Bares Capital Management Inc. Raises Stock Position in Upwork Inc. (NASDAQ:UPWK)

Bares Capital Management Inc. raised its stake in Upwork Inc. (NASDAQ:UPWK) by 60.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 800,000 shares of the company’s stock after buying an additional 300,000 shares during the period. Bares Capital Management Inc. owned approximately 0.60% of Upwork worth $9,056,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its holdings in Upwork by 575.3% in the first quarter. Russell Investments Group Ltd. now owns 2,600 shares of the company’s stock valued at $29,000 after buying an additional 2,215 shares in the last quarter. Quarry LP grew its position in shares of Upwork by 92.5% in the first quarter. Quarry LP now owns 3,486 shares of the company’s stock valued at $39,000 after purchasing an additional 1,675 shares during the last quarter. UBS Group AG grew its position in shares of Upwork by 30.7% in the third quarter. UBS Group AG now owns 4,634 shares of the company’s stock valued at $63,000 after purchasing an additional 1,089 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Upwork in the first quarter valued at approximately $120,000. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Upwork by 100.6% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 5,452 shares of the company’s stock valued at $59,000 after purchasing an additional 2,734 shares during the last quarter. 75.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Upwork

In other news, CEO Hayden Brown sold 28,485 shares of the firm’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $9.14, for a total value of $260,352.90. Following the transaction, the chief executive officer now owns 1,012,262 shares of the company’s stock, valued at approximately $9,252,074.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Hayden Brown sold 28,485 shares of the firm’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $9.14, for a total value of $260,352.90. Following the transaction, the chief executive officer now owns 1,012,262 shares of the company’s stock, valued at approximately $9,252,074.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Olivier Marie sold 9,530 shares of the firm’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $14.34, for a total transaction of $136,660.20. Following the completion of the transaction, the chief accounting officer now directly owns 9,148 shares in the company, valued at approximately $131,182.32. The disclosure for this sale can be found here. Insiders have sold a total of 69,043 shares of company stock worth $829,622 in the last quarter. 9.00% of the stock is owned by insiders.

Upwork Stock Down 0.3 %

Shares of UPWK opened at $14.27 on Tuesday. The firm has a market cap of $1.92 billion, a PE ratio of -28.54 and a beta of 1.47. The company’s fifty day moving average is $12.51 and its two-hundred day moving average is $10.64. Upwork Inc. has a fifty-two week low of $6.56 and a fifty-two week high of $18.58. The company has a quick ratio of 3.06, a current ratio of 3.06 and a debt-to-equity ratio of 1.16.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, August 2nd. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.07. The company had revenue of $168.61 million for the quarter, compared to analyst estimates of $162.71 million. Upwork had a negative net margin of 4.33% and a negative return on equity of 10.36%. Analysts forecast that Upwork Inc. will post -0.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Piper Sandler increased their price target on shares of Upwork from $13.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, August 3rd. JMP Securities increased their price target on shares of Upwork from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Thursday, August 3rd. Needham & Company LLC raised their target price on shares of Upwork from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, August 3rd. BTIG Research lowered shares of Upwork from a “buy” rating to a “neutral” rating in a research report on Monday, August 28th. Finally, Citigroup raised their target price on shares of Upwork from $9.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, August 7th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Upwork presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

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