Norges Bank Purchases New Holdings in Upwork Inc. (NASDAQ:UPWK)

Norges Bank bought a new stake in Upwork Inc. (NASDAQ:UPWK - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 364,002 shares of the company's stock, valued at approximately $5,951,000. Norges Bank owned about 0.27% of Upwork as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the business. Janus Henderson Group PLC raised its holdings in Upwork by 34.6% during the third quarter. Janus Henderson Group PLC now owns 68,070 shares of the company's stock worth $712,000 after purchasing an additional 17,482 shares in the last quarter. Stifel Financial Corp increased its position in Upwork by 228.0% during the 3rd quarter. Stifel Financial Corp now owns 211,569 shares of the company's stock worth $2,211,000 after purchasing an additional 147,059 shares during the period. XTX Topco Ltd raised its stake in shares of Upwork by 198.6% during the 3rd quarter. XTX Topco Ltd now owns 60,509 shares of the company's stock worth $632,000 after buying an additional 40,242 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Upwork in the 3rd quarter valued at approximately $355,000. Finally, SkyView Investment Advisors LLC lifted its holdings in shares of Upwork by 13.9% in the 3rd quarter. SkyView Investment Advisors LLC now owns 226,375 shares of the company's stock valued at $2,366,000 after buying an additional 27,639 shares during the period. Institutional investors and hedge funds own 77.71% of the company's stock.

Upwork Stock Up 0.4 %

Upwork stock traded up $0.05 during mid-day trading on Tuesday, hitting $12.78. The company's stock had a trading volume of 163,206 shares, compared to its average volume of 2,346,005. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $18.14. The company has a market cap of $1.73 billion, a PE ratio of 8.36 and a beta of 1.60. 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 firm's 50 day moving average is $14.19 and its 200 day moving average is $14.66.

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

Insider Buying and Selling

In other Upwork news, insider Dave Bottoms sold 5,411 shares of the 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 sale, the insider now directly owns 9,593 shares of the company's stock, valued at $125,380.51. This represents a 36.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Erica Gessert sold 4,316 shares of the company's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $56,410.12. Following the transaction, the chief financial officer now directly owns 160,945 shares of the company's stock, valued at $2,103,551.15. This represents a 2.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 193,365 shares of company stock worth $3,050,760 in the last quarter. 7.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Needham & Company LLC lifted 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 price objective on Upwork from $16.00 to $18.00 and gave the stock a "sector perform" rating in a report on Thursday, February 13th. Roth Mkm decreased their target price on Upwork from $20.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. BTIG Research cut Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Finally, UBS Group boosted their price objective on shares of Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $18.58.

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.