Raymond James & Associates Acquires 8,939 Shares of Upwork Inc. (NASDAQ:UPWK)

Raymond James & Associates boosted its holdings in shares of Upwork Inc. (NASDAQ:UPWKGet Rating) by 5.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 173,887 shares of the company’s stock after acquiring an additional 8,939 shares during the quarter. Raymond James & Associates owned approximately 0.13% of Upwork worth $2,368,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Baillie Gifford & Co. raised its position in Upwork by 7.1% during the second quarter. Baillie Gifford & Co. now owns 6,890,971 shares of the company’s stock valued at $142,505,000 after acquiring an additional 457,423 shares in the last quarter. ATOMVEST Ltd bought a new position in Upwork during the second quarter valued at approximately $51,719,000. FMR LLC raised its position in shares of Upwork by 1.0% in the second quarter. FMR LLC now owns 2,376,577 shares of the company’s stock valued at $49,148,000 after purchasing an additional 23,317 shares during the period. State Street Corp raised its position in shares of Upwork by 1.9% in the first quarter. State Street Corp now owns 2,350,936 shares of the company’s stock valued at $54,636,000 after purchasing an additional 44,681 shares during the period. Finally, Federated Hermes Inc. raised its position in shares of Upwork by 8.3% in the second quarter. Federated Hermes Inc. now owns 2,274,638 shares of the company’s stock valued at $47,040,000 after purchasing an additional 174,378 shares during the period. Institutional investors own 74.05% of the company’s stock.

Insiders Place Their Bets

In other Upwork news, CFO Jeff Mccombs sold 16,372 shares of Upwork stock in a transaction on Monday, November 21st. The shares were sold at an average price of $12.06, for a total transaction of $197,446.32. Following the sale, the chief financial officer now owns 97,264 shares in the company, valued at $1,173,003.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Jeff Mccombs sold 16,372 shares of the business’s stock in a transaction on Monday, November 21st. The shares were sold at an average price of $12.06, for a total value of $197,446.32. Following the sale, the chief financial officer now owns 97,264 shares in the company, valued at approximately $1,173,003.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Gilpin sold 7,179 shares of the business’s stock in a transaction on Monday, November 21st. The shares were sold at an average price of $12.06, for a total transaction of $86,578.74. Following the completion of the sale, the insider now owns 39,238 shares in the company, valued at approximately $473,210.28. The disclosure for this sale can be found here. Insiders have sold 65,033 shares of company stock worth $741,714 over the last 90 days. Corporate insiders own 8.90% of the company’s stock.

Upwork Stock Up 1.9 %

UPWK opened at $12.52 on Monday. Upwork Inc. has a fifty-two week low of $9.79 and a fifty-two week high of $29.92. The company has a debt-to-equity ratio of 2.32, a current ratio of 3.69 and a quick ratio of 3.69. The firm’s fifty day moving average price is $11.63 and its two-hundred day moving average price is $15.00. The company has a market capitalization of $1.64 billion, a P/E ratio of -16.92 and a beta of 1.45.

Upwork (NASDAQ:UPWKGet Rating) last posted its quarterly earnings results on Wednesday, October 26th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.04. Upwork had a negative net margin of 16.16% and a negative return on equity of 38.46%. The firm had revenue of $158.64 million for the quarter, compared to the consensus estimate of $157.36 million. On average, analysts anticipate that Upwork Inc. will post -0.74 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on UPWK shares. Piper Sandler dropped their price target on shares of Upwork from $20.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday, January 6th. Canaccord Genuity Group dropped their price target on shares of Upwork from $36.00 to $25.00 in a research report on Friday, October 28th. Royal Bank of Canada dropped their price target on shares of Upwork from $21.00 to $15.00 in a research report on Thursday, October 27th. The Goldman Sachs Group dropped their price target on shares of Upwork from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, October 27th. Finally, Citigroup assumed coverage on shares of Upwork in a research report on Tuesday, December 13th. They issued a “neutral” rating on the stock. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.82.

Upwork Profile

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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 sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development.

Further Reading

Institutional Ownership by Quarter for Upwork (NASDAQ:UPWK)

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