Stoneridge Investment Partners LLC Has $271,000 Stake in Upwork Inc. (NASDAQ:UPWK)

Stoneridge Investment Partners LLC increased its stake in Upwork Inc. (NASDAQ:UPWK) by 19.9% in the 4th quarter, Holdings Channel reports. The firm owned 16,566 shares of the company’s stock after purchasing an additional 2,744 shares during the period. Stoneridge Investment Partners LLC’s holdings in Upwork were worth $271,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in UPWK. KBC Group NV raised its position in shares of Upwork by 45.4% in the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after purchasing an additional 1,497 shares during the period. CWM LLC grew its stake in Upwork by 71.9% in the 3rd quarter. CWM LLC now owns 5,896 shares of the company’s stock valued at $62,000 after buying an additional 2,467 shares during the last quarter. Financial Management Professionals Inc. bought a new position in Upwork in the 4th quarter worth $97,000. Quarry LP raised its holdings in Upwork by 42.6% in the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock worth $65,000 after acquiring an additional 1,851 shares during the period. Finally, Citizens Financial Group Inc. RI lifted its position in Upwork by 18.4% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company’s stock worth $143,000 after acquiring an additional 2,129 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

UPWK has been the topic of several research analyst reports. Jefferies Financial Group raised their price target on Upwork from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price target (up from $13.00) on shares of Upwork in a research report on Thursday, November 7th. The Goldman Sachs Group increased their price objective on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Roth Mkm boosted their target price on shares of Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Citigroup increased their price target on shares of Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, November 29th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.09.

Insider Activity

In other Upwork news, CFO Erica Gessert sold 4,279 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $17.11, for a total value of $73,213.69. Following the transaction, the chief financial officer now directly owns 133,093 shares in the company, valued at $2,277,221.23. The trade was a 3.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Elizabeth A. Nelson sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.37, for a total transaction of $1,302,750.00. Following the sale, the director now directly owns 48,915 shares of the company’s stock, valued at approximately $849,653.55. The trade was a 60.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 184,186 shares of company stock worth $3,056,877. Company insiders own 7.60% of the company’s stock.

Upwork Stock Performance

Shares of UPWK stock opened at $15.77 on Friday. The firm has a fifty day moving average of $16.49 and a 200-day moving average of $13.32. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of 25.03 and a beta of 1.57. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $18.14. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.03. The firm had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.12 earnings per share. On average, equities research analysts forecast that Upwork Inc. will post 0.65 earnings per share for the current fiscal 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.