Northern Trust Corp Acquires 60,779 Shares of Upwork Inc. (NASDAQ:UPWK)

Northern Trust Corp increased its holdings in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 5.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,194,223 shares of the company's stock after acquiring an additional 60,779 shares during the quarter. Northern Trust Corp owned about 0.89% of Upwork worth $19,526,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. KBC Group NV boosted its stake in shares of Upwork by 39.6% in 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 boosted its stake in shares of Upwork by 3.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 67,716 shares of the company's stock valued at $1,107,000 after purchasing an additional 2,148 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Upwork by 1.4% in the 4th quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock valued at $2,914,000 after purchasing an additional 2,387 shares in the last quarter. King Luther Capital Management Corp boosted its stake in shares of Upwork by 1.0% in the 4th quarter. King Luther Capital Management Corp now owns 263,802 shares of the company's stock valued at $4,313,000 after purchasing an additional 2,636 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in shares of Upwork by 0.8% in 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 in the last quarter. 77.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on UPWK shares. Royal Bank of Canada reissued a "sector perform" rating and set a $18.00 target price on shares of Upwork in a report on Tuesday, May 6th. Roth Mkm reduced their target price on shares of Upwork from $20.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Citigroup reissued an "outperform" rating on shares of Upwork in a report on Friday. Needham & Company LLC reissued a "buy" rating and set a $19.00 target price on shares of Upwork in a report on Tuesday, May 6th. Finally, BTIG Research lowered shares of Upwork from a "buy" rating to a "neutral" rating in a report on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.67.

Upwork Trading Down 4.0%

Shares of NASDAQ UPWK traded down $0.69 during midday trading on Monday, reaching $16.55. The stock had a trading volume of 2,542,203 shares, compared to its average volume of 2,259,151. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 10.82 and a beta of 1.52. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14. 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 company's 50 day moving average price is $13.78 and its 200 day moving average price is $15.25.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.09. The company had revenue of $192.71 million during the quarter, compared to analyst estimates of $188.49 million. Upwork had a net margin of 28.02% and a return on equity of 50.83%. Upwork's revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. As a group, sell-side analysts expect that Upwork Inc. will post 0.84 EPS for the current year.

Insider Activity

In other news, insider Dave Bottoms sold 2,130 shares of Upwork stock in a transaction on Monday, May 19th. The shares were sold at an average price of $16.66, for a total value of $35,485.80. Following the completion of the sale, the insider now owns 1,620 shares in the company, valued at $26,989.20. The trade was a 56.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas Layton sold 250,000 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $17.47, for a total transaction of $4,367,500.00. Following the sale, the director now owns 1,867,769 shares of the company's stock, valued at $32,629,924.43. This trade represents a 11.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold 676,104 shares of company stock worth $11,349,140 in the last quarter. 7.50% of the stock is owned by corporate insiders.

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.