Handelsbanken Fonder AB Acquires 18,500 Shares of Upwork Inc. (NASDAQ:UPWK)

Handelsbanken Fonder AB lifted its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 85.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 40,200 shares of the company’s stock after purchasing an additional 18,500 shares during the period. Handelsbanken Fonder AB’s holdings in Upwork were worth $420,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Upwork during the second quarter valued at approximately $1,279,000. Quarry LP boosted its position in Upwork by 104.2% in the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after buying an additional 2,220 shares during the last quarter. Algert Global LLC increased its stake in shares of Upwork by 322.9% in the 2nd quarter. Algert Global LLC now owns 199,952 shares of the company’s stock valued at $2,149,000 after buying an additional 152,668 shares during the period. SkyView Investment Advisors LLC raised its position in shares of Upwork by 6.6% during the second quarter. SkyView Investment Advisors LLC now owns 198,736 shares of the company’s stock worth $2,136,000 after acquiring an additional 12,343 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Upwork during the second quarter valued at $1,637,000. Institutional investors own 77.71% of the company’s stock.

Upwork Price Performance

Shares of UPWK opened at $10.42 on Tuesday. The stock has a 50 day simple moving average of $9.98 and a 200 day simple moving average of $10.85. Upwork Inc. has a 52-week low of $8.43 and a 52-week 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. The firm has a market capitalization of $1.39 billion, a PE ratio of 29.77 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. The business had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period last year, the business posted ($0.03) earnings per share. Sell-side analysts predict that Upwork Inc. will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Upwork news, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total value of $57,074.58. Following the sale, the vice president now owns 5,818 shares in the company, valued at approximately $57,074.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Hayden Brown sold 31,506 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at approximately $11,488,913.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the transaction, the vice president now owns 5,818 shares in the company, valued at $57,074.58. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 176,785 shares of company stock worth $1,800,489. 7.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on UPWK shares. Piper Sandler dropped their price objective on Upwork from $20.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. UBS Group cut their price objective on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Royal Bank of Canada lowered their target price on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Citigroup cut their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. Finally, The Goldman Sachs Group decreased their price objective on Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Upwork currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.27.

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.