Teacher Retirement System of Texas Acquires Shares of 102,161 Upwork Inc. (NASDAQ:UPWK)

Teacher Retirement System of Texas bought a new position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 102,161 shares of the company's stock, valued at approximately $1,670,000. Teacher Retirement System of Texas owned approximately 0.08% of Upwork as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the company. Verition Fund Management LLC purchased a new position in Upwork during the 3rd quarter worth $8,369,000. Point72 Asset Management L.P. grew its holdings in shares of Upwork by 2,216.8% during the third quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company's stock worth $5,263,000 after buying an additional 481,942 shares during the last quarter. Invenomic Capital Management LP increased its position in Upwork by 12.5% in the 3rd quarter. Invenomic Capital Management LP now owns 2,334,612 shares of the company's stock valued at $24,397,000 after acquiring an additional 260,274 shares during the period. Corient Private Wealth LLC increased its position in Upwork by 659.9% in the 4th quarter. Corient Private Wealth LLC now owns 172,582 shares of the company's stock valued at $2,822,000 after acquiring an additional 149,871 shares during the period. Finally, Stifel Financial Corp raised its stake in Upwork by 228.0% during the 3rd quarter. Stifel Financial Corp now owns 211,569 shares of the company's stock valued at $2,211,000 after acquiring an additional 147,059 shares during the last quarter. 77.71% of the stock is owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In related news, CFO Erica Gessert sold 4,316 shares of Upwork stock in a transaction on 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 owns 160,945 shares in the company, valued at approximately $2,103,551.15. The trade was a 2.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Dave Bottoms sold 5,411 shares of the company'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 $70,721.77. Following the sale, the insider now directly owns 9,593 shares of the company's stock, valued at approximately $125,380.51. This trade represents a 36.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 193,365 shares of company stock worth $3,050,760 over the last three months. 7.60% of the stock is owned by insiders.

Upwork Trading Down 1.2 %

Shares of UPWK stock traded down $0.16 during trading hours on Monday, hitting $13.05. 1,488,672 shares of the company were exchanged, compared to its average volume of 2,230,521. The firm has a fifty day moving average of $15.03 and a 200 day moving average of $14.51. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The firm has a market cap of $1.77 billion, a PE ratio of 8.53 and a beta of 1.61.

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 the consensus estimate of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. Analysts expect that Upwork Inc. will post 0.84 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on UPWK. Scotiabank started coverage on Upwork in a research note on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 price target for the company. UBS Group upped 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. Jefferies Financial Group raised their price target on Upwork from $19.00 to $20.00 and gave the company a "buy" rating in a report on Monday, January 6th. Royal Bank of Canada upped 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. Finally, JMP Securities reiterated a "market outperform" rating and issued a $18.00 price objective on shares of Upwork in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.58.

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.