Tabor Asset Management LP Takes Position in Upwork Inc. (NASDAQ:UPWK)

Tabor Asset Management LP acquired a new position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 94,984 shares of the company's stock, valued at approximately $993,000. Tabor Asset Management LP owned about 0.07% of Upwork at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of UPWK. Price T Rowe Associates Inc. MD lifted its position in shares of Upwork by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 126,581 shares of the company's stock worth $1,553,000 after buying an additional 5,050 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Upwork during the 2nd quarter worth approximately $2,111,000. Bristlecone Advisors LLC raised its position in Upwork by 89.1% in the 2nd quarter. Bristlecone Advisors LLC now owns 23,231 shares of the company's stock valued at $250,000 after purchasing an additional 10,945 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Upwork in the 2nd quarter valued at $54,000. Finally, Legato Capital Management LLC purchased a new stake in Upwork in the 2nd quarter valued at $575,000. Hedge funds and other institutional investors own 77.71% of the company's stock.

Analysts Set New Price Targets

UPWK has been the subject of several research reports. Piper Sandler reiterated an "overweight" rating and issued a $18.00 price target (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Royal Bank of Canada reduced their price target on shares of Upwork from $15.00 to $11.00 and set a "sector perform" rating for the company in a research report on Thursday, August 8th. Canaccord Genuity Group upped their price target on shares of Upwork from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Roth Mkm boosted their price objective on shares of Upwork from $13.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Finally, UBS Group boosted their price objective on shares of Upwork from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and eight have assigned 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 a consensus target price of $18.36.

Insider Buying and Selling at Upwork

In related news, CFO Erica Gessert sold 19,816 shares of Upwork stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $15.13, for a total transaction of $299,816.08. Following the transaction, the chief financial officer now directly owns 128,939 shares of the company's stock, valued at $1,950,847.07. The trade was a 13.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hayden Brown sold 15,000 shares of Upwork stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $17.00, for a total value of $255,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,181,221 shares in the company, valued at $20,080,757. This represents a 1.25 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 214,808 shares of company stock worth $2,756,163. 7.60% of the stock is owned by insiders.

Upwork Stock Up 2.2 %

Shares of UPWK stock traded up $0.36 during mid-day trading on Friday, reaching $16.90. 1,058,466 shares of the company were exchanged, compared to its average volume of 2,181,157. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18. The company has a market capitalization of $2.26 billion, a P/E ratio of 26.25 and a beta of 1.58. The business's 50 day simple moving average is $13.47 and its 200 day simple moving average is $11.54.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm had revenue of $193.78 million for the quarter, compared to analysts' expectations of $185.55 million. During the same period last year, the business posted $0.12 earnings per share. The firm's revenue for the quarter was up 10.3% on a year-over-year basis. Research analysts predict that Upwork Inc. will post 0.65 earnings per share for the current year.

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.