Deutsche Bank AG Lowers Position in Upwork Inc. $UPWK

Deutsche Bank AG lessened its stake in Upwork Inc. (NASDAQ:UPWK) by 14.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 192,714 shares of the company’s stock after selling 33,659 shares during the quarter. Deutsche Bank AG owned about 0.14% of Upwork worth $2,515,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in UPWK. IFP Advisors Inc grew its position in Upwork by 3,492.8% during the first quarter. IFP Advisors Inc now owns 3,988 shares of the company’s stock valued at $52,000 after acquiring an additional 3,877 shares during the period. GAMMA Investing LLC lifted its position in Upwork by 1,235.1% during the 1st quarter. GAMMA Investing LLC now owns 4,072 shares of the company’s stock worth $53,000 after acquiring an additional 3,767 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Upwork during the first quarter worth $140,000. Alhambra Investment Management LLC purchased a new position in shares of Upwork in the first quarter valued at $178,000. Finally, State of Tennessee Department of Treasury purchased a new stake in Upwork during the 4th quarter worth $180,000. 77.71% of the stock is owned by hedge funds and other institutional investors.

Upwork Price Performance

NASDAQ UPWK opened at $13.86 on Wednesday. The stock’s 50-day moving average is $13.30 and its two-hundred day moving average is $14.14. Upwork Inc. has a fifty-two week low of $8.90 and a fifty-two week high of $18.14. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.36 and a quick ratio of 3.36. The firm has a market cap of $1.84 billion, a P/E ratio of 7.97 and a beta of 1.38.

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

Analyst Ratings Changes

Several analysts recently issued reports on UPWK shares. Citigroup reaffirmed an “outperform” rating on shares of Upwork in a report on Friday, May 16th. Needham & Company LLC reissued a “buy” rating and issued a $19.00 price target on shares of Upwork in a report on Tuesday, May 6th. JMP Securities raised 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. Royal Bank Of Canada restated a “sector perform” rating and set a $18.00 price objective on shares of Upwork in a research note on Monday, June 2nd. Finally, Wall Street Zen lowered Upwork from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 9th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.67.

Insider Transactions at Upwork

In other news, CFO Erica Gessert sold 9,267 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $13.51, for a total value of $125,197.17. Following the completion of the sale, the chief financial officer directly owned 190,738 shares of the company’s stock, valued at approximately $2,576,870.38. This represents a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Olivier Marie sold 1,879 shares of the business’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $13.50, for a total transaction of $25,366.50. Following the transaction, the chief accounting officer directly owned 4,632 shares in the company, valued at $62,532. This trade represents a 28.86% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 146,660 shares of company stock worth $2,021,932. Insiders own 7.60% of the company’s stock.

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.