Charles Schwab Investment Management Inc. Has $13.57 Million Position in Upwork Inc. $UPWK

Charles Schwab Investment Management Inc. reduced its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 3.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,040,042 shares of the company’s stock after selling 35,904 shares during the period. Charles Schwab Investment Management Inc. owned about 0.77% of Upwork worth $13,573,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in UPWK. Price T Rowe Associates Inc. MD boosted its position in Upwork by 51.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company’s stock valued at $253,405,000 after buying an additional 5,289,493 shares in the last quarter. LSV Asset Management boosted its position in Upwork by 364.5% in the first quarter. LSV Asset Management now owns 5,351,406 shares of the company’s stock valued at $69,836,000 after buying an additional 4,199,244 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in Upwork by 86.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,303,035 shares of the company’s stock valued at $54,005,000 after buying an additional 1,534,078 shares in the last quarter. Contour Asset Management LLC acquired a new position in Upwork in the fourth quarter valued at about $24,633,000. Finally, Allianz Asset Management GmbH boosted its position in Upwork by 200.0% in the first quarter. Allianz Asset Management GmbH now owns 2,237,616 shares of the company’s stock valued at $29,201,000 after buying an additional 1,491,701 shares in the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Upwork

In related news, CFO Erica Gessert sold 19,036 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $13.84, for a total transaction of $263,458.24. Following the completion of the sale, the chief financial officer directly owned 209,202 shares of the company’s stock, valued at $2,895,355.68. The trade was a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Olivier Marie sold 1,879 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 4,632 shares of the company’s stock, valued at approximately $62,532. This trade represents a 28.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 169,442 shares of company stock valued at $2,337,303 over the last 90 days. Company insiders own 7.50% of the company’s stock.

Upwork Trading Up 0.9%

UPWK opened at $14.92 on Friday. 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 company has a market cap of $1.98 billion, a price-to-earnings ratio of 8.57 and a beta of 1.38. The firm has a 50 day simple moving average of $13.32 and a 200 day simple moving average of $14.12. Upwork Inc. has a fifty-two week low of $8.90 and a fifty-two week high of $18.14.

Upwork (NASDAQ:UPWK) last posted its quarterly 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 during 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 44.83%. Upwork’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.26 earnings per share. On average, sell-side analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

UPWK has been the topic of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and issued a $19.00 price target on shares of Upwork in a research report on Tuesday, May 6th. Wall Street Zen lowered shares of Upwork from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Citigroup restated an “outperform” rating on shares of Upwork in a research report on Friday, May 16th. JMP Securities boosted their target price on shares of Upwork from $18.00 to $20.00 and gave the stock a “market outperform” rating in a research note on Friday, May 16th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $18.00 target price on shares of Upwork in a research note on Monday, June 2nd. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.67.

About Upwork

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.