Wedmont Private Capital Buys Shares of 34,800 Upwork Inc. (NASDAQ:UPWK)

Wedmont Private Capital acquired a new stake in Upwork Inc. (NASDAQ:UPWK - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 34,800 shares of the company's stock, valued at approximately $544,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SkyView Investment Advisors LLC lifted its position in Upwork by 13.9% in the 3rd quarter. SkyView Investment Advisors LLC now owns 226,375 shares of the company's stock valued at $2,366,000 after acquiring an additional 27,639 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Upwork in the third quarter valued at approximately $355,000. XTX Topco Ltd grew its holdings in Upwork by 198.6% during the third quarter. XTX Topco Ltd now owns 60,509 shares of the company's stock worth $632,000 after buying an additional 40,242 shares in the last quarter. Tabor Asset Management LP bought a new stake in Upwork during the third quarter worth $993,000. Finally, Tenzing Global Management LLC lifted its stake in Upwork by 20.0% during the 3rd quarter. Tenzing Global Management LLC now owns 450,000 shares of the company's stock valued at $4,702,000 after acquiring an additional 75,000 shares in the last quarter. Institutional investors own 77.71% of the company's stock.

Insider Buying and Selling

In other Upwork news, VP Dave Bottoms sold 10,508 shares of the firm's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.86, for a total value of $166,656.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Erica Gessert sold 19,816 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.13, for a total value of $299,816.08. Following the sale, the chief financial officer now owns 128,939 shares in the company, valued at approximately $1,950,847.07. This represents a 13.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 213,813 shares of company stock valued at $3,525,935. Company insiders own 7.60% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. JMP Securities upped their target price on shares of Upwork from $14.00 to $18.00 and gave the stock a "market outperform" rating in a research note on Thursday, November 7th. The Goldman Sachs Group increased their price objective on shares of Upwork from $21.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Piper Sandler reissued an "overweight" rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Jefferies Financial Group upped their target price on Upwork from $19.00 to $20.00 and gave the company a "buy" rating in a report on Monday, January 6th. Finally, UBS Group lifted their price target on Upwork from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Upwork presently has an average rating of "Moderate Buy" and an average price target of $18.36.

Upwork Stock Performance

Shares of UPWK traded down $0.66 during mid-day trading on Thursday, hitting $16.37. The stock had a trading volume of 2,044,157 shares, compared to its average volume of 2,052,966. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $18.14. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18. The business has a fifty day moving average price of $16.39 and a 200-day moving average price of $12.74. The firm has a market cap of $2.19 billion, a P/E ratio of 25.98 and a beta of 1.59.

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

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.