Algert Global LLC Buys 152,668 Shares of Upwork Inc. (NASDAQ:UPWK)

Algert Global LLC increased its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 322.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 199,952 shares of the company’s stock after acquiring an additional 152,668 shares during the quarter. Algert Global LLC owned about 0.15% of Upwork worth $2,149,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Plato Investment Management Ltd bought a new stake in Upwork in the 2nd quarter valued at $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Upwork in the 2nd quarter valued at $29,000. Headlands Technologies LLC acquired a new position in shares of Upwork in the 1st quarter valued at $49,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Upwork in the 2nd quarter valued at $54,000. Finally, Essex Investment Management Co. LLC raised its stake in shares of Upwork by 56.2% in the 1st quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock valued at $58,000 after buying an additional 1,700 shares in the last quarter. Institutional investors own 77.71% of the company’s stock.

Insider Activity

In other news, CFO Erica Gessert sold 20,353 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $196,406.45. Following the transaction, the chief financial officer now owns 107,313 shares of the company’s stock, valued at approximately $1,035,570.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Erica Gessert sold 20,353 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $196,406.45. Following the transaction, the chief financial officer now owns 107,313 shares of the company’s stock, valued at approximately $1,035,570.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Dave Bottoms sold 5,818 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the transaction, the vice president now directly owns 5,818 shares in the company, valued at approximately $57,074.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 176,785 shares of company stock valued at $1,800,489. 7.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on UPWK. Roth Mkm dropped their price objective on shares of Upwork from $19.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Citigroup dropped their target price on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. UBS Group dropped their target price on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Canaccord Genuity Group dropped their target price on shares of Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group dropped their target price on shares of Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $15.27.

Upwork Stock Down 0.3 %

Shares of NASDAQ:UPWK opened at $10.27 on Thursday. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $16.36. The company’s 50-day moving average price is $10.14 and its two-hundred day moving average price is $10.97. 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 firm has a market cap of $1.37 billion, a P/E ratio of 29.34 and a beta of 1.54.

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