Bank of New York Mellon Corp Raises Stock Position in Upwork Inc. (NASDAQ:UPWK)

Bank of New York Mellon Corp increased its holdings in Upwork Inc. (NASDAQ:UPWK - Free Report) by 9.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 413,248 shares of the company's stock after buying an additional 35,074 shares during the quarter. Bank of New York Mellon Corp owned 0.31% of Upwork worth $6,757,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in UPWK. Sanctuary Advisors LLC bought a new stake in Upwork during the fourth quarter valued at about $996,000. Nkcfo LLC purchased a new position in shares of Upwork during the 4th quarter valued at about $82,000. Rhumbline Advisers grew its stake in shares of Upwork by 1.4% during the 4th quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock valued at $2,914,000 after acquiring an additional 2,387 shares during the period. Bristlecone Advisors LLC increased its holdings in Upwork by 54.9% in the 4th quarter. Bristlecone Advisors LLC now owns 65,113 shares of the company's stock worth $1,065,000 after acquiring an additional 23,090 shares in the last quarter. Finally, Stoneridge Investment Partners LLC raised its stake in Upwork by 19.9% during the 4th quarter. Stoneridge Investment Partners LLC now owns 16,566 shares of the company's stock worth $271,000 after acquiring an additional 2,744 shares during the period. 77.71% of the stock is currently owned by institutional investors.

Insider Activity

In other Upwork news, Director Elizabeth A. Nelson sold 75,000 shares of the firm's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $17.58, for a total value of $1,318,500.00. Following the completion of the sale, the director now owns 16,299 shares of the company's stock, valued at $286,536.42. This trade represents a 82.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Erica Gessert sold 13,765 shares of the company's stock in a transaction that occurred on 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 directly owns 156,828 shares in the company, valued at approximately $2,532,772.20. This represents a 8.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 173,103 shares of company stock valued at $2,785,935 in the last ninety days. Insiders own 7.60% of the company's stock.

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Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Citigroup increased their price objective on shares of Upwork from $11.00 to $19.00 and gave the stock a "neutral" rating in a research note on Friday, November 29th. JMP Securities reissued a "market outperform" rating and set a $18.00 price target on shares of Upwork in a report on Thursday, January 30th. Royal Bank of Canada increased their target price on Upwork from $16.00 to $18.00 and gave the stock a "sector perform" rating in a research report on Thursday, February 13th. Needham & Company LLC boosted their price target on Upwork from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Finally, Scotiabank assumed coverage on shares of Upwork in a report on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $18.58.

Upwork Price Performance

Upwork stock traded down $0.02 during mid-day trading on Thursday, reaching $13.41. 726,288 shares of the company's stock traded hands, compared to its average volume of 2,208,290. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $18.14. 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 stock has a 50 day moving average of $15.48 and a two-hundred day moving average of $14.24. The company has a market cap of $1.82 billion, a price-to-earnings ratio of 8.85 and a beta of 1.61.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. Equities analysts forecast that Upwork Inc. will post 0.84 earnings per share 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.