Integrated Quantitative Investments LLC Invests $1.19 Million in Upwork Inc. $UPWK

Integrated Quantitative Investments LLC bought a new stake in 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 firm bought 63,839 shares of the company’s stock, valued at approximately $1,185,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its stake in shares of Upwork by 2.6% in the third quarter. Dimensional Fund Advisors LP now owns 2,828,735 shares of the company’s stock worth $52,534,000 after purchasing an additional 71,130 shares in the last quarter. Picton Mahoney Asset Management bought a new position in Upwork in the 3rd quarter worth approximately $1,648,000. Teachers Retirement System of The State of Kentucky acquired a new stake in Upwork in the 3rd quarter worth $880,000. Victory Capital Management Inc. raised its holdings in Upwork by 26.0% in the 3rd quarter. Victory Capital Management Inc. now owns 179,613 shares of the company’s stock valued at $3,335,000 after acquiring an additional 37,010 shares in the last quarter. Finally, Segall Bryant & Hamill LLC bought a new stake in Upwork in the 3rd quarter valued at $1,768,000. Institutional investors own 77.71% of the company’s stock.

Upwork Trading Up 2.3%

NASDAQ:UPWK opened at $13.43 on Thursday. The firm has a fifty day simple moving average of $17.79 and a two-hundred day simple moving average of $17.75. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 15.99 and a beta of 1.07. Upwork Inc. has a 12 month low of $11.13 and a 12 month high of $22.84.

Upwork announced that its Board of Directors has authorized a stock buyback plan on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 18% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently commented on UPWK. Zacks Research cut Upwork from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Upwork in a research report on Wednesday, January 21st. Jefferies Financial Group increased their price objective on Upwork from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, January 5th. UBS Group lowered their price target on Upwork from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Finally, Citigroup cut their price objective on Upwork from $19.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, February 10th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.60.

Insider Activity at Upwork

In other Upwork news, insider Dave Bottoms sold 17,013 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $234,779.40. Following the sale, the insider owned 15,994 shares in the company, valued at $220,717.20. This represents a 51.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Erica Gessert sold 26,292 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total value of $362,829.60. Following the transaction, the chief financial officer owned 298,386 shares of the company’s stock, valued at approximately $4,117,726.80. The trade was a 8.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 235,204 shares of company stock valued at $3,602,486 over the last ninety days. Corporate insiders own 7.50% of the company’s stock.

About Upwork

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.