Coatue Management LLC bought a new stake in shares of Upwork Inc (NASDAQ:UPWK) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 14,123 shares of the company’s stock, valued at approximately $204,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Upwork by 3.6% during the second quarter. Vanguard Group Inc. now owns 7,189,767 shares of the company’s stock valued at $103,820,000 after acquiring an additional 252,000 shares in the last quarter. Capital International Investors raised its stake in Upwork by 97.8% in the first quarter. Capital International Investors now owns 6,345,736 shares of the company’s stock worth $40,930,000 after buying an additional 3,137,000 shares in the last quarter. BlackRock Inc. raised its stake in Upwork by 1.5% in the first quarter. BlackRock Inc. now owns 4,440,580 shares of the company’s stock worth $28,642,000 after buying an additional 67,765 shares in the last quarter. Deutsche Bank AG raised its stake in Upwork by 148.0% in the first quarter. Deutsche Bank AG now owns 2,144,812 shares of the company’s stock worth $13,834,000 after buying an additional 1,279,886 shares in the last quarter. Finally, Baillie Gifford & Co. raised its stake in Upwork by 2.0% in the first quarter. Baillie Gifford & Co. now owns 1,369,700 shares of the company’s stock worth $8,834,000 after buying an additional 27,400 shares in the last quarter. 60.16% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Eric Gilpin sold 2,981 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $15.03, for a total transaction of $44,804.43. Following the sale, the vice president now directly owns 9,341 shares of the company’s stock, valued at $140,395.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gregory C. Gretsch acquired 221,900 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were bought at an average cost of $14.95 per share, for a total transaction of $3,317,405.00. The disclosure for this purchase can be found here. Insiders have sold 41,310 shares of company stock worth $539,644 over the last three months. Corporate insiders own 25.30% of the company’s stock.
Shares of UPWK stock traded down $0.68 during trading hours on Friday, reaching $13.95. 2,427,321 shares of the company’s stock were exchanged, compared to its average volume of 2,387,108. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -53.65 and a beta of 1.71. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.03. Upwork Inc has a fifty-two week low of $5.14 and a fifty-two week high of $17.59. The stock’s 50 day moving average is $14.66 and its 200-day moving average is $11.24.
Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.09) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.09). The firm had revenue of $87.53 million for the quarter, compared to analyst estimates of $80.75 million. Upwork had a negative net margin of 8.91% and a negative return on equity of 11.18%. Equities analysts anticipate that Upwork Inc will post -0.36 EPS for the current year.
UPWK has been the subject of a number of recent research reports. BidaskClub downgraded shares of Upwork from a “buy” rating to a “hold” rating in a research note on Saturday. Stifel Nicolaus reissued a “hold” rating and issued a $17.00 price objective on shares of Upwork in a research note on Wednesday, August 5th. ValuEngine raised shares of Upwork from a “hold” rating to a “buy” rating in a research note on Wednesday, July 15th. Zacks Investment Research raised shares of Upwork from a “sell” rating to a “hold” rating in a research note on Wednesday, June 17th. Finally, MKM Partners started coverage on Upwork in a research report on Wednesday, August 26th. They set a “buy” rating and a $20.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $14.33.
Upwork Inc operates an online marketplace that enables businesses (clients) to find and work with various independent professionals and agencies (freelancers). The company's platform provides access to talent with approximately 5,000 skills across approximately 70 categories, including content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and Web development.
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