Renaissance Technologies LLC Raises Position in Upwork Inc. (NASDAQ:UPWK)

Renaissance Technologies LLC grew its holdings in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 70.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,045,115 shares of the company's stock after acquiring an additional 843,115 shares during the quarter. Renaissance Technologies LLC owned about 1.53% of Upwork worth $33,438,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of UPWK. Wedmont Private Capital purchased a new stake in shares of Upwork during the 4th quarter worth about $544,000. Stifel Financial Corp grew its holdings in Upwork by 228.0% in the 3rd quarter. Stifel Financial Corp now owns 211,569 shares of the company's stock valued at $2,211,000 after buying an additional 147,059 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Upwork in the 4th quarter worth $419,000. Rhumbline Advisers raised its holdings in Upwork by 1.4% in the 4th quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock valued at $2,914,000 after acquiring an additional 2,387 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Upwork by 9.3% in the fourth quarter. Bank of New York Mellon Corp now owns 413,248 shares of the company's stock worth $6,757,000 after purchasing an additional 35,074 shares during the period. Institutional investors own 77.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. UBS Group increased their target price on Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Jefferies Financial Group dropped their price objective on Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, April 7th. BTIG Research downgraded shares of Upwork from a "buy" rating to a "neutral" rating in a research note on Friday, April 4th. Roth Mkm cut their price target on shares of Upwork from $20.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, February 13th. Finally, JMP Securities restated a "market outperform" rating and issued a $18.00 price target on shares of Upwork in a research report on Thursday, January 30th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.58.

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Upwork Stock Performance

NASDAQ UPWK traded down $0.14 during trading on Wednesday, reaching $12.66. The company's stock had a trading volume of 3,228,290 shares, compared to its average volume of 2,245,843. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 8.27 and a beta of 1.60. The firm has a 50 day moving average price of $14.13 and a 200 day moving average price of $14.65. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $18.14.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. As a group, equities analysts anticipate that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Insider Transactions at Upwork

In other Upwork news, CFO Erica Gessert sold 13,765 shares of the business's stock in a transaction 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 sale, the chief financial officer now directly owns 156,828 shares in the company, valued at $2,532,772.20. The trade was a 8.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 completion of the transaction, the chief executive officer now directly owns 1,275,083 shares of the company's stock, 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. In the last 90 days, insiders have sold 193,365 shares of company stock worth $3,050,760. Company insiders own 7.60% of the company's stock.

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.