Corient Private Wealth LLC Raises Stock Holdings in Upwork Inc. (NASDAQ:UPWK)

Corient Private Wealth LLC lifted its position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 659.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 172,582 shares of the company's stock after buying an additional 149,871 shares during the period. Corient Private Wealth LLC owned about 0.13% of Upwork worth $2,822,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position in Upwork by 133.5% during the third quarter. Victory Capital Management Inc. now owns 116,899 shares of the company's stock valued at $1,222,000 after buying an additional 66,842 shares during the period. BNP Paribas Financial Markets boosted its holdings in Upwork by 40.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company's stock valued at $2,630,000 after acquiring an additional 73,104 shares during the period. Verition Fund Management LLC bought a new position in Upwork during the 3rd quarter worth approximately $8,369,000. Point72 Asset Management L.P. increased its stake in Upwork by 2,216.8% in 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. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in Upwork by 72.4% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 205,200 shares of the company's stock worth $2,144,000 after purchasing an additional 86,200 shares during the period. Institutional investors own 77.71% of the company's stock.

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Upwork Stock Down 1.2 %

UPWK traded down $0.17 during trading on Wednesday, reaching $13.73. The stock had a trading volume of 1,260,190 shares, compared to its average volume of 2,206,780. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 8.97 and a beta of 1.61. The stock's 50 day moving average is $15.24 and its two-hundred day moving average is $14.39. Upwork Inc. has a one year low of $8.43 and a one year high of $18.14.

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 net margin of 28.02% and a return on equity of 50.83%. As a group, analysts expect that Upwork Inc. will post 0.84 earnings per share for the current year.

Insider Transactions at Upwork

In related news, CEO Hayden Brown sold 9,075 shares of the stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $118,610.25. Following the sale, the chief executive officer now directly owns 1,223,741 shares of the company's stock, valued at approximately $15,994,294.87. This represents a 0.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Erica Gessert sold 4,316 shares of Upwork stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $56,410.12. Following the completion of the transaction, the chief financial officer now directly owns 160,945 shares of the company's stock, valued at $2,103,551.15. This trade represents a 2.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 193,365 shares of company stock valued at $3,050,760. Insiders own 7.60% of the company's stock.

Analysts Set New Price Targets

UPWK has been the topic of several recent analyst reports. Jefferies Financial Group raised their target price on shares of Upwork from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, January 6th. JMP Securities restated a "market outperform" rating and issued a $18.00 price objective on shares of Upwork in a research report on Thursday, January 30th. Citigroup increased their target price on shares of Upwork from $11.00 to $19.00 and gave the stock a "neutral" rating in a report on Friday, November 29th. Needham & Company LLC raised their target price on Upwork from $17.00 to $19.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Finally, Royal Bank of Canada upped their price target on Upwork from $16.00 to $18.00 and gave the company a "sector perform" rating in a research report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Upwork has a consensus rating of "Moderate Buy" and an average target price of $18.58.

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.