Cibc World Markets Corp Buys Shares of 11,657 Upwork Inc. (NASDAQ:UPWK)

Cibc World Markets Corp bought a new position in Upwork Inc. (NASDAQ:UPWK) in the fourth quarter, Holdings Channel.com reports. The firm bought 11,657 shares of the company’s stock, valued at approximately $191,000.

A number of other hedge funds also recently made changes to their positions in UPWK. Quarry LP increased its position in Upwork by 42.6% during the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock worth $65,000 after purchasing an additional 1,851 shares in the last quarter. KBC Group NV increased its holdings in shares of Upwork by 39.6% during the fourth quarter. KBC Group NV now owns 6,690 shares of the company’s stock worth $109,000 after buying an additional 1,899 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Upwork by 1.4% in the 4th quarter. Rhumbline Advisers now owns 178,202 shares of the company’s stock valued at $2,914,000 after acquiring an additional 2,387 shares during the last quarter. King Luther Capital Management Corp boosted its holdings in shares of Upwork by 1.0% during the 4th quarter. King Luther Capital Management Corp now owns 263,802 shares of the company’s stock valued at $4,313,000 after acquiring an additional 2,636 shares in the last quarter. Finally, Stoneridge Investment Partners LLC boosted its holdings in shares of Upwork by 19.9% during the 4th quarter. Stoneridge Investment Partners LLC now owns 16,566 shares of the company’s stock valued at $271,000 after acquiring an additional 2,744 shares in the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Stock Down 1.2 %

Shares of Upwork stock opened at $13.73 on Thursday. The stock’s 50-day moving average is $15.24 and its 200 day moving average is $14.39. Upwork Inc. has a one year low of $8.43 and a one year high of $18.14. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 8.97 and a beta of 1.61. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. Equities research analysts anticipate that Upwork Inc. will post 0.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on UPWK. Scotiabank initiated coverage on Upwork in a research report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 target price for the company. Jefferies Financial Group lifted their target price on shares of Upwork from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. JMP Securities restated a “market outperform” rating and issued a $18.00 price target on shares of Upwork in a research report on Thursday, January 30th. Roth Mkm cut their price target on shares of Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Finally, 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. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.58.

Insider Buying and Selling at Upwork

In other Upwork news, CFO Erica Gessert sold 13,765 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total transaction of $222,304.75. Following the transaction, the chief financial officer now owns 156,828 shares in the company, valued at approximately $2,532,772.20. This represents a 8.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Hayden Brown sold 21,122 shares of Upwork stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total transaction of $341,120.30. Following the transaction, the chief executive officer now owns 1,275,083 shares of the company’s stock, valued at $20,592,590.45. This represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 193,365 shares of company stock valued at $3,050,760. Corporate insiders own 7.60% of the company’s stock.

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.