Invesco Ltd. Boosts Position in Upwork Inc. (NASDAQ:UPWK)

Invesco Ltd. increased its position in shares of Upwork Inc. (NASDAQ:UPWK) by 1,674.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,748,320 shares of the company’s stock after buying an additional 1,649,766 shares during the period. Invesco Ltd. owned 1.31% of Upwork worth $28,585,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of UPWK. Stifel Financial Corp increased its position in Upwork by 228.0% during the third quarter. Stifel Financial Corp now owns 211,569 shares of the company’s stock worth $2,211,000 after purchasing an additional 147,059 shares during the last quarter. SkyView Investment Advisors LLC grew its holdings in shares of 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 purchasing an additional 27,639 shares during the last quarter. Wedmont Private Capital acquired a new stake in Upwork during the 4th quarter worth $544,000. Financial Management Professionals Inc. acquired a new stake in Upwork during the 4th quarter worth approximately $97,000. Finally, KBC Group NV lifted its position in Upwork by 39.6% in the fourth quarter. KBC Group NV now owns 6,690 shares of the company’s stock valued at $109,000 after purchasing an additional 1,899 shares during the period. 77.71% of the stock is owned by institutional investors and hedge funds.

Upwork Stock Performance

UPWK stock opened at $12.74 on Friday. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 8.33 and a beta of 1.60. The firm has a 50 day moving average of $14.01 and a two-hundred day moving average of $14.65. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $18.14.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, equities analysts anticipate that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Insider Activity

In other news, Director Elizabeth A. Nelson sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $17.58, for a total transaction of $1,318,500.00. Following the sale, the director now directly owns 16,299 shares in the company, valued at approximately $286,536.42. The trade was a 82.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Erica Gessert sold 4,316 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $56,410.12. Following the transaction, the chief financial officer now directly owns 160,945 shares of the company’s stock, valued at $2,103,551.15. The trade was a 2.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 193,365 shares of company stock valued at $3,050,760. 7.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on UPWK shares. BTIG Research cut shares of Upwork from a “buy” rating to a “neutral” rating in a research note on Friday, April 4th. Roth Mkm cut their target price on Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Scotiabank started coverage on Upwork in a research report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 target price for the company. UBS Group increased their target price on Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, Royal Bank of Canada lifted their target price on Upwork from $16.00 to $18.00 and gave the company a “sector perform” rating in a research note on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.