383,259 Shares in Upwork Inc. (NASDAQ:UPWK) Acquired by Jupiter Asset Management Ltd.

Jupiter Asset Management Ltd. bought a new position in shares of Upwork Inc. (NASDAQ:UPWK) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 383,259 shares of the company’s stock, valued at approximately $4,120,000. Jupiter Asset Management Ltd. owned 0.29% of Upwork as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Upwork during the 2nd quarter worth $29,000. Quadrant Capital Group LLC lifted its position in Upwork by 67.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock worth $30,000 after acquiring an additional 803 shares during the last quarter. Headlands Technologies LLC bought a new stake in Upwork during the first quarter valued at about $49,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Upwork in the second quarter valued at about $54,000. Finally, Essex Investment Management Co. LLC increased its stake in shares of Upwork by 56.2% in the first quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock worth $58,000 after purchasing an additional 1,700 shares during the period. Institutional investors and hedge funds own 77.71% of the company’s stock.

Insider Activity at Upwork

In other Upwork news, VP Dave Bottoms sold 5,684 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $10.22, for a total transaction of $58,090.48. Following the completion of the transaction, the vice president now directly owns 9,319 shares in the company, valued at $95,240.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Dave Bottoms sold 5,684 shares of the company’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $10.22, for a total value of $58,090.48. Following the sale, the vice president now owns 9,319 shares of the company’s stock, valued at approximately $95,240.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $304,032.90. Following the transaction, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. The disclosure for this sale can be found here. Insiders have sold a total of 72,462 shares of company stock valued at $707,130 in the last 90 days. 7.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on UPWK shares. Royal Bank of Canada decreased their target price 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. Canaccord Genuity Group reduced their price objective on Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Piper Sandler dropped their target price on shares of Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Roth Mkm reduced their price target on shares of Upwork from $19.00 to $13.00 and set a “buy” rating for the company in a report on Friday, August 16th. Finally, The Goldman Sachs Group decreased their price target on shares of Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.70.

Upwork Price Performance

Shares of Upwork stock opened at $10.24 on Friday. The firm has a market cap of $1.35 billion, a P/E ratio of 29.26 and a beta of 1.54. The firm’s 50-day simple moving average is $10.38 and its 200-day simple moving average is $11.21. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $16.36. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The company had revenue of $193.13 million for the quarter, compared to the consensus estimate of $193.05 million. During the same period in the previous year, the business earned ($0.03) earnings per share. The company’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, research analysts expect that Upwork Inc. will post 0.51 EPS for the current fiscal year.

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.