BNP Paribas Financial Markets Raises Stake in Upwork Inc. (NASDAQ:UPWK)

BNP Paribas Financial Markets boosted its stake in Upwork Inc. (NASDAQ:UPWK - Free Report) by 40.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 251,714 shares of the company's stock after acquiring an additional 73,104 shares during the period. BNP Paribas Financial Markets owned about 0.19% of Upwork worth $2,630,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of UPWK. Cerity Partners LLC purchased a new stake in shares of Upwork in the 3rd quarter valued at about $1,288,000. Charles Schwab Investment Management Inc. lifted its stake in Upwork by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,011,508 shares of the company's stock valued at $10,570,000 after buying an additional 14,680 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Upwork in the third quarter valued at approximately $401,000. King Luther Capital Management Corp boosted its holdings in shares of Upwork by 23.6% in the third quarter. King Luther Capital Management Corp now owns 261,166 shares of the company's stock valued at $2,729,000 after acquiring an additional 49,903 shares during the period. Finally, Citizens Financial Group Inc. RI grew its position in shares of Upwork by 18.4% during the third quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company's stock worth $143,000 after acquiring an additional 2,129 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company's stock.

Upwork Price Performance

UPWK stock traded up $0.42 on Friday, reaching $16.96. 1,698,262 shares of the company's stock were exchanged, compared to its average volume of 2,707,067. The stock has a fifty day moving average of $13.59 and a 200-day moving average of $11.58. The firm has a market cap of $2.27 billion, a PE ratio of 26.92 and a beta of 1.58. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $17.79.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.03. The business had revenue of $193.78 million for the quarter, compared to analysts' expectations of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The business's revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 EPS. As a group, equities analysts predict that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on UPWK. JMP Securities increased their price target on shares of Upwork from $14.00 to $18.00 and gave the stock a "market outperform" rating in a research note on Thursday, November 7th. Roth Mkm increased their target price on shares of Upwork from $13.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Piper Sandler restated an "overweight" rating and issued a $18.00 price target (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. BTIG Research upped their price objective on Upwork from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Finally, UBS Group lifted their target price on Upwork from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.36.

Insider Activity at Upwork

In related news, CAO Olivier Marie sold 9,153 shares of Upwork stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.92, for a total transaction of $145,715.76. Following the completion of the transaction, the chief accounting officer now directly owns 1,294 shares in the company, valued at $20,600.48. The trade was a 87.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Dave Bottoms sold 5,626 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $59,466.82. Following the sale, the vice president now owns 15,196 shares in the company, valued at approximately $160,621.72. This trade represents a 27.02 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 214,808 shares of company stock valued at $2,756,163 in the last ninety days. Corporate insiders own 7.60% of the company's stock.

Upwork Company 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.