Assenagon Asset Management S.A. Boosts Stake in Upwork Inc. (NASDAQ:UPWK)

Assenagon Asset Management S.A. increased its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 121.0% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 433,934 shares of the company's stock after acquiring an additional 237,601 shares during the period. Assenagon Asset Management S.A. owned approximately 0.33% of Upwork worth $4,535,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Plato Investment Management Ltd acquired a new position in shares of Upwork in the 2nd quarter valued at approximately $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Upwork in the second quarter worth $29,000. Quarry LP grew its stake in shares of Upwork by 104.2% in the second quarter. Quarry LP now owns 4,350 shares of the company's stock worth $47,000 after purchasing an additional 2,220 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Upwork in the first quarter worth $49,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Upwork in the second quarter valued at $54,000. 77.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on UPWK shares. Piper Sandler reduced their target price on Upwork from $20.00 to $13.00 and set an "overweight" rating for the company in a report on Thursday, August 8th. UBS Group decreased their target price on Upwork from $12.00 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada reduced their price objective on Upwork from $15.00 to $11.00 and set a "sector perform" rating for the company in a research report on Thursday, August 8th. The Goldman Sachs Group reduced their target price on Upwork from $24.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, August 8th. Finally, Canaccord Genuity Group reduced their target price on Upwork from $19.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $15.27.

Upwork Stock Performance

NASDAQ UPWK traded up $0.10 on Wednesday, reaching $13.65. The stock had a trading volume of 2,030,235 shares, compared to its average volume of 2,122,063. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00. The firm has a fifty day moving average of $10.35 and a two-hundred day moving average of $10.80. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $16.36. The company has a market cap of $1.80 billion, a P/E ratio of 24.82 and a beta of 1.54.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. The business had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. Upwork had a return on equity of 20.75% and a net margin of 10.00%. Upwork's revenue was up 14.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.03) earnings per share. On average, equities research analysts anticipate that Upwork Inc. will post 0.51 EPS for the current year.

Insider Transactions at Upwork

In other Upwork news, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the sale, the chief executive officer now directly owns 1,190,561 shares in the company, valued at approximately $11,488,913.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Erica Gessert sold 20,353 shares of Upwork stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $196,406.45. Following the sale, the chief financial officer now directly owns 107,313 shares in the company, valued at approximately $1,035,570.45. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hayden Brown sold 31,506 shares of the business's stock in a transaction on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the sale, the chief executive officer now owns 1,190,561 shares in the company, valued at approximately $11,488,913.65. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 176,783 shares of company stock worth $1,800,221 over the last ninety days. 7.60% of the stock is owned by insiders.

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.