Grandeur Peak Global Advisors LLC Takes $3.67 Million Position in Upwork Inc. (NASDAQ:UPWK)

Grandeur Peak Global Advisors LLC bought a new position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 224,182 shares of the company's stock, valued at approximately $3,665,000. Grandeur Peak Global Advisors LLC owned approximately 0.17% of Upwork at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Invesco Ltd. increased its position in shares of Upwork by 1,674.0% in the fourth quarter. Invesco Ltd. now owns 1,748,320 shares of the company's stock valued at $28,585,000 after acquiring an additional 1,649,766 shares during the period. LSV Asset Management bought a new position in shares of Upwork in the 4th quarter worth about $18,838,000. Renaissance Technologies LLC grew its stake in shares of Upwork by 70.1% in the 4th quarter. Renaissance Technologies LLC now owns 2,045,115 shares of the company's stock worth $33,438,000 after buying an additional 843,115 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Upwork by 3,932.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 772,607 shares of the company's stock valued at $12,632,000 after acquiring an additional 753,447 shares in the last quarter. Finally, Norges Bank purchased a new position in Upwork in the fourth quarter worth about $5,951,000. Institutional investors own 77.71% of the company's stock.

Insider Activity

In other Upwork news, insider Dave Bottoms sold 5,411 shares of Upwork stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total value of $70,721.77. Following the completion of the transaction, the insider now owns 9,593 shares of the company's stock, valued at $125,380.51. The trade was a 36.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Hayden Brown sold 9,075 shares of the business's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $118,610.25. Following the transaction, the chief executive officer now directly owns 1,223,741 shares of the company's stock, valued at approximately $15,994,294.87. This trade represents a 0.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 193,365 shares of company stock valued at $3,050,760. Company insiders own 7.60% of the company's stock.

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Upwork Stock Performance

NASDAQ:UPWK traded down $0.14 during trading hours on Wednesday, reaching $12.66. 3,228,417 shares of the company's stock were exchanged, compared to its average volume of 2,245,843. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14. The company has a 50-day moving average of $14.13 and a 200 day moving average of $14.65. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 8.27 and a beta of 1.60.

Upwork (NASDAQ:UPWK - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $1.03 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%. Research analysts anticipate that Upwork Inc. will post 0.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Jefferies Financial Group dropped their target price on Upwork from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Royal Bank of Canada upped their target price on shares of Upwork from $16.00 to $18.00 and gave the stock a "sector perform" rating in a research report on Thursday, February 13th. JMP Securities reaffirmed a "market outperform" rating and set a $18.00 price objective on shares of Upwork in a report on Thursday, January 30th. UBS Group lifted their price target on Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Finally, Roth Mkm lowered their target price on shares of Upwork from $20.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Upwork currently has a consensus rating of "Moderate Buy" and an average target price of $18.58.

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.