Upwork Inc. (NASDAQ:UPWK) is Ancient Art L.P.'s Largest Position

Ancient Art L.P. trimmed its holdings in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 33.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,921,007 shares of the company's stock after selling 2,418,677 shares during the period. Upwork accounts for 17.1% of Ancient Art L.P.'s portfolio, making the stock its biggest position. Ancient Art L.P. owned approximately 3.68% of Upwork worth $80,458,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of UPWK. Wedmont Private Capital bought a new position in Upwork during the 4th quarter worth $544,000. KLP Kapitalforvaltning AS bought a new position in shares of Upwork during the fourth quarter worth about $419,000. Rhumbline Advisers increased its holdings in shares of 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 period. Amundi lifted its position in Upwork by 37.6% in the 4th quarter. Amundi now owns 93,251 shares of the company's stock valued at $1,497,000 after purchasing an additional 25,464 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Upwork by 9.3% in the 4th quarter. Bank of New York Mellon Corp now owns 413,248 shares of the company's stock valued at $6,757,000 after purchasing an additional 35,074 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors.

Upwork Price Performance

Shares of NASDAQ UPWK traded down $0.16 during midday trading on Monday, reaching $13.32. The company's stock had a trading volume of 3,060,141 shares, compared to its average volume of 2,205,287. Upwork Inc. has a one year low of $8.43 and a one year high of $18.14. The company has a market cap of $1.80 billion, a price-to-earnings ratio of 8.71 and a beta of 1.52. The company has a 50 day moving average price of $13.31 and a 200 day moving average price of $14.94. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. On average, equities research analysts expect that Upwork Inc. will post 0.84 EPS for the current year.

Insider Activity

In other Upwork news, CFO Erica Gessert sold 13,765 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total transaction of $222,304.75. Following the sale, the chief financial officer now owns 156,828 shares in the company, valued at approximately $2,532,772.20. The trade was a 8.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hayden Brown sold 21,122 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $20,592,590.45. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 193,108 shares of company stock valued at $3,046,648 over the last three months. Insiders own 7.60% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on UPWK. Jefferies Financial Group dropped their price target on shares of Upwork from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Roth Mkm cut their target price on Upwork from $20.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Scotiabank started coverage on Upwork in a research note on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 price target for the company. Royal Bank of Canada lifted their price objective on shares of Upwork from $16.00 to $18.00 and gave the company a "sector perform" rating in a research note on Thursday, February 13th. Finally, UBS Group upped their price objective on shares of Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Upwork presently has a consensus rating of "Moderate Buy" and an average target price of $18.58.

Upwork 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.