Bryce Point Capital LLC Invests $868,000 in Upwork Inc. (NASDAQ:UPWK)

Bryce Point Capital LLC acquired a new position in shares of Upwork Inc. (NASDAQ:UPWK) in the first quarter, HoldingsChannel.com reports. The firm acquired 66,499 shares of the company’s stock, valued at approximately $868,000.

Other large investors also recently modified their holdings of the company. IFP Advisors Inc boosted its stake in shares of Upwork by 3,492.8% during the 1st quarter. IFP Advisors Inc now owns 3,988 shares of the company’s stock worth $52,000 after buying an additional 3,877 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Upwork by 1,235.1% during the 1st quarter. GAMMA Investing LLC now owns 4,072 shares of the company’s stock worth $53,000 after buying an additional 3,767 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Upwork during the 1st quarter worth about $140,000. Alhambra Investment Management LLC bought a new stake in shares of Upwork in the 1st quarter valued at about $178,000. Finally, State of Tennessee Department of Treasury bought a new stake in shares of Upwork in the 4th quarter valued at about $180,000. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Trading Down 0.9%

Shares of UPWK stock opened at $13.11 on Friday. The firm has a 50 day moving average price of $14.23 and a two-hundred day moving average price of $14.54. The company has a quick ratio of 3.41, a current ratio of 3.41 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $1.73 billion, a PE ratio of 7.85 and a beta of 1.38. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $18.14.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $188.49 million. Upwork had a net margin of 30.46% and a return on equity of 48.38%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the business posted $0.22 earnings per share. As a group, analysts predict that Upwork Inc. will post 0.84 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Leela Srinivasan sold 3,314 shares of Upwork stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $15.36, for a total value of $50,903.04. Following the completion of the sale, the director directly owned 79,469 shares in the company, valued at approximately $1,220,643.84. The trade was a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hayden Brown sold 23,716 shares of Upwork stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $13.51, for a total transaction of $320,403.16. Following the completion of the sale, the chief executive officer owned 1,153,485 shares of the company’s stock, valued at approximately $15,583,582.35. The trade was a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 545,454 shares of company stock valued at $9,172,963 in the last quarter. Corporate insiders own 7.50% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on UPWK shares. BTIG Research downgraded shares of Upwork from a “buy” rating to a “neutral” rating in a research note on Friday, April 4th. Citigroup reiterated an “outperform” rating on shares of Upwork in a research note on Friday, May 16th. JMP Securities raised their target price on shares of Upwork from $18.00 to $20.00 and gave the company a “market outperform” rating in a research note on Friday, May 16th. Jefferies Financial Group cut their target price 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. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $18.00 target price on shares of Upwork in a research note on Monday, June 2nd. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Upwork has a consensus rating of “Moderate Buy” and an average target price 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.