88,338 Shares in Upwork Inc. (NASDAQ:UPWK) Bought by New Century Financial Group LLC

New Century Financial Group LLC purchased a new stake in Upwork Inc. (NASDAQ:UPWK) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 88,338 shares of the company’s stock, valued at approximately $1,083,000. New Century Financial Group LLC owned about 0.06% of Upwork at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Quadrant Capital Group LLC lifted its position in shares of Upwork by 67.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock valued at $30,000 after purchasing an additional 803 shares in the last quarter. Daiwa Securities Group Inc. purchased a new stake in Upwork in the 4th quarter valued at about $33,000. Victory Capital Management Inc. lifted its position in shares of Upwork by 24.2% during the 4th quarter. Victory Capital Management Inc. now owns 16,200 shares of the company’s stock worth $241,000 after buying an additional 3,156 shares in the last quarter. Versor Investments LP boosted its stake in shares of Upwork by 15.1% in the 4th quarter. Versor Investments LP now owns 38,073 shares of the company’s stock worth $566,000 after buying an additional 5,006 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its stake in shares of Upwork by 43.7% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 17,665 shares of the company’s stock worth $262,000 after buying an additional 5,375 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the company. Roth Mkm reiterated a “buy” rating and set a $19.00 price target on shares of Upwork in a report on Wednesday, May 15th. Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Upwork in a research note on Wednesday, May 15th. Royal Bank of Canada reduced their price objective on Upwork from $18.00 to $15.00 and set a “sector perform” rating for the company in a report on Thursday, May 2nd. BTIG Research upgraded Upwork from a “neutral” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Thursday, May 2nd. Finally, UBS Group initiated coverage on Upwork in a research note on Tuesday. They set a “neutral” rating and a $12.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Upwork presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.20.

Insider Transactions at Upwork

In other news, CFO Erica Gessert sold 4,537 shares of Upwork stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $10.22, for a total transaction of $46,368.14. Following the completion of the sale, the chief financial officer now owns 90,166 shares in the company, valued at approximately $921,496.52. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Upwork news, VP Dave Bottoms sold 2,379 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.73, for a total transaction of $27,905.67. Following the sale, the vice president now owns 2,326 shares in the company, valued at $27,283.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Erica Gessert sold 4,537 shares of the company’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $10.22, for a total value of $46,368.14. Following the completion of the transaction, the chief financial officer now owns 90,166 shares of the company’s stock, valued at $921,496.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 195,337 shares of company stock valued at $2,269,408. 7.60% of the stock is currently owned by company insiders.

Upwork Price Performance

Shares of UPWK traded up $0.29 during midday trading on Thursday, hitting $11.03. 1,212,432 shares of the company traded hands, compared to its average volume of 1,678,798. Upwork Inc. has a one year low of $8.49 and a one year high of $16.36. The firm has a market cap of $1.47 billion, a P/E ratio of 31.52 and a beta of 1.57. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.93 and a quick ratio of 2.93. The stock has a 50-day moving average of $11.18 and a 200-day moving average of $12.62.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Upwork had a net margin of 6.70% and a return on equity of 13.96%. The business had revenue of $190.94 million for the quarter, compared to analyst estimates of $186.71 million. As a group, sell-side analysts predict that Upwork Inc. will post 0.52 EPS for the current fiscal 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.