Arrowstreet Capital Limited Partnership Has $12.63 Million Stock Holdings in Upwork Inc. (NASDAQ:UPWK)

Arrowstreet Capital Limited Partnership grew its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 3,932.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 772,607 shares of the company's stock after purchasing an additional 753,447 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.58% of Upwork worth $12,632,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of UPWK. BNP Paribas Financial Markets lifted its stake in shares of Upwork by 40.9% in the third quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company's stock worth $2,630,000 after acquiring an additional 73,104 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of Upwork by 2,216.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company's stock worth $5,263,000 after purchasing an additional 481,942 shares during the period. Wedmont Private Capital acquired a new stake in shares of Upwork during the 4th quarter worth approximately $544,000. Stifel Financial Corp raised its position in shares of Upwork by 228.0% during the 3rd quarter. Stifel Financial Corp now owns 211,569 shares of the company's stock worth $2,211,000 after purchasing an additional 147,059 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Upwork during the 4th quarter worth approximately $419,000. Institutional investors and hedge funds own 77.71% of the company's stock.

Upwork Price Performance

NASDAQ UPWK traded down $0.41 on Thursday, reaching $12.79. 227,325 shares of the stock traded hands, compared to its average volume of 2,236,965. The firm's fifty day simple moving average is $14.35 and its 200 day simple moving average is $14.58. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 8.36 and a beta of 1.60. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $18.14.

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

Analysts Set New Price Targets

UPWK has been the topic of a number of research reports. Jefferies Financial Group dropped their price target on Upwork from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday. Needham & Company LLC raised their target price on Upwork from $17.00 to $19.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Royal Bank of Canada raised their target price on Upwork from $16.00 to $18.00 and gave the company a "sector perform" rating in a research report on Thursday, February 13th. Roth Mkm lowered their target price on Upwork from $20.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Finally, BTIG Research cut Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.58.

Insider Transactions at Upwork

In related news, CEO Hayden Brown sold 21,122 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 1,275,083 shares in the company, valued at approximately $20,592,590.45. This trade represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Erica Gessert sold 13,765 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total value of $222,304.75. Following the transaction, the chief financial officer now owns 156,828 shares in the company, valued at approximately $2,532,772.20. This trade represents a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 193,365 shares of company stock valued at $3,050,760 over the last quarter. Company insiders own 7.60% of the company's stock.

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.