Zurcher Kantonalbank Zurich Cantonalbank Purchases 7,287 Shares of Upwork Inc. (NASDAQ:UPWK)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Upwork Inc. (NASDAQ:UPWK) by 21.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 40,612 shares of the company’s stock after buying an additional 7,287 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Upwork were worth $530,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of UPWK. IFP Advisors Inc lifted its stake in Upwork by 3,492.8% in the first quarter. IFP Advisors Inc now owns 3,988 shares of the company’s stock valued at $52,000 after buying an additional 3,877 shares in the last quarter. GAMMA Investing LLC lifted its stake in Upwork by 1,235.1% in the first quarter. GAMMA Investing LLC now owns 4,072 shares of the company’s stock valued at $53,000 after buying an additional 3,767 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in Upwork in the first quarter valued at approximately $140,000. Alhambra Investment Management LLC bought a new position in Upwork in the first quarter valued at approximately $178,000. Finally, State of Tennessee Department of Treasury bought a new position in Upwork in the fourth quarter valued at approximately $180,000. Institutional investors own 77.71% of the company’s stock.

Upwork Price Performance

Shares of UPWK opened at $13.58 on Friday. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 7.80 and a beta of 1.38. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14. The company’s fifty day simple moving average is $13.57 and its 200 day simple moving average is $14.30. The company has a current ratio of 3.41, a quick ratio of 3.41 and a debt-to-equity ratio of 0.60.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, August 6th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. The business had revenue of $194.94 million for the quarter, compared to the consensus estimate of $187.56 million. Upwork had a net margin of 31.75% and a return on equity of 46.56%. The firm’s revenue for the quarter was up .9% on a year-over-year basis. During the same period in the previous year, the company earned $0.26 earnings per share. On average, research analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Upwork

In related news, Director Elizabeth A. Nelson sold 60,000 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $17.43, for a total transaction of $1,045,800.00. Following the transaction, the director directly owned 356,712 shares in the company, valued at approximately $6,217,490.16. The trade was a 14.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas Layton sold 250,000 shares of the business’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.47, for a total transaction of $4,367,500.00. Following the transaction, the director owned 1,867,769 shares in the company, valued at approximately $32,629,924.43. The trade was a 11.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 505,454 shares of company stock valued at $8,536,163 in the last 90 days. Company insiders own 7.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on UPWK. Needham & Company LLC reaffirmed a “buy” rating and issued a $19.00 price target on shares of Upwork in a research note on Tuesday, May 6th. Wall Street Zen raised shares of Upwork from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 24th. JMP Securities lifted their price target 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. Citigroup reiterated an “outperform” rating on shares of Upwork in a report on Friday, May 16th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $18.00 price objective on shares of Upwork in a report on Monday, June 2nd. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Upwork presently 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.