Integrated Quantitative Investments LLC Makes New $861,000 Investment in Upwork Inc. (NASDAQ:UPWK)

Integrated Quantitative Investments LLC purchased a new stake in Upwork Inc. (NASDAQ:UPWK - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 52,661 shares of the company's stock, valued at approximately $861,000.

Other large investors have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership grew its stake in Upwork by 3,932.4% in 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 during the period. Point72 Asset Management L.P. grew its position in shares of Upwork by 2,216.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company's stock valued at $5,263,000 after purchasing an additional 481,942 shares during the period. Norges Bank bought a new stake in Upwork during the 4th quarter worth approximately $5,951,000. Alliancebernstein L.P. raised its holdings in Upwork by 163.9% during the 4th quarter. Alliancebernstein L.P. now owns 381,950 shares of the company's stock worth $6,245,000 after buying an additional 237,230 shares during the period. Finally, Corient Private Wealth LLC lifted its stake in Upwork by 659.9% in the fourth quarter. Corient Private Wealth LLC now owns 172,582 shares of the company's stock valued at $2,822,000 after buying an additional 149,871 shares in the last quarter. Institutional investors own 77.71% of the company's stock.

Insider Activity at Upwork

In related news, Director Elizabeth A. Nelson sold 75,000 shares of Upwork stock in a transaction that occurred on 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 transaction, the director now directly 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 legal filing with the SEC, which is available through this link. Also, insider Dave Bottoms sold 5,411 shares of the business's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $70,721.77. Following the transaction, the insider now owns 9,593 shares of the company's stock, valued at approximately $125,380.51. This represents a 36.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 193,365 shares of company stock valued at $3,050,760 over the last quarter. 7.60% of the stock is owned by corporate insiders.

Remove Ads

Upwork Stock Performance

Shares of NASDAQ UPWK traded up $0.22 during mid-day trading on Wednesday, reaching $12.02. 769,845 shares of the company were exchanged, compared to its average volume of 2,384,273. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14. The stock has a market capitalization of $1.63 billion, a P/E ratio of 7.88 and a beta of 1.60. The company's 50-day simple moving average is $14.46 and its 200-day simple moving average is $14.57. 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 (NASDAQ:UPWK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, topping 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%. As a group, research analysts predict that Upwork Inc. will post 0.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on UPWK shares. JMP Securities restated a "market outperform" rating and set a $18.00 price objective on shares of Upwork in a report on Thursday, January 30th. Jefferies Financial Group reduced their price objective on Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Monday. Scotiabank started coverage on Upwork in a research report on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 target price on the stock. BTIG Research cut shares of Upwork from a "buy" rating to a "neutral" rating in a research note on Friday, April 4th. Finally, UBS Group increased their target price on shares of Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.