Upwork Inc. (NASDAQ:UPWK) Shares Bought by Bristlecone Advisors LLC

Bristlecone Advisors LLC lifted its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 80.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,023 shares of the company’s stock after acquiring an additional 18,792 shares during the quarter. Bristlecone Advisors LLC’s holdings in Upwork were worth $439,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Divisadero Street Capital Management LP boosted its stake in shares of Upwork by 32.9% in the second quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock valued at $35,700,000 after purchasing an additional 822,518 shares during the period. Vanguard Group Inc. boosted its position in Upwork by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after buying an additional 770,088 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Upwork by 71.0% during the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after acquiring an additional 679,028 shares in the last quarter. Invenomic Capital Management LP increased its position in shares of Upwork by 132.5% during the first quarter. Invenomic Capital Management LP now owns 964,641 shares of the company’s stock worth $11,826,000 after acquiring an additional 549,733 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Upwork by 27.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock worth $19,424,000 after acquiring an additional 389,006 shares in the last quarter. 77.71% of the stock is owned by hedge funds and other institutional investors.

Upwork Price Performance

NASDAQ UPWK opened at $12.36 on Monday. The firm has a market capitalization of $1.63 billion, a PE ratio of 22.47 and a beta of 1.54. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $16.36. The company’s 50 day simple moving average is $10.21 and its 200 day simple moving average is $10.79.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.23 by $0.03. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The firm had revenue of $193.13 million for the quarter, compared to analysts’ expectations of $193.05 million. During the same period in the previous year, the business earned ($0.03) earnings per share. Upwork’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities research analysts forecast that Upwork Inc. will post 0.51 EPS for the current fiscal year.

Analyst Ratings Changes

UPWK has been the subject of a number of recent analyst reports. The Goldman Sachs Group lowered their price objective on Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Citigroup dropped their price target on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. Royal Bank of Canada cut their price objective on Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. Canaccord Genuity Group dropped their target price on shares of Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, Roth Mkm dropped their price target on Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.27.

Insider Activity at Upwork

In other Upwork news, CFO Erica Gessert sold 4,491 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $47,469.87. Following the transaction, the chief financial officer now owns 111,255 shares of the company’s stock, valued at approximately $1,175,965.35. This represents a 0.00 % 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. In related news, CFO Erica Gessert sold 4,491 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $47,469.87. Following the completion of the transaction, the chief financial officer now owns 111,255 shares in the company, valued at $1,175,965.35. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the transaction, the chief executive officer now directly owns 1,190,561 shares in the company, valued at $11,488,913.65. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 176,783 shares of company stock valued at $1,800,221 over the last ninety days. 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.