Kent Lake Capital LLC trimmed its holdings in Upwork Inc. (NASDAQ:UPWK - Free Report) by 29.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 600,000 shares of the company's stock after selling 250,000 shares during the period. Upwork comprises about 3.4% of Kent Lake Capital LLC's holdings, making the stock its 9th largest position. Kent Lake Capital LLC owned approximately 0.44% of Upwork worth $8,922,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in UPWK. JPMorgan Chase & Co. lifted its stake in shares of Upwork by 7.2% in the first quarter. JPMorgan Chase & Co. now owns 173,732 shares of the company's stock valued at $4,037,000 after buying an additional 11,594 shares in the last quarter. Raymond James & Associates lifted its stake in shares of Upwork by 3.4% in the first quarter. Raymond James & Associates now owns 182,593 shares of the company's stock valued at $4,243,000 after buying an additional 5,978 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Upwork in the first quarter valued at $4,050,000. Acadian Asset Management LLC bought a new position in shares of Upwork in the first quarter valued at $120,000. Finally, MetLife Investment Management LLC raised its holdings in shares of Upwork by 56.1% in the first quarter. MetLife Investment Management LLC now owns 64,431 shares of the company's stock valued at $1,497,000 after purchasing an additional 23,158 shares during the last quarter. 77.71% of the stock is owned by institutional investors.
Upwork Stock Performance
NASDAQ UPWK traded down $0.02 during trading hours on Friday, reaching $11.91. 1,386,443 shares of the company were exchanged, compared to its average volume of 1,929,824. Upwork Inc. has a 1 year low of $6.56 and a 1 year high of $16.36. The business's 50 day simple moving average is $13.08 and its 200-day simple moving average is $13.15. The company has a quick ratio of 3.01, a current ratio of 3.01 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $1.64 billion, a P/E ratio of 170.17 and a beta of 1.67.
Upwork (NASDAQ:UPWK - Get Free Report) last issued its earnings results on Wednesday, February 14th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.01. The firm had revenue of $183.93 million during the quarter, compared to analyst estimates of $178.43 million. Upwork had a net margin of 6.80% and a return on equity of 14.21%. On average, equities research analysts expect that Upwork Inc. will post 0.42 earnings per share for the current year.
Insiders Place Their Bets
In other Upwork news, CEO Hayden Brown sold 20,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $12.07, for a total transaction of $241,400.00. Following the completion of the transaction, the chief executive officer now owns 1,145,980 shares in the company, valued at $13,831,978.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 67,567 shares of company stock worth $853,087 over the last quarter. 9.00% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Several analysts have recently commented on the stock. JMP Securities increased their target price on shares of Upwork from $16.00 to $17.00 and gave the company a "market outperform" rating in a report on Thursday, February 15th. TheStreet upgraded shares of Upwork from a "d+" rating to a "c-" rating in a report on Wednesday, December 27th. Needham & Company LLC increased their target price on shares of Upwork from $18.00 to $20.00 and gave the company a "buy" rating in a report on Thursday, February 15th. Royal Bank of Canada increased their target price on shares of Upwork from $17.00 to $18.00 and gave the company a "sector perform" rating in a report on Thursday, February 15th. Finally, The Goldman Sachs Group increased their target price on shares of Upwork from $20.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, February 15th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.55.
Read Our Latest Analysis on Upwork
About Upwork
(
Free Report)
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.
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