Occudo Quantitative Strategies LP Has $172,000 Position in Upwork Inc. (NASDAQ:UPWK)

Occudo Quantitative Strategies LP cut its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 10.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 10,501 shares of the company’s stock after selling 1,261 shares during the quarter. Occudo Quantitative Strategies LP’s holdings in Upwork were worth $172,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its position in Upwork by 51.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company’s stock valued at $253,405,000 after buying an additional 5,289,493 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in shares of Upwork by 86.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,303,035 shares of the company’s stock valued at $54,005,000 after acquiring an additional 1,534,078 shares in the last quarter. Dorsey Asset Management LLC grew its holdings in shares of Upwork by 15.0% in the fourth quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company’s stock valued at $49,788,000 after acquiring an additional 397,997 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Upwork by 70.1% in the fourth quarter. Renaissance Technologies LLC now owns 2,045,115 shares of the company’s stock valued at $33,438,000 after acquiring an additional 843,115 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Upwork by 9.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,951,630 shares of the company’s stock valued at $31,911,000 after acquiring an additional 161,661 shares in the last quarter. 77.71% of the stock is owned by institutional investors and hedge funds.

Upwork Price Performance

Upwork stock opened at $17.24 on Friday. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $18.14. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. The business’s 50 day simple moving average is $13.72 and its 200 day simple moving average is $15.22. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 11.27 and a beta of 1.52.

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

Insiders Place Their Bets

In other Upwork news, Director Thomas Layton sold 250,000 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.47, for a total transaction of $4,367,500.00. Following the sale, the director now owns 1,867,769 shares in the company, valued at $32,629,924.43. This represents a 11.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Dave Bottoms sold 5,411 shares of the stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total value of $70,721.77. Following the completion of the sale, the insider now owns 9,593 shares in the company, valued at $125,380.51. This trade represents a 36.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 562,773 shares of company stock worth $9,433,027 over the last 90 days. Corporate insiders own 7.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on UPWK. Needham & Company LLC reaffirmed a “buy” rating and issued a $19.00 target price on shares of Upwork in a report on Tuesday, May 6th. Roth Mkm reduced their target price on Upwork from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Scotiabank began coverage on Upwork in a report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 target price for the company. Jefferies Financial Group reduced their target price on Upwork from $21.00 to $20.00 and set a “buy” rating for the company in a report on Monday, April 7th. Finally, BTIG Research lowered Upwork from a “buy” rating to a “neutral” rating in a report on Friday, April 4th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.67.

Upwork 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.