Upwork Inc. (NASDAQ:UPWK) Shares Purchased by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund boosted its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 72.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 205,200 shares of the company's stock after acquiring an additional 86,200 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned 0.15% of Upwork worth $2,144,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the company. KBC Group NV boosted its holdings in Upwork by 45.4% in the third quarter. KBC Group NV now owns 4,791 shares of the company's stock worth $50,000 after acquiring an additional 1,497 shares in the last quarter. Federated Hermes Inc. raised its holdings in Upwork by 0.6% during the second quarter. Federated Hermes Inc. now owns 318,659 shares of the company's stock valued at $3,426,000 after acquiring an additional 1,996 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Upwork by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company's stock valued at $718,000 after buying an additional 2,063 shares in the last quarter. Citizens Financial Group Inc. RI boosted its holdings in shares of Upwork by 18.4% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company's stock valued at $143,000 after purchasing an additional 2,129 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company's stock worth $47,000 after acquiring an additional 2,220 shares in the last quarter. 77.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Upwork news, Director Elizabeth A. Nelson sold 75,000 shares of the company's stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total value of $790,500.00. Following the sale, the director now owns 48,915 shares of the company's stock, valued at $515,564.10. This represents a 60.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Erica Gessert sold 4,491 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 $47,469.87. Following the sale, the chief financial officer now owns 111,255 shares in the company, valued at approximately $1,175,965.35. This trade represents a 3.88 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 214,808 shares of company stock worth $2,756,163. 7.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

UPWK has been the topic of several recent research reports. Citigroup upped their target price on shares of Upwork from $11.00 to $19.00 and gave the company a "neutral" rating in a research report on Friday. Piper Sandler reiterated an "overweight" rating and issued a $18.00 target price (up previously from $13.00) on shares of Upwork in a report on Thursday, November 7th. Canaccord Genuity Group increased their price target on Upwork from $15.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, November 7th. BTIG Research lifted their price objective on shares of Upwork from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group increased their target price on shares of Upwork from $21.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.73.

Upwork Price Performance

Shares of NASDAQ UPWK traded up $0.35 during midday trading on Monday, hitting $17.32. The stock had a trading volume of 3,362,356 shares, compared to its average volume of 2,188,354. The stock has a 50 day simple moving average of $12.93 and a 200-day simple moving average of $11.38. The company has a market capitalization of $2.32 billion, a PE ratio of 26.94 and a beta of 1.49. 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 1 year low of $8.43 and a 1 year high of $17.79.

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

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.