16,016 Shares in Upwork Inc. $UPWK Bought by 111 Capital

111 Capital acquired a new position in shares of Upwork Inc. (NASDAQ:UPWK) in the second quarter, HoldingsChannel.com reports. The firm acquired 16,016 shares of the company’s stock, valued at approximately $215,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. grew its stake in Upwork by 21.0% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 171,878 shares of the company’s stock worth $2,310,000 after buying an additional 29,805 shares during the last quarter. SeaCrest Wealth Management LLC grew its stake in Upwork by 8.0% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 10,800 shares of the company’s stock worth $145,000 after buying an additional 800 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Upwork by 17.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 509,694 shares of the company’s stock worth $6,850,000 after buying an additional 75,760 shares during the last quarter. Contravisory Investment Management Inc. bought a new position in Upwork during the 2nd quarter worth $203,000. Finally, Inspire Investing LLC bought a new position in Upwork during the 1st quarter worth $750,000. 77.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Dave Bottoms sold 10,014 shares of the company’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $19.96, for a total transaction of $199,879.44. Following the completion of the sale, the insider directly owned 345 shares of the company’s stock, valued at $6,886.20. This represents a 96.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Hayden Brown sold 20,000 shares of the company’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the sale, the chief executive officer directly owned 1,082,358 shares of the company’s stock, valued at approximately $21,647,160. This represents a 1.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 222,576 shares of company stock valued at $3,670,318 over the last three months. Insiders own 7.60% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on UPWK shares. UBS Group boosted their price target on Upwork from $16.00 to $21.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Wall Street Zen upgraded Upwork from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Upwork in a research report on Saturday, September 27th. Citigroup reiterated an “outperform” rating on shares of Upwork in a research report on Wednesday, September 24th. Finally, JMP Securities boosted their price target on Upwork from $20.00 to $27.00 and gave the stock a “market outperform” rating in a research report on Wednesday, September 24th. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.42.

Upwork Trading Down 1.8%

Shares of Upwork stock opened at $17.09 on Wednesday. The company has a quick ratio of 3.36, a current ratio of 3.36 and a debt-to-equity ratio of 0.59. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 9.82 and a beta of 1.54. The business has a fifty day simple moving average of $15.80 and a 200-day simple moving average of $14.64. Upwork Inc. has a fifty-two week low of $9.93 and a fifty-two week high of $20.54.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.09. The business had revenue of $194.94 million during the quarter, compared to analyst estimates of $187.56 million. Upwork had a return on equity of 44.83% and a net margin of 31.75%.The company’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 earnings per share. On average, equities analysts forecast that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Upwork announced that its Board of Directors has approved a stock repurchase plan on Wednesday, September 3rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.