Janney Montgomery Scott LLC Purchases Shares of 82,120 Upwork Inc. (NASDAQ:UPWK)

Janney Montgomery Scott LLC acquired a new stake in Upwork Inc. (NASDAQ:UPWK) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 82,120 shares of the company’s stock, valued at approximately $858,000.

Several other large investors also recently modified their holdings of the stock. Canada Pension Plan Investment Board grew its stake in Upwork by 186.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company’s stock valued at $3,299,000 after buying an additional 199,900 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Upwork by 5.1% in the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after purchasing an additional 770,088 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Upwork during the first quarter worth approximately $3,165,000. Acadian Asset Management LLC lifted its holdings in Upwork by 19.0% during the 1st quarter. Acadian Asset Management LLC now owns 956,574 shares of the company’s stock worth $11,720,000 after purchasing an additional 152,539 shares during the last quarter. Finally, Bayesian Capital Management LP bought a new stake in Upwork in the 1st quarter valued at $567,000. 77.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

UPWK has been the subject of a number of research reports. The Goldman Sachs Group lifted their target price on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group lifted their price objective on shares of Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Citigroup cut their price objective on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, September 25th. Roth Mkm raised their target price on shares of Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, JMP Securities boosted their price target on Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Upwork Stock Down 1.3 %

NASDAQ UPWK opened at $14.91 on Friday. The business has a fifty day moving average price of $11.71 and a two-hundred day moving average price of $11.13. The stock has a market capitalization of $1.99 billion, a PE ratio of 23.67 and a beta of 1.49. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. The business had revenue of $193.78 million during the quarter, compared to the consensus estimate of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. Upwork’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.12 EPS. Equities analysts expect that Upwork Inc. will post 0.65 earnings per share for the current fiscal year.

Insider Transactions at Upwork

In other news, CAO Olivier Marie sold 9,153 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $15.92, for a total transaction of $145,715.76. Following the completion of the transaction, the chief accounting officer now directly owns 1,294 shares in the company, valued at approximately $20,600.48. This represents a 87.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hayden Brown sold 10,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $15.85, for a total value of $158,500.00. Following the completion of the transaction, the chief executive officer now owns 1,168,850 shares of the company’s stock, valued at $18,526,272.50. The trade was a 0.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 206,078 shares of company stock valued at $2,267,715. 7.60% of the stock is currently owned by 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.