Victory Capital Management Inc. Trims Position in Upwork Inc. (NASDAQ:UPWK)

Victory Capital Management Inc. decreased its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 29.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 82,819 shares of the company's stock after selling 34,080 shares during the quarter. Victory Capital Management Inc. owned about 0.06% of Upwork worth $1,354,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in UPWK. Verition Fund Management LLC purchased a new position in Upwork during the third quarter worth approximately $8,369,000. Point72 Asset Management L.P. lifted its position in 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 in the last quarter. Invenomic Capital Management LP lifted its position in Upwork by 12.5% during the third quarter. Invenomic Capital Management LP now owns 2,334,612 shares of the company's stock worth $24,397,000 after buying an additional 260,274 shares in the last quarter. Stifel Financial Corp lifted its position in Upwork by 228.0% during the third quarter. Stifel Financial Corp now owns 211,569 shares of the company's stock worth $2,211,000 after buying an additional 147,059 shares in the last quarter. Finally, Cerity Partners LLC purchased a new stake in Upwork in the third quarter valued at $1,288,000. Hedge funds and other institutional investors own 77.71% of the company's stock.

Analyst Upgrades and Downgrades

UPWK has been the topic of a number of research analyst reports. Jefferies Financial Group lifted their target price on Upwork from $19.00 to $20.00 and gave the company a "buy" rating in a research report on Monday, January 6th. JMP Securities restated a "market outperform" rating and issued a $18.00 target price on shares of Upwork in a research report on Thursday, January 30th. UBS Group lifted their target price on Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Royal Bank of Canada lifted their target price on Upwork from $16.00 to $18.00 and gave the company a "sector perform" rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC lifted their target price on Upwork from $17.00 to $19.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.58.

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Upwork Trading Up 0.9 %

Shares of NASDAQ UPWK traded up $0.12 during trading on Friday, reaching $13.57. The stock had a trading volume of 2,789,710 shares, compared to its average volume of 2,211,160. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $18.14. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39. The business's 50-day moving average price is $15.39 and its 200-day moving average price is $14.27. The company has a market cap of $1.84 billion, a P/E ratio of 8.87 and a beta of 1.61.

Upwork (NASDAQ:UPWK - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. On average, equities research analysts predict that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Insider Activity

In related news, CFO Erica Gessert sold 4,316 shares of the company's stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total value of $56,410.12. Following the sale, the chief financial officer now owns 160,945 shares in the company, valued at $2,103,551.15. This represents a 2.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Hayden Brown sold 9,075 shares of the company's stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total value of $118,610.25. Following the completion of the sale, the chief executive officer now owns 1,223,741 shares in the company, valued at approximately $15,994,294.87. This represents a 0.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 193,365 shares of company stock valued at $3,050,760. Insiders own 7.60% of the company's stock.

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.