Picton Mahoney Asset Management Takes $2.47 Million Position in Upwork Inc. (NASDAQ:UPWK)

Picton Mahoney Asset Management bought a new position in Upwork Inc. (NASDAQ:UPWK - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 165,750 shares of the company's stock, valued at approximately $2,465,000. Picton Mahoney Asset Management owned approximately 0.12% of Upwork as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. bought a new stake in Upwork in the fourth quarter worth $33,000. Sherbrooke Park Advisers LLC bought a new stake in Upwork during the 3rd quarter valued at approximately $135,000. Fox Run Management L.L.C. bought a new stake in shares of Upwork in the 3rd quarter worth approximately $164,000. J.W. Cole Advisors Inc. bought a new stake in shares of Upwork in the 3rd quarter worth approximately $166,000. Finally, AXQ Capital LP bought a new stake in shares of Upwork in the 3rd quarter worth approximately $189,000. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Dave Bottoms sold 2,843 shares of the business's stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $13.22, for a total transaction of $37,584.46. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Upwork news, CEO Hayden Brown sold 20,000 shares of the business's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $12.07, for a total value of $241,400.00. Following the transaction, the chief executive officer now directly owns 1,145,980 shares in the company, valued at approximately $13,831,978.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Dave Bottoms sold 2,843 shares of the business's stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $13.22, for a total transaction of $37,584.46. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,374 shares of company stock worth $889,478. 7.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on UPWK. UBS Group boosted their target price on shares of Upwork from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Thursday, February 15th. JMP Securities increased their price objective 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. The Goldman Sachs Group increased their price target on shares of Upwork from $20.00 to $22.00 and gave the company a "buy" rating in a report on Thursday, February 15th. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price objective on shares of Upwork in a research report on Thursday, May 2nd. Finally, Royal Bank of Canada reduced their target price on shares of Upwork from $18.00 to $15.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Upwork currently has an average rating of "Moderate Buy" and a consensus target price of $17.30.

Upwork Stock Performance

Shares of NASDAQ:UPWK traded down $0.43 on Wednesday, hitting $11.92. 2,680,806 shares of the company were exchanged, compared to its average volume of 2,068,659. The company has a current ratio of 2.93, a quick ratio of 2.93 and a debt-to-equity ratio of 1.02. The stock's 50 day moving average price is $12.14 and its 200 day moving average price is $13.22. Upwork Inc. has a 1-year low of $7.54 and a 1-year high of $16.36. The firm has a market capitalization of $1.58 billion, a P/E ratio of 34.06 and a beta of 1.66.

Upwork (NASDAQ:UPWK - Get Free Report) last issued its earnings results on Wednesday, February 14th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.01. Upwork had a net margin of 6.70% and a return on equity of 13.96%. The firm had revenue of $183.93 million during the quarter, compared to analysts' expectations of $178.43 million. Sell-side analysts predict that Upwork Inc. will post 0.42 EPS for the current year.

Upwork Company 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.

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