Wedmont Private Capital Purchases New Shares in Upwork Inc. (NASDAQ:UPWK)

Wedmont Private Capital purchased a new stake in Upwork Inc. (NASDAQ:UPWK) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 34,800 shares of the company’s stock, valued at approximately $544,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. SkyView Investment Advisors LLC grew its stake in Upwork by 13.9% during the third quarter. SkyView Investment Advisors LLC now owns 226,375 shares of the company’s stock worth $2,366,000 after buying an additional 27,639 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Upwork during the third quarter worth about $355,000. XTX Topco Ltd grew its stake in Upwork by 198.6% during the third quarter. XTX Topco Ltd now owns 60,509 shares of the company’s stock worth $632,000 after buying an additional 40,242 shares in the last quarter. Tabor Asset Management LP acquired a new stake in Upwork during the third quarter worth about $993,000. Finally, Tenzing Global Management LLC grew its stake in Upwork by 20.0% during the third quarter. Tenzing Global Management LLC now owns 450,000 shares of the company’s stock worth $4,702,000 after buying an additional 75,000 shares in the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Stock Up 6.6 %

Shares of NASDAQ UPWK opened at $17.03 on Thursday. The company has a 50 day simple moving average of $16.34 and a 200 day simple moving average of $12.71. The firm has a market cap of $2.28 billion, a PE ratio of 27.03 and a beta of 1.59. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The business had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the business earned $0.12 EPS. On average, research analysts forecast that Upwork Inc. will post 0.65 EPS for the current year.

Insider Activity at Upwork

In other Upwork news, CAO Olivier Marie sold 9,153 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $15.92, for a total transaction of $145,715.76. Following the completion of the transaction, the chief accounting officer now owns 1,294 shares in the company, valued at approximately $20,600.48. This trade represents a 87.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hayden Brown sold 8,997 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.12, for a total transaction of $154,028.64. Following the transaction, the chief executive officer now owns 1,238,156 shares of the company’s stock, valued at approximately $21,197,230.72. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 213,813 shares of company stock worth $3,525,935 in the last quarter. 7.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on UPWK shares. UBS Group increased their price objective on shares of Upwork from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. JMP Securities increased their price objective on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Jefferies Financial Group increased their target price on shares of Upwork from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group increased their target price on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, BTIG Research increased their target price on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.36.

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.