114,710 Shares in Upwork Inc. (NASDAQ:UPWK) Acquired by Lazard Asset Management LLC

Lazard Asset Management LLC bought a new position in Upwork Inc. (NASDAQ:UPWK) in the fourth quarter, according to its most recent filing with the SEC. The firm bought 114,710 shares of the company’s stock, valued at approximately $1,874,000. Lazard Asset Management LLC owned approximately 0.09% of Upwork as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC acquired a new stake in Upwork in the 4th quarter worth approximately $806,000. Bayesian Capital Management LP acquired a new stake in Upwork in the 4th quarter worth approximately $1,019,000. KLP Kapitalforvaltning AS acquired a new stake in Upwork in the 4th quarter worth approximately $419,000. Rhumbline Advisers boosted its stake in Upwork by 1.4% in the 4th quarter. Rhumbline Advisers now owns 178,202 shares of the company’s stock worth $2,914,000 after purchasing an additional 2,387 shares in the last quarter. Finally, Dorsey Asset Management LLC boosted its stake in Upwork by 15.0% in the 4th quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company’s stock worth $49,788,000 after purchasing an additional 397,997 shares in the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

UPWK has been the subject of several research reports. Jefferies Financial Group decreased their price objective on shares of Upwork from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Citigroup decreased their price objective on shares of Upwork from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, May 6th. Needham & Company LLC restated a “buy” rating and set a $19.00 price objective on shares of Upwork in a research note on Tuesday, May 6th. UBS Group lifted 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. Finally, JMP Securities lifted their price objective on shares of Upwork from $18.00 to $20.00 and gave the company a “market outperform” rating in a research note on Friday. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.67.

Upwork Price Performance

NASDAQ:UPWK opened at $17.24 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 11.27 and a beta of 1.52. The company has a 50 day moving average price of $13.72 and a 200-day moving average price of $15.22. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14.

Upwork (NASDAQ:UPWK) last posted its earnings results on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.09. The firm had revenue of $192.71 million during the quarter, compared to analyst estimates of $188.49 million. Upwork had a net margin of 28.02% and a return on equity of 50.83%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.22 EPS. Equities research analysts forecast that Upwork Inc. will post 0.84 EPS for the current year.

Insider Activity

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 value of $56,410.12. Following the completion of the sale, the chief financial officer now owns 160,945 shares of the company’s stock, valued at approximately $2,103,551.15. The trade was a 2.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Elizabeth A. Nelson sold 75,000 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $17.58, for a total transaction of $1,318,500.00. Following the completion of the sale, the director now directly owns 16,299 shares of the company’s stock, valued at approximately $286,536.42. The trade was a 82.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 562,773 shares of company stock valued at $9,433,027 in the last three months. 7.50% of the stock is currently owned by corporate insiders.

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.