Smith Group Asset Management LLC Has $380,000 Holdings in Upwork Inc. (NASDAQ:UPWK)

Smith Group Asset Management LLC raised its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 24.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 36,398 shares of the company’s stock after purchasing an additional 7,252 shares during the period. Smith Group Asset Management LLC’s holdings in Upwork were worth $380,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Plato Investment Management Ltd bought a new position in shares of Upwork in the second quarter valued at approximately $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Upwork during the 2nd quarter valued at $29,000. Quarry LP boosted its holdings in Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after acquiring an additional 2,220 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Upwork in the 1st quarter worth $49,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Upwork in the second quarter valued at about $54,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on UPWK shares. Citigroup reduced their price objective on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. Canaccord Genuity Group reduced their target price on Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group dropped their price target on Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. UBS Group reduced their price objective on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Finally, Roth Mkm lowered their target price on Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.27.

Insiders Place Their Bets

In related news, CFO Erica Gessert sold 4,491 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the sale, the chief financial officer now directly owns 111,255 shares in the company, valued at approximately $1,175,965.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Erica Gessert sold 4,491 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the transaction, the chief financial officer now owns 111,255 shares of the company’s stock, valued at approximately $1,175,965.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Dave Bottoms sold 5,818 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the sale, the vice president now directly owns 5,818 shares in the company, valued at $57,074.58. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 176,783 shares of company stock worth $1,800,221 over the last 90 days. Corporate insiders own 7.60% of the company’s stock.

Upwork Price Performance

NASDAQ UPWK opened at $12.57 on Tuesday. The company has a market cap of $1.66 billion, a PE ratio of 22.85 and a beta of 1.54. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. The firm’s 50-day simple moving average is $10.27 and its two-hundred day simple moving average is $10.79. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $16.36.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The company had revenue of $193.13 million for the quarter, compared to analysts’ expectations of $193.05 million. During the same period in the prior year, the company posted ($0.03) EPS. Upwork’s revenue was up 14.5% compared to the same quarter last year. Research analysts predict that Upwork Inc. will post 0.51 earnings per share for the current year.

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.