Victory Capital Management Inc. Raises Stock Position in Upwork Inc. (NASDAQ:UPWK)

Victory Capital Management Inc. raised its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 133.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,899 shares of the company’s stock after purchasing an additional 66,842 shares during the period. Victory Capital Management Inc.’s holdings in Upwork were worth $1,222,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Russell Investments Group Ltd. increased its position in shares of Upwork by 28.4% during the first quarter. Russell Investments Group Ltd. now owns 68,531 shares of the company’s stock worth $840,000 after purchasing an additional 15,146 shares in the last quarter. Vanguard Group Inc. boosted its stake in Upwork by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after purchasing an additional 770,088 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Upwork by 4.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 126,581 shares of the company’s stock worth $1,553,000 after buying an additional 5,050 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Upwork in the first quarter valued at about $567,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Upwork in the first quarter worth about $1,987,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Stock Up 0.8 %

UPWK opened at $16.83 on Wednesday. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 26.71 and a beta of 1.49. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $17.79. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18. The business has a 50-day moving average of $12.43 and a two-hundred day moving average of $11.25.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results 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. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm had revenue of $193.78 million during the quarter, compared to the consensus estimate of $185.55 million. During the same quarter in the previous year, the business earned $0.12 earnings per share. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, research analysts expect that Upwork Inc. will post 0.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Royal Bank of Canada decreased their target price on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. Piper Sandler reiterated an “overweight” rating and set a $18.00 price objective (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. The Goldman Sachs Group upped their target price on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Roth Mkm lifted their price target on Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, JMP Securities boosted their price target on shares of Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a research 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Insiders Place Their Bets

In related news, VP Dave Bottoms sold 10,508 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.86, for a total value of $166,656.88. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Olivier Marie sold 9,153 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.92, for a total transaction of $145,715.76. Following the completion of the sale, the chief accounting officer now directly owns 1,294 shares in the company, valued at approximately $20,600.48. This trade represents a 87.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 199,808 shares of company stock worth $2,501,163 in the last quarter. 7.60% of the stock is owned by corporate insiders.

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.