Y Intercept Hong Kong Ltd Invests $355,000 in Upwork Inc. (NASDAQ:UPWK)

Y Intercept Hong Kong Ltd acquired a new stake in shares of Upwork Inc. (NASDAQ:UPWK) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 34,009 shares of the company’s stock, valued at approximately $355,000.

Other institutional investors have also made changes to their positions in the company. Plato Investment Management Ltd bought a new stake in Upwork during the second quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Upwork during the 2nd quarter valued at approximately $29,000. Quarry LP grew its holdings in Upwork by 104.2% in the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after buying an additional 2,220 shares during the last quarter. KBC Group NV increased its position in Upwork by 45.4% in the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after buying an additional 1,497 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Upwork during the second quarter worth approximately $54,000. 77.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on UPWK. JMP Securities boosted their target price on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Roth Mkm upped their price objective on shares of Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Canaccord Genuity Group lifted their target price on Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. BTIG Research upped their price target on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, UBS Group lifted their price objective on Upwork from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.36.

Insider Activity at Upwork

In other Upwork news, CAO Olivier Marie sold 9,153 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $15.92, for a total value of $145,715.76. Following the completion of the transaction, the chief accounting officer now directly owns 1,294 shares of the company’s stock, valued at approximately $20,600.48. The trade was a 87.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Dave Bottoms sold 10,508 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.86, for a total transaction of $166,656.88. The disclosure for this sale can be found here. Insiders sold 98,729 shares of company stock valued at $1,542,658 in the last three months. Corporate insiders own 7.60% of the company’s stock.

Upwork Stock Up 0.2 %

Shares of NASDAQ UPWK opened at $17.04 on Wednesday. The business has a fifty day moving average of $14.40 and a two-hundred day moving average of $11.84. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $17.79. The stock has a market cap of $2.28 billion, a PE ratio of 27.05 and a beta of 1.58.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The firm had revenue of $193.78 million for the quarter, compared to analyst estimates of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.12 earnings per share. As a group, equities research analysts expect that Upwork Inc. will post 0.65 earnings per share for the current fiscal 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.