Victory Capital Management Inc. Has $1.22 Million Holdings in Upwork Inc. (NASDAQ:UPWK)

Victory Capital Management Inc. grew its holdings in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 133.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 116,899 shares of the company's stock after buying an additional 66,842 shares during the quarter. Victory Capital Management Inc. owned 0.09% of Upwork worth $1,222,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in UPWK. Mesirow Financial Investment Management Inc. acquired a new position in Upwork during the 3rd quarter worth $266,000. Olympiad Research LP acquired a new position in Upwork in the third quarter worth about $208,000. Harbor Capital Advisors Inc. increased its holdings in Upwork by 10.7% in the third quarter. Harbor Capital Advisors Inc. now owns 65,490 shares of the company's stock valued at $684,000 after buying an additional 6,318 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in Upwork during the third quarter valued at approximately $858,000. Finally, Horrell Capital Management Inc. lifted its holdings in Upwork by 16.1% during the 3rd quarter. Horrell Capital Management Inc. now owns 540,000 shares of the company's stock worth $5,643,000 after buying an additional 75,000 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler reiterated an "overweight" rating and issued a $18.00 price target (up from $13.00) on shares of Upwork in a report on Thursday, November 7th. JMP Securities boosted their target price on shares of Upwork from $14.00 to $18.00 and gave the company a "market outperform" rating 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 stock a "buy" rating in a report on Thursday, November 7th. Citigroup decreased their price target on shares of Upwork from $13.00 to $11.00 and set a "neutral" rating for the company in a report on Wednesday, September 25th. Finally, Canaccord Genuity Group increased their price objective on shares of Upwork from $15.00 to $18.00 and gave the stock 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 issued a buy rating to the company. According to data from MarketBeat.com, Upwork presently has a consensus rating of "Moderate Buy" and an average target price of $17.00.

Insider Activity

In related news, Director Elizabeth A. Nelson sold 75,000 shares of the business's stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total value of $790,500.00. Following the completion of the transaction, the director now owns 48,915 shares in the company, valued at $515,564.10. The trade was a 60.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Hayden Brown sold 20,000 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $10.01, for a total value of $200,200.00. Following the completion of the transaction, the chief executive officer now owns 1,170,561 shares in the company, valued at $11,717,315.61. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 199,808 shares of company stock worth $2,501,163. 7.60% of the stock is owned by corporate insiders.

Upwork Price Performance

UPWK stock traded up $0.08 during trading on Wednesday, hitting $16.91. The company had a trading volume of 1,881,805 shares, compared to its average volume of 2,186,874. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87. The company has a fifty day moving average price of $12.55 and a two-hundred day moving average price of $11.29. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The company has a market cap of $2.26 billion, a P/E ratio of 26.71 and a beta of 1.49.

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

About Upwork

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.