Allspring Global Investments Holdings LLC acquired a new position in Upwork Inc. (NASDAQ:UPWK – Get Rating) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 27,632 shares of the company’s stock, valued at approximately $943,000.
Other large investors also recently bought and sold shares of the company. BlackRock Inc. increased its stake in Upwork by 6.8% in the 3rd quarter. BlackRock Inc. now owns 8,009,219 shares of the company’s stock worth $360,654,000 after buying an additional 509,479 shares in the last quarter. Baillie Gifford & Co. increased its stake in Upwork by 5.0% in the 4th quarter. Baillie Gifford & Co. now owns 6,306,603 shares of the company’s stock worth $215,434,000 after buying an additional 300,589 shares in the last quarter. Geode Capital Management LLC increased its stake in Upwork by 19.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,337,110 shares of the company’s stock worth $105,240,000 after buying an additional 385,715 shares in the last quarter. ATOMVEST Ltd increased its stake in Upwork by 4.0% in the 3rd quarter. ATOMVEST Ltd now owns 1,892,312 shares of the company’s stock worth $85,211,000 after buying an additional 72,000 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Upwork by 80.4% in the 3rd quarter. Wellington Management Group LLP now owns 685,044 shares of the company’s stock worth $30,848,000 after buying an additional 305,227 shares in the last quarter. Hedge funds and other institutional investors own 69.59% of the company’s stock.
A number of equities research analysts have issued reports on UPWK shares. Needham & Company LLC cut their price target on Upwork from $60.00 to $42.00 and set a “buy” rating for the company in a research note on Friday, February 11th. TheStreet downgraded shares of Upwork from a “c-” rating to a “d+” rating in a report on Wednesday, January 26th. The Goldman Sachs Group dropped their price objective on shares of Upwork from $46.00 to $44.00 and set a “buy” rating for the company in a report on Friday, February 11th. Canaccord Genuity Group dropped their price objective on shares of Upwork from $45.00 to $40.00 and set a “buy” rating for the company in a report on Friday, March 18th. Finally, Piper Sandler dropped their price objective on shares of Upwork from $40.00 to $30.00 in a report on Tuesday, March 8th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Upwork has an average rating of “Buy” and a consensus target price of $46.75.
Upwork (NASDAQ:UPWK – Get Rating) last announced its quarterly earnings data on Thursday, February 10th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.01). The firm had revenue of $136.86 million during the quarter, compared to the consensus estimate of $131.79 million. Upwork had a negative return on equity of 19.76% and a negative net margin of 11.19%. The firm’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.01 EPS. As a group, equities research analysts expect that Upwork Inc. will post -0.79 EPS for the current year.
In other news, insider Eric Gilpin sold 4,019 shares of the firm’s stock in a transaction that occurred on Friday, February 18th. The shares were sold at an average price of $24.41, for a total transaction of $98,103.79. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Hayden Brown sold 1,405 shares of the firm’s stock in a transaction that occurred on Monday, April 18th. The stock was sold at an average price of $20.02, for a total transaction of $28,128.10. Following the transaction, the chief executive officer now directly owns 798,100 shares in the company, valued at $15,977,962. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 48,889 shares of company stock worth $1,126,129. Corporate insiders own 9.20% of the company’s stock.
Upwork Company Profile (Get Rating)
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 sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development.
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