Arizona State Retirement System Has $393,000 Stock Position in Upwork Inc. (NASDAQ:UPWK)

Arizona State Retirement System grew its holdings in Upwork Inc. (NASDAQ:UPWK) by 8.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,540 shares of the company’s stock after purchasing an additional 2,875 shares during the period. Arizona State Retirement System’s holdings in Upwork were worth $393,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in UPWK. Victory Capital Management Inc. increased its stake in Upwork by 24.2% in the 4th quarter. Victory Capital Management Inc. now owns 16,200 shares of the company’s stock valued at $241,000 after buying an additional 3,156 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Upwork by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 977,073 shares of the company’s stock worth $14,529,000 after acquiring an additional 20,703 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in Upwork during the fourth quarter valued at approximately $771,000. Quadrant Capital Group LLC grew its stake in Upwork by 67.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock valued at $30,000 after purchasing an additional 803 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Upwork during the 4th quarter worth approximately $11,486,000. Institutional investors own 77.71% of the company’s stock.

Analysts Set New Price Targets

UPWK has been the subject of several recent analyst reports. UBS Group cut their price objective on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group cut their price target on shares of Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Roth Mkm lowered their price objective on shares of Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Canaccord Genuity Group reduced their price target on Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Royal Bank of Canada lowered their price target on Upwork from $15.00 to $11.00 and set a “sector perform” 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $15.70.

Insider Activity at Upwork

In other Upwork news, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $9.81, for a total value of $57,074.58. Following the completion of the sale, the vice president now owns 5,818 shares in the company, valued at approximately $57,074.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Dave Bottoms sold 5,818 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $9.81, for a total transaction of $57,074.58. Following the transaction, the vice president now directly owns 5,818 shares of the company’s stock, valued at $57,074.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hayden Brown sold 31,506 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the sale, the chief executive officer now 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. Over the last three months, insiders have sold 60,706 shares of company stock worth $586,984. Corporate insiders own 7.60% of the company’s stock.

Upwork Trading Up 3.3 %

Shares of NASDAQ:UPWK opened at $10.45 on Wednesday. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $16.36. The business has a 50 day moving average of $10.35 and a 200-day moving average of $11.14. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. The stock has a market cap of $1.38 billion, a PE ratio of 29.69 and a beta of 1.54.

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