Globeflex Capital L P Has $3.88 Million Holdings in Upwork Inc. (NASDAQ:UPWK)

Globeflex Capital L P increased its holdings in Upwork Inc. (NASDAQ:UPWK) by 11.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 237,562 shares of the company’s stock after buying an additional 24,205 shares during the period. Globeflex Capital L P owned 0.18% of Upwork worth $3,884,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Invenomic Capital Management LP grew its stake in shares of Upwork by 12.5% during the third quarter. Invenomic Capital Management LP now owns 2,334,612 shares of the company’s stock worth $24,397,000 after buying an additional 260,274 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Upwork by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,075,946 shares of the company’s stock valued at $17,592,000 after buying an additional 64,438 shares during the last quarter. Verition Fund Management LLC purchased a new stake in Upwork in the 3rd quarter valued at about $8,369,000. Circumference Group LLC increased its stake in shares of Upwork by 16.1% during the 3rd quarter. Circumference Group LLC now owns 540,000 shares of the company’s stock worth $5,643,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Upwork by 2,216.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company’s stock valued at $5,263,000 after buying an additional 481,942 shares in the last quarter. 77.71% of the stock is owned by institutional investors.

Insider Transactions at Upwork

In other Upwork news, CEO Hayden Brown sold 60,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $14.20, for a total value of $852,000.00. Following the transaction, the chief executive officer now owns 1,215,083 shares of the company’s stock, valued at $17,254,178.60. This represents a 4.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Erica Gessert sold 4,279 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $17.11, for a total transaction of $73,213.69. Following the sale, the chief financial officer now directly owns 133,093 shares in the company, valued at $2,277,221.23. This represents a 3.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 288,187 shares of company stock valued at $4,769,213 over the last 90 days. 7.60% of the stock is currently owned by corporate insiders.

Upwork Stock Up 2.1 %

UPWK stock opened at $12.60 on Friday. The firm has a 50 day moving average of $15.72 and a 200 day moving average of $14.12. The stock has a market capitalization of $1.71 billion, a PE ratio of 8.24 and a beta of 1.61. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $18.14.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share for the quarter, beating 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%. Sell-side analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on UPWK shares. Roth Mkm cut their price target on shares of Upwork from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 13th. JMP Securities restated a “market outperform” rating and issued a $18.00 price objective on shares of Upwork in a research report on Thursday, January 30th. Scotiabank assumed coverage on shares of Upwork in a research report on Wednesday. They set a “sector perform” rating and a $15.00 price target on the stock. Citigroup boosted their price objective on shares of Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Finally, Needham & Company LLC upped their target price on shares of Upwork from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $18.58.

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.