Tenzing Global Management LLC Boosts Stock Position in Upwork Inc. (NASDAQ:UPWK)

Tenzing Global Management LLC boosted its holdings in Upwork Inc. (NASDAQ:UPWK - Free Report) by 20.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 450,000 shares of the company's stock after buying an additional 75,000 shares during the period. Upwork makes up about 3.3% of Tenzing Global Management LLC's investment portfolio, making the stock its 10th largest position. Tenzing Global Management LLC owned 0.34% of Upwork worth $4,702,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. KBC Group NV boosted its position in shares of Upwork by 45.4% in the third quarter. KBC Group NV now owns 4,791 shares of the company's stock worth $50,000 after buying an additional 1,497 shares during the period. Quarry LP boosted its holdings in Upwork by 42.6% in the 3rd quarter. Quarry LP now owns 6,201 shares of the company's stock worth $65,000 after acquiring an additional 1,851 shares during the period. Federated Hermes Inc. grew its position in Upwork by 0.6% in the second quarter. Federated Hermes Inc. now owns 318,659 shares of the company's stock valued at $3,426,000 after acquiring an additional 1,996 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Upwork by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company's stock valued at $718,000 after purchasing an additional 2,063 shares during the period. Finally, Citizens Financial Group Inc. RI lifted its position in shares of Upwork by 18.4% during the third quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company's stock worth $143,000 after purchasing an additional 2,129 shares in the last quarter. 77.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Upwork

In other news, CEO Hayden Brown sold 15,000 shares of Upwork stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $17.00, for a total transaction of $255,000.00. Following the sale, the chief executive officer now owns 1,181,221 shares of the company's stock, valued at approximately $20,080,757. The trade was a 1.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Erica Gessert sold 19,816 shares of the business's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $15.13, for a total value of $299,816.08. Following the transaction, the chief financial officer now owns 128,939 shares of the company's stock, valued at $1,950,847.07. This trade represents a 13.32 % 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 Performance

Shares of UPWK stock traded up $0.42 on Friday, hitting $16.96. 849,587 shares of the stock traded hands, compared to its average volume of 2,180,299. The company's fifty day moving average is $13.47 and its 200 day moving average is $11.54. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $17.79. The company has a market capitalization of $2.27 billion, a PE ratio of 26.25 and a beta of 1.58.

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

Analyst Ratings Changes

UPWK has been the subject of a number of recent analyst reports. Piper Sandler reaffirmed an "overweight" rating and set a $18.00 price target (up from $13.00) on shares of Upwork in a report on Thursday, November 7th. Roth Mkm raised their target price on Upwork from $13.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Citigroup boosted their price target on Upwork from $11.00 to $19.00 and gave the stock a "neutral" rating in a research note on Friday, November 29th. JMP Securities raised their price objective on Upwork from $14.00 to $18.00 and gave the company a "market outperform" rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group increased their target price on Upwork from $21.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $18.36.

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.