Price T Rowe Associates Inc. MD increased its holdings in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 51.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,498,688 shares of the company's stock after buying an additional 5,289,493 shares during the period. Price T Rowe Associates Inc. MD owned about 11.59% of Upwork worth $253,405,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Nkcfo LLC purchased a new position in Upwork during the fourth quarter valued at $82,000. SBI Securities Co. Ltd. purchased a new stake in shares of Upwork during the fourth quarter worth approximately $84,000. Financial Management Professionals Inc. acquired a new position in Upwork in the 4th quarter valued at $97,000. KBC Group NV lifted its holdings in Upwork by 39.6% in the 4th quarter. KBC Group NV now owns 6,690 shares of the company's stock valued at $109,000 after purchasing an additional 1,899 shares in the last quarter. Finally, State of Tennessee Department of Treasury acquired a new stake in Upwork during the 4th quarter worth $180,000. Institutional investors and hedge funds own 77.71% of the company's stock.
Insiders Place Their Bets
In related news, insider Dave Bottoms sold 5,411 shares of Upwork stock in a transaction that occurred 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 transaction, the insider now owns 9,593 shares in the company, valued at $125,380.51. The trade was a 36.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hayden Brown sold 9,075 shares of the business's stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $118,610.25. Following the transaction, the chief executive officer now owns 1,223,741 shares of the company's stock, valued at approximately $15,994,294.87. The trade was a 0.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 193,108 shares of company stock worth $3,046,648 in the last ninety days. 7.60% of the stock is owned by corporate insiders.
Upwork Trading Down 0.7 %
Shares of NASDAQ:UPWK traded down $0.10 during mid-day trading on Tuesday, reaching $13.34. 1,109,447 shares of the company were exchanged, compared to its average volume of 2,238,332. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 8.72 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. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The firm's 50-day simple moving average is $13.56 and its 200 day simple moving average is $14.84.
Upwork (NASDAQ:UPWK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 earnings per share for the quarter, beating 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%. Equities research analysts forecast that Upwork Inc. will post 0.84 EPS for the current year.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on the stock. Scotiabank initiated coverage on shares of Upwork in a research report on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 price target on the stock. Royal Bank of Canada boosted their price objective on Upwork from $16.00 to $18.00 and gave the stock a "sector perform" rating in a research note on Thursday, February 13th. Roth Mkm cut 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. BTIG Research cut shares of Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Finally, UBS Group raised 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 research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Upwork currently has an average rating of "Moderate Buy" and an average price target of $18.58.
Check Out Our Latest Stock Analysis on UPWK
About Upwork
(
Free Report)
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.
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