Raymond James & Associates Takes $312,000 Position in Upwork Inc. (NASDAQ:UPWK)

Raymond James & Associates purchased a new stake in shares of Upwork Inc. (NASDAQ:UPWK) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 20,987 shares of the company’s stock, valued at approximately $312,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Bailard Inc. raised its position in Upwork by 1.0% during the 3rd quarter. Bailard Inc. now owns 92,045 shares of the company’s stock valued at $1,046,000 after purchasing an additional 903 shares during the last quarter. CWM LLC raised its position in Upwork by 107.1% during the 3rd quarter. CWM LLC now owns 4,323 shares of the company’s stock valued at $49,000 after purchasing an additional 2,236 shares during the last quarter. Aigen Investment Management LP raised its position in Upwork by 11.7% during the 3rd quarter. Aigen Investment Management LP now owns 39,033 shares of the company’s stock valued at $443,000 after purchasing an additional 4,077 shares during the last quarter. Swiss National Bank grew its holdings in shares of Upwork by 1.7% during the 3rd quarter. Swiss National Bank now owns 264,100 shares of the company’s stock worth $3,000,000 after acquiring an additional 4,500 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Upwork by 11.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,503 shares of the company’s stock worth $653,000 after acquiring an additional 5,956 shares during the period. Institutional investors own 77.71% of the company’s stock.

Upwork Stock Up 3.4 %

NASDAQ:UPWK opened at $11.56 on Monday. The firm has a market capitalization of $1.53 billion, a P/E ratio of 165.17 and a beta of 1.67. Upwork Inc. has a 1-year low of $6.56 and a 1-year high of $16.36. The company’s fifty day moving average price is $12.28 and its 200-day moving average price is $13.16. The company has a debt-to-equity ratio of 0.93, a current ratio of 3.01 and a quick ratio of 3.01.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. The company had revenue of $183.93 million for the quarter, compared to analyst estimates of $178.43 million. Upwork had a net margin of 6.80% and a return on equity of 14.21%. As a group, equities research analysts anticipate that Upwork Inc. will post 0.42 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Jefferies Financial Group upgraded Upwork from a “hold” rating to a “buy” rating and upped their target price for the stock from $13.00 to $20.00 in a report on Monday, January 8th. The Goldman Sachs Group upped their price target on Upwork from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, February 15th. UBS Group increased their target price on Upwork from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, February 15th. Royal Bank of Canada increased their price target on Upwork from $17.00 to $18.00 and gave the company a “sector perform” rating in a report on Thursday, February 15th. Finally, Needham & Company LLC increased their price target on Upwork from $18.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, February 15th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $16.55.

Insider Activity

In other news, CEO Hayden Brown sold 43,714 shares of Upwork stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $12.86, for a total value of $562,162.04. Following the sale, the chief executive officer now owns 1,165,980 shares in the company, valued at $14,994,502.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 67,531 shares of company stock worth $851,894 over the last 90 days. 9.00% of the stock is currently owned by company insiders.

Upwork Company 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.