Alpha DNA Investment Management LLC Buys New Stake in Upwork Inc. (NASDAQ:UPWK)

Alpha DNA Investment Management LLC purchased a new stake in shares of Upwork Inc. (NASDAQ:UPWK) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 27,269 shares of the company’s stock, valued at approximately $446,000.

Other institutional investors have also bought and sold shares of the company. Invesco Ltd. raised its holdings in shares of Upwork by 1,674.0% in the fourth quarter. Invesco Ltd. now owns 1,748,320 shares of the company’s stock worth $28,585,000 after buying an additional 1,649,766 shares during the period. LSV Asset Management bought a new stake in shares of Upwork in the fourth quarter valued at about $18,838,000. Renaissance Technologies LLC lifted its position in shares of Upwork by 70.1% in the 4th quarter. Renaissance Technologies LLC now owns 2,045,115 shares of the company’s stock worth $33,438,000 after purchasing an additional 843,115 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Upwork by 3,932.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 772,607 shares of the company’s stock valued at $12,632,000 after purchasing an additional 753,447 shares in the last quarter. Finally, Norges Bank purchased a new position in Upwork during the fourth quarter valued at approximately $5,951,000. Institutional investors own 77.71% of the company’s stock.

Insiders Place Their Bets

In other Upwork news, insider Dave Bottoms sold 5,411 shares of Upwork stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $70,721.77. Following the sale, the insider now owns 9,593 shares of the company’s stock, valued at $125,380.51. The trade was a 36.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hayden Brown sold 21,122 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total transaction of $341,120.30. Following the transaction, the chief executive officer now owns 1,275,083 shares in the company, valued at $20,592,590.45. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 193,365 shares of company stock worth $3,050,760. 7.60% of the stock is owned by corporate insiders.

Upwork Stock Up 0.6 %

NASDAQ:UPWK opened at $12.74 on Friday. The company’s fifty day moving average price is $13.96 and its 200-day moving average price is $14.67. The firm has a market capitalization of $1.73 billion, a P/E ratio of 8.33 and a beta of 1.60. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39. Upwork Inc. has a 1-year low of $8.43 and a 1-year 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%. As a group, equities research analysts anticipate that Upwork Inc. will post 0.84 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on UPWK shares. Roth Mkm lowered their target price on Upwork from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 13th. BTIG Research downgraded Upwork from a “buy” rating to a “neutral” rating in a research report on Friday, April 4th. Scotiabank began coverage on shares of Upwork in a report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 target price for the company. Royal Bank of Canada increased their price target on shares of Upwork from $16.00 to $18.00 and gave the company a “sector perform” rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC raised their price objective on Upwork from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.58.

Upwork Company 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.