Straightline Group LLC Makes New $534,000 Investment in Upwork Inc. (NASDAQ:UPWK)

Straightline Group LLC bought a new position in Upwork Inc. (NASDAQ:UPWK) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 32,645 shares of the company’s stock, valued at approximately $534,000. Upwork accounts for approximately 0.3% of Straightline Group LLC’s holdings, making the stock its 17th biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP boosted its holdings in shares of Upwork by 42.6% during the third quarter. Quarry LP now owns 6,201 shares of the company’s stock worth $65,000 after purchasing an additional 1,851 shares during the period. Nkcfo LLC purchased a new position in shares of Upwork during the 4th quarter valued at $82,000. SBI Securities Co. Ltd. acquired a new stake in Upwork during the fourth quarter valued at $84,000. Financial Management Professionals Inc. purchased a new position in Upwork in the fourth quarter valued at about $97,000. Finally, KBC Group NV increased its position in Upwork by 39.6% in the 4th quarter. KBC Group NV now owns 6,690 shares of the company’s stock worth $109,000 after purchasing an additional 1,899 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

UPWK has been the subject of several recent research reports. BTIG Research cut Upwork from a “buy” rating to a “neutral” rating in a research note on Friday. Needham & Company LLC increased their price target 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. Roth Mkm reduced their price objective on shares of Upwork from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Scotiabank began coverage on shares of Upwork in a report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 price objective for the company. Finally, JMP Securities restated a “market outperform” rating and set a $18.00 target price on shares of Upwork in a report on Thursday, January 30th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.58.

Upwork Price Performance

Shares of NASDAQ:UPWK opened at $11.96 on Tuesday. The company has a market cap of $1.62 billion, a price-to-earnings ratio of 7.82 and a beta of 1.60. The business has a 50 day moving average price of $14.67 and a 200 day moving average price of $14.59. 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 twelve month low of $8.43 and a twelve month high of $18.14.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data 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 return on equity of 50.83% and a net margin of 28.02%. Research analysts predict that Upwork Inc. will post 0.84 earnings per share for the current year.

Insider Buying and Selling at Upwork

In related news, insider Dave Bottoms sold 5,411 shares of the stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total value of $70,721.77. Following the completion of the sale, the insider now owns 9,593 shares in the company, valued at approximately $125,380.51. This trade represents a 36.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elizabeth A. Nelson sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $17.58, for a total value of $1,318,500.00. Following the sale, the director now owns 16,299 shares in the company, valued at approximately $286,536.42. This represents a 82.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 193,365 shares of company stock valued at $3,050,760 in the last ninety days. Company insiders own 7.60% of the company’s stock.

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.