Corient Private Wealth LLC Boosts Holdings in Upwork Inc. (NASDAQ:UPWK)

Corient Private Wealth LLC grew its position in Upwork Inc. (NASDAQ:UPWK) by 659.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 172,582 shares of the company’s stock after acquiring an additional 149,871 shares during the quarter. Corient Private Wealth LLC owned about 0.13% of Upwork worth $2,822,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Invenomic Capital Management LP boosted its holdings in Upwork by 12.5% during the 3rd quarter. Invenomic Capital Management LP now owns 2,334,612 shares of the company’s stock valued at $24,397,000 after acquiring an additional 260,274 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Upwork by 6.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,075,946 shares of the company’s stock valued at $17,592,000 after purchasing an additional 64,438 shares during the period. Verition Fund Management LLC purchased a new stake in shares of Upwork during the third quarter valued at $8,369,000. Circumference Group LLC grew its holdings in shares of Upwork by 16.1% in the third quarter. Circumference Group LLC now owns 540,000 shares of the company’s stock worth $5,643,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its stake in Upwork by 2,216.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company’s stock worth $5,263,000 after buying an additional 481,942 shares during the period. Institutional investors own 77.71% of the company’s stock.

Analysts Set New Price Targets

UPWK has been the topic of several recent research reports. JMP Securities reiterated a “market outperform” rating and set a $18.00 target price on shares of Upwork in a report on Thursday, January 30th. UBS Group increased their price objective on shares of Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Royal Bank of Canada boosted their price objective on shares of Upwork from $16.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 13th. Scotiabank assumed coverage on Upwork in a research report on Wednesday, March 12th. They set a “sector perform” rating and a $15.00 target price on the stock. Finally, Needham & Company LLC boosted their price target on Upwork from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.58.

Upwork Stock Up 0.9 %

UPWK stock opened at $13.57 on Monday. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $18.14. The stock has a market capitalization of $1.84 billion, a PE ratio of 8.87 and a beta of 1.61. The firm has a 50 day moving average of $15.39 and a 200 day moving average of $14.33.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. Sell-side analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Erica Gessert sold 4,316 shares of the business’s stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $56,410.12. Following the completion of the transaction, the chief financial officer now directly owns 160,945 shares in the company, valued at $2,103,551.15. The trade was a 2.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hayden Brown sold 9,075 shares of the company’s stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $118,610.25. Following the completion of the sale, the chief executive officer now directly owns 1,223,741 shares in the company, valued at approximately $15,994,294.87. The trade was a 0.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 193,365 shares of company stock valued at $3,050,760 over the last quarter. 7.60% of the stock is currently owned by company insiders.

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.