Verition Fund Management LLC Invests $8.37 Million in Upwork Inc. (NASDAQ:UPWK)

Verition Fund Management LLC acquired a new stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 800,878 shares of the company's stock, valued at approximately $8,369,000. Verition Fund Management LLC owned approximately 0.60% of Upwork as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Plato Investment Management Ltd acquired a new stake in shares of Upwork during the second quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Upwork during the 2nd quarter worth approximately $29,000. Quarry LP grew its holdings in Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company's stock worth $47,000 after acquiring an additional 2,220 shares during the last quarter. KBC Group NV increased its position in Upwork by 45.4% in the 3rd quarter. KBC Group NV now owns 4,791 shares of the company's stock valued at $50,000 after acquiring an additional 1,497 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Upwork during the second quarter valued at $54,000. Institutional investors own 77.71% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on UPWK. UBS Group lowered their target price on Upwork from $12.00 to $11.00 and set a "neutral" rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada decreased their price target on Upwork from $15.00 to $11.00 and set a "sector perform" rating for the company in a research note on Thursday, August 8th. Piper Sandler reaffirmed an "overweight" rating and issued a $18.00 price objective (up from $13.00) on shares of Upwork in a research note on Thursday, November 7th. BTIG Research increased their target price on shares of Upwork from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Finally, Citigroup raised their price target on shares of Upwork from $11.00 to $19.00 and gave the stock a "neutral" rating in a report on Friday. Three investment 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, Upwork presently has an average rating of "Moderate Buy" and a consensus price target of $17.73.

Upwork Stock Up 2.1 %

NASDAQ:UPWK traded up $0.35 during trading hours on Monday, reaching $17.32. The company had a trading volume of 3,362,356 shares, compared to its average volume of 2,188,354. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $17.79. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 26.94 and a beta of 1.49. The business's 50-day simple moving average is $12.93 and its two-hundred day simple moving average is $11.38.

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

Insider Activity

In other news, Director Elizabeth A. Nelson sold 75,000 shares of Upwork stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the transaction, the director now directly owns 48,915 shares in the company, valued at $515,564.10. This trade represents a 60.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hayden Brown sold 20,000 shares of the company's stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $10.01, for a total transaction of $200,200.00. Following the completion of the sale, the chief executive officer now owns 1,170,561 shares in the company, valued at $11,717,315.61. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 214,808 shares of company stock worth $2,756,163 over the last quarter. 7.60% of the stock is currently owned by corporate insiders.

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.