Upwork Inc. (NASDAQ:UPWK) Holdings Raised by Bristlecone Advisors LLC

Bristlecone Advisors LLC increased its holdings in Upwork Inc. (NASDAQ:UPWK) by 54.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 65,113 shares of the company’s stock after acquiring an additional 23,090 shares during the period. Bristlecone Advisors LLC’s holdings in Upwork were worth $1,065,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of UPWK. The Manufacturers Life Insurance Company boosted its position in Upwork by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock worth $718,000 after acquiring an additional 2,063 shares during the period. Handelsbanken Fonder AB boosted its position in Upwork by 85.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 40,200 shares of the company’s stock worth $420,000 after acquiring an additional 18,500 shares during the period. CWM LLC boosted its position in Upwork by 71.9% during the 3rd quarter. CWM LLC now owns 5,896 shares of the company’s stock worth $62,000 after acquiring an additional 2,467 shares during the period. Creative Planning acquired a new stake in Upwork during the 3rd quarter worth about $207,000. Finally, Assenagon Asset Management S.A. boosted its position in Upwork by 121.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 433,934 shares of the company’s stock worth $4,535,000 after acquiring an additional 237,601 shares during the period. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

UPWK has been the subject of a number of research reports. JMP Securities restated a “market outperform” rating and set a $18.00 price objective on shares of Upwork in a research report on Thursday, January 30th. Canaccord Genuity Group lifted their price target on Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. BTIG Research lifted their price target on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Jefferies Financial Group lifted their price target on Upwork from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group lifted their price target on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.09.

Upwork Stock Down 0.1 %

Shares of UPWK stock opened at $15.75 on Tuesday. The stock’s 50 day simple moving average is $16.46 and its 200 day simple moving average is $13.36. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 25.00 and a beta of 1.57.

Insider Activity at Upwork

In other Upwork news, CEO Hayden Brown sold 30,672 shares of Upwork stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.13, for a total value of $464,067.36. Following the transaction, the chief executive officer now directly owns 1,196,221 shares of the company’s stock, valued at $18,098,823.73. The trade was a 2.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Elizabeth A. Nelson sold 75,000 shares of Upwork stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.37, for a total value of $1,302,750.00. Following the completion of the transaction, the director now directly owns 48,915 shares in the company, valued at approximately $849,653.55. This represents a 60.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 184,186 shares of company stock valued at $3,056,877. Corporate insiders own 7.60% of the company’s stock.

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.