Upwork Inc. (NASDAQ:UPWK) Shares Bought by Dorsey Asset Management LLC

Dorsey Asset Management LLC raised its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 15.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,045,142 shares of the company's stock after acquiring an additional 397,997 shares during the period. Upwork makes up approximately 5.1% of Dorsey Asset Management LLC's holdings, making the stock its 10th biggest holding. Dorsey Asset Management LLC owned 2.28% of Upwork worth $49,788,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of UPWK. KBC Group NV increased its stake in Upwork by 39.6% during the 4th quarter. KBC Group NV now owns 6,690 shares of the company's stock valued at $109,000 after purchasing an additional 1,899 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Upwork by 3.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 67,716 shares of the company's stock worth $1,107,000 after acquiring an additional 2,148 shares during the last quarter. Rhumbline Advisers raised its stake in Upwork by 1.4% in the 4th quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock worth $2,914,000 after acquiring an additional 2,387 shares during the last quarter. King Luther Capital Management Corp lifted its position in Upwork by 1.0% during the 4th quarter. King Luther Capital Management Corp now owns 263,802 shares of the company's stock worth $4,313,000 after acquiring an additional 2,636 shares during the period. Finally, Hillsdale Investment Management Inc. grew its stake in Upwork by 0.8% during the 4th quarter. Hillsdale Investment Management Inc. now owns 349,800 shares of the company's stock valued at $5,719,000 after purchasing an additional 2,700 shares during the last quarter. 77.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Upwork news, CFO Erica Gessert sold 13,765 shares of Upwork stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total transaction of $222,304.75. Following the completion of the sale, the chief financial officer now directly owns 156,828 shares in the company, valued at $2,532,772.20. This trade represents a 8.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hayden Brown sold 21,122 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total transaction of $341,120.30. Following the completion of the transaction, the chief executive officer now owns 1,275,083 shares in the company, valued at approximately $20,592,590.45. This represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 233,108 shares of company stock valued at $3,683,448. 7.50% of the stock is currently owned by company insiders.

Upwork Price Performance

Shares of NASDAQ:UPWK traded up $0.43 during trading on Friday, reaching $16.88. The stock had a trading volume of 1,711,703 shares, compared to its average volume of 2,238,808. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39. The business has a fifty day moving average price of $13.40 and a 200-day moving average price of $15.06. The stock has a market cap of $2.22 billion, a PE ratio of 11.03 and a beta of 1.52. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.09. The firm had revenue of $192.71 million during the quarter, compared to analysts' expectations of $188.49 million. Upwork had a net margin of 28.02% and a return on equity of 50.83%. Upwork's revenue was up .9% compared to the same quarter last year. During the same period last year, the business earned $0.22 earnings per share. On average, equities analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

UPWK has been the subject of a number of research reports. JMP Securities reaffirmed a "market outperform" rating and set a $18.00 target price on shares of Upwork in a report on Thursday, January 30th. Jefferies Financial Group decreased their target price on shares of Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 price target on shares of Upwork in a research report on Tuesday, May 6th. Scotiabank began coverage on Upwork in a research note on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 target price on the stock. Finally, Citigroup decreased their price target on Upwork from $19.00 to $18.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $18.50.

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.