Edgestream Partners L.P. Buys New Shares in Upwork Inc. (NASDAQ:UPWK)

Edgestream Partners L.P. bought a new stake in shares of Upwork Inc. (NASDAQ:UPWK) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 258,131 shares of the company’s stock, valued at approximately $3,165,000.

Several other institutional investors and hedge funds also recently bought and sold shares of UPWK. Vanguard Group Inc. lifted its position in Upwork by 5.1% during the third quarter. Vanguard Group Inc. now owns 14,565,252 shares of the company’s stock valued at $165,461,000 after purchasing an additional 702,595 shares in the last quarter. Jessup Wealth Management Inc purchased a new position in shares of Upwork in the fourth quarter valued at about $655,000. Raymond James & Associates purchased a new position in shares of Upwork in the fourth quarter valued at about $312,000. Assenagon Asset Management S.A. purchased a new position in shares of Upwork in the fourth quarter valued at about $19,082,000. Finally, Shaker Investments LLC OH lifted its position in shares of Upwork by 78.9% in the fourth quarter. Shaker Investments LLC OH now owns 117,718 shares of the company’s stock valued at $1,750,000 after acquiring an additional 51,931 shares in the last quarter. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other Upwork news, VP Dave Bottoms sold 2,379 shares of the business’s stock in a transaction that occurred on 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 directly owns 2,326 shares of the company’s stock, valued at $27,283.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Olivier Marie sold 3,106 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $12.13, for a total transaction of $37,675.78. Following the transaction, the chief accounting officer now owns 7,565 shares of the company’s stock, valued at $91,763.45. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Dave Bottoms sold 2,379 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.73, for a total value of $27,905.67. Following the transaction, the vice president now directly owns 2,326 shares in the company, valued at approximately $27,283.98. The disclosure for this sale can be found here. Insiders have sold 195,339 shares of company stock valued at $2,269,475 over the last ninety days. 7.60% of the stock is owned by insiders.

Upwork Price Performance

Shares of UPWK stock traded up $0.16 during trading hours on Tuesday, hitting $11.70. The stock had a trading volume of 131,635 shares, compared to its average volume of 1,954,446. Upwork Inc. has a one year low of $9.56 and a one year high of $16.36. 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’s 50-day moving average price is $10.99 and its two-hundred day moving average price is $12.29. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 32.97 and a beta of 1.57.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. Upwork had a return on equity of 13.96% and a net margin of 6.70%. The company had revenue of $190.94 million for the quarter, compared to analysts’ expectations of $186.71 million. Equities analysts forecast that Upwork Inc. will post 0.52 EPS for the current year.

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.