Blueshift Asset Management LLC Acquires New Holdings in Upwork Inc. (NASDAQ:UPWK)

Blueshift Asset Management LLC bought a new stake in shares of Upwork Inc. (NASDAQ:UPWK) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 14,337 shares of the company’s stock, valued at approximately $234,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in UPWK. KBC Group NV boosted its holdings in shares of Upwork by 45.4% in the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after acquiring an additional 1,497 shares in the last quarter. Quarry LP boosted its stake in Upwork by 42.6% during the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock valued at $65,000 after purchasing an additional 1,851 shares in the last quarter. Nkcfo LLC acquired a new position in shares of Upwork during the 4th quarter valued at $82,000. SBI Securities Co. Ltd. bought a new stake in shares of Upwork in the 4th quarter worth $84,000. Finally, Financial Management Professionals Inc. acquired a new stake in shares of Upwork in the fourth quarter valued at $97,000. 77.71% of the stock is currently owned by institutional investors.

Upwork Stock Up 0.9 %

Shares of Upwork stock opened at $13.57 on Friday. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The stock has a 50-day moving average price of $15.39 and a 200 day moving average price of $14.27. The company has a market cap of $1.84 billion, a P/E ratio of 8.87 and a beta of 1.61.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. As a group, analysts expect that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on UPWK shares. Royal Bank of Canada boosted their price target on shares of Upwork from $16.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 13th. Citigroup increased their target price on shares of Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, November 29th. Roth Mkm decreased their price target on shares of Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Scotiabank began coverage on Upwork in a research report on Wednesday, March 12th. They set a “sector perform” rating and a $15.00 price objective for the company. Finally, Jefferies Financial Group lifted their target price on Upwork from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.58.

Insider Activity

In other news, CFO Erica Gessert sold 13,765 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total transaction of $222,304.75. Following the completion of the sale, the chief financial officer now directly owns 156,828 shares of the company’s stock, valued at $2,532,772.20. This trade represents a 8.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dave Bottoms sold 5,411 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total value of $70,721.77. Following the completion of the sale, the insider now directly owns 9,593 shares of the company’s stock, valued at approximately $125,380.51. The trade was a 36.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 193,365 shares of company stock worth $3,050,760 in the last ninety days. 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.