Rhumbline Advisers Buys 4,458 Shares of Upwork Inc. $UPWK

Rhumbline Advisers raised its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 2.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 182,660 shares of the company’s stock after acquiring an additional 4,458 shares during the quarter. Rhumbline Advisers owned approximately 0.14% of Upwork worth $2,384,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in UPWK. LSV Asset Management raised its holdings in shares of 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 during the last quarter. Nuveen LLC bought a new position in shares of Upwork in the first quarter valued at about $22,079,000. Allianz Asset Management GmbH raised its holdings in shares of 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 during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of Upwork by 41.1% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,660,511 shares of the company’s stock valued at $60,820,000 after buying an additional 1,357,476 shares during the last quarter. Finally, Fiera Capital Corp bought a new position in shares of Upwork in the first quarter valued at about $13,713,000. 77.71% of the stock is owned by institutional investors.

Upwork Stock Up 1.8%

Shares of NASDAQ UPWK opened at $17.10 on Wednesday. The stock has a market cap of $2.27 billion, a P/E ratio of 9.83 and a beta of 1.43. The firm has a 50 day moving average price of $14.16 and a 200 day moving average price of $14.11. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.36 and a current ratio of 3.36. Upwork Inc. has a 52-week low of $9.93 and a 52-week high of $18.14.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09. The firm had revenue of $194.94 million during the quarter, compared to analysts’ expectations of $187.56 million. Upwork had a net margin of 31.75% and a return on equity of 44.83%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.26 earnings per share. Analysts expect that Upwork Inc. will post 0.84 EPS for the current year.

Upwork declared that its Board of Directors has initiated a stock buyback plan on Wednesday, September 3rd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Upwork

In related news, insider Dave Bottoms sold 2,060 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 $28,510.40. Following the completion of the transaction, the insider owned 2,035 shares in the company, valued at approximately $28,164.40. The trade was a 50.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $263,458.24. Following the completion of the transaction, the chief financial officer owned 209,202 shares of the company’s stock, valued at $2,895,355.68. This represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,184 shares of company stock worth $1,560,387. 7.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

UPWK has been the subject of a number of research analyst reports. JMP Securities reaffirmed a “market outperform” rating and issued a $20.00 price target on shares of Upwork in a report on Friday, September 12th. Wall Street Zen lowered Upwork from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 9th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $18.00 price objective on shares of Upwork in a research report on Monday, June 2nd. Eight investment 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 has an average rating of “Moderate Buy” and an average price target 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.