Swiss National Bank Increases Stake in Upwork Inc. (NASDAQ:UPWK)

Swiss National Bank lifted its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 1.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 250,900 shares of the company’s stock after buying an additional 3,000 shares during the quarter. Swiss National Bank’s holdings in Upwork were worth $11,298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. IPG Investment Advisors LLC grew its holdings in Upwork by 6.4% in the second quarter. IPG Investment Advisors LLC now owns 5,320 shares of the company’s stock worth $310,000 after purchasing an additional 320 shares during the period. Signaturefd LLC grew its holdings in Upwork by 54.8% in the third quarter. Signaturefd LLC now owns 907 shares of the company’s stock worth $41,000 after purchasing an additional 321 shares during the period. Comerica Bank grew its holdings in Upwork by 1.4% in the second quarter. Comerica Bank now owns 28,103 shares of the company’s stock worth $1,137,000 after purchasing an additional 392 shares during the period. IronBridge Private Wealth LLC purchased a new stake in Upwork in the second quarter worth about $30,000. Finally, Banque Cantonale Vaudoise purchased a new stake in Upwork in the third quarter worth about $27,000. Institutional investors own 69.44% of the company’s stock.

Shares of Upwork stock opened at $28.25 on Friday. The company has a market cap of $3.62 billion, a price-to-earnings ratio of -113.00 and a beta of 1.86. The company’s 50 day moving average is $36.26 and its 200 day moving average is $45.42. Upwork Inc. has a twelve month low of $27.65 and a twelve month high of $64.49. The company has a quick ratio of 3.89, a current ratio of 3.89 and a debt-to-equity ratio of 2.12.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings data on Wednesday, October 27th. The company reported ($0.07) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.09). The company had revenue of $128.14 million for the quarter, compared to the consensus estimate of $126.59 million. Upwork had a negative net margin of 6.94% and a negative return on equity of 11.12%. The firm’s revenue for the quarter was up 32.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.02) EPS. Sell-side analysts expect that Upwork Inc. will post -0.43 EPS for the current fiscal year.

A number of brokerages have weighed in on UPWK. The Goldman Sachs Group began coverage on shares of Upwork in a report on Friday, January 7th. They issued a “buy” rating and a $46.00 price objective on the stock. Citigroup upped their target price on shares of Upwork from $72.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, October 28th. TheStreet upgraded shares of Upwork from a “d” rating to a “c-” rating in a research note on Monday, October 4th. Bank of America assumed coverage on shares of Upwork in a research note on Friday, October 1st. They issued a “buy” rating and a $65.00 target price on the stock. Finally, Piper Sandler assumed coverage on shares of Upwork in a research note on Wednesday. They issued an “overweight” rating and a $40.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $61.18.

In other Upwork news, CEO Hayden Brown sold 31,041 shares of the stock in a transaction that occurred on Monday, December 20th. The shares were sold at an average price of $33.35, for a total value of $1,035,217.35. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Jeff Mccombs sold 935 shares of the stock in a transaction that occurred on Thursday, November 18th. The stock was sold at an average price of $42.21, for a total transaction of $39,466.35. The disclosure for this sale can be found here. Insiders sold 251,511 shares of company stock worth $11,627,226 over the last quarter. Insiders own 25.30% of the company’s stock.

Upwork Company Profile

Upwork, Inc operates an online marketplace that enables businesses to find, hire, and pay freelancers for short-term and longer-term projects. Its marketplace offerings include Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll. The company was founded by Odysseas Tsatalos and Efstratios Karamanlakis in December 2013 and is headquartered in San Francisco, CA.

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Institutional Ownership by Quarter for Upwork (NASDAQ:UPWK)

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