quarter, compared to the consensus estimate of $178.43 million. Equities research analysts predict that Upwork Inc. will post 0.42 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.