KLP Kapitalforvaltning AS Acquires Shares of 25,600 Upwork Inc. (NASDAQ:UPWK)

KLP Kapitalforvaltning AS purchased a new stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 25,600 shares of the company's stock, valued at approximately $419,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Point72 Asset Management L.P. boosted its position in shares of Upwork by 2,216.8% during the third quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company's stock worth $5,263,000 after buying an additional 481,942 shares during the period. Corient Private Wealth LLC lifted its stake in Upwork by 659.9% during the 4th quarter. Corient Private Wealth LLC now owns 172,582 shares of the company's stock worth $2,822,000 after acquiring an additional 149,871 shares in the last quarter. Stifel Financial Corp boosted its holdings in Upwork by 228.0% during the 3rd quarter. Stifel Financial Corp now owns 211,569 shares of the company's stock valued at $2,211,000 after acquiring an additional 147,059 shares during the period. Teacher Retirement System of Texas acquired a new position in Upwork in the 4th quarter valued at about $1,670,000. Finally, Tabor Asset Management LP purchased a new stake in Upwork during the third quarter worth about $993,000. 77.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Upwork

In other news, CFO Erica Gessert sold 13,765 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total value of $222,304.75. Following the completion of the sale, the chief financial officer now directly owns 156,828 shares of the company's stock, valued at approximately $2,532,772.20. This represents a 8.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hayden Brown sold 21,122 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total transaction of $341,120.30. Following the transaction, the chief executive officer now owns 1,275,083 shares in the company, valued at approximately $20,592,590.45. This trade represents a 1.63 % 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 in the last three months. 7.60% of the stock is currently owned by company insiders.

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Wall Street Analysts Forecast Growth

Several equities analysts have commented on UPWK shares. Needham & Company LLC raised their price target on shares of Upwork from $17.00 to $19.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Royal Bank of Canada lifted their target price on Upwork from $16.00 to $18.00 and gave the company a "sector perform" rating in a report on Thursday, February 13th. Roth Mkm lowered their target price on Upwork from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Jefferies Financial Group reduced their price target on Upwork from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday. Finally, UBS Group lifted their price objective on Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $18.58.

Upwork Stock Up 11.8 %

Shares of NASDAQ:UPWK traded up $1.39 during trading on Wednesday, hitting $13.19. 2,504,326 shares of the company were exchanged, compared to its average volume of 2,244,577. The firm's 50 day moving average price is $14.35 and its 200-day moving average price is $14.58. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $18.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39. The stock has a market capitalization of $1.79 billion, a P/E ratio of 8.62 and a beta of 1.60.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. On average, research analysts predict that Upwork Inc. will post 0.84 earnings per share 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.