Vanguard Group Inc. Reduces Position in Upwork Inc. (NASDAQ:UPWK)

Vanguard Group Inc. decreased its position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 5.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,370,419 shares of the company's stock after selling 927,842 shares during the quarter. Vanguard Group Inc. owned approximately 11.50% of Upwork worth $251,306,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of UPWK. Charles Schwab Investment Management Inc. lifted its holdings in Upwork by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,075,946 shares of the company's stock valued at $17,592,000 after acquiring an additional 64,438 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Upwork by 2,216.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company's stock valued at $5,263,000 after purchasing an additional 481,942 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Upwork by 9.3% during the 4th 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. Hillsdale Investment Management Inc. increased its position in shares of Upwork by 0.8% during the 4th quarter. Hillsdale Investment Management Inc. now owns 349,800 shares of the company's stock worth $5,719,000 after purchasing an additional 2,700 shares during the last quarter. Finally, King Luther Capital Management Corp raised its holdings in Upwork by 1.0% in the 4th quarter. King Luther Capital Management Corp now owns 263,802 shares of the company's stock valued at $4,313,000 after buying an additional 2,636 shares during the period. Hedge funds and other institutional investors own 77.71% of the company's stock.

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Upwork Stock Down 4.2 %

Shares of UPWK traded down $0.56 during midday trading on Thursday, hitting $12.63. The company had a trading volume of 2,033,102 shares, compared to its average volume of 2,244,859. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The firm has a market capitalization of $1.71 billion, a P/E ratio of 8.25 and a beta of 1.60. 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 company's 50-day simple moving average is $14.30 and its 200-day simple moving average is $14.60.

Upwork (NASDAQ:UPWK - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, topping 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, sell-side analysts expect that Upwork Inc. will post 0.84 EPS for the current year.

Insider Transactions at Upwork

In other Upwork news, insider Dave Bottoms sold 5,411 shares of the firm's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $70,721.77. Following the sale, the insider now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Elizabeth A. Nelson sold 75,000 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $17.58, for a total transaction of $1,318,500.00. Following the sale, the director now owns 16,299 shares of the company's stock, valued at $286,536.42. This represents a 82.15 % 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.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Needham & Company LLC increased their target price on shares of Upwork from $17.00 to $19.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. JMP Securities reiterated a "market outperform" rating and issued a $18.00 target price on shares of Upwork in a report on Thursday, January 30th. Jefferies Financial Group cut their target price on Upwork from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday. Scotiabank initiated coverage on Upwork in a research report on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 price target for the company. Finally, BTIG Research downgraded Upwork from a "buy" rating to a "neutral" rating in a report on Friday, April 4th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $18.58.

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.