Bristlecone Advisors LLC Has $439,000 Holdings in Upwork Inc. (NASDAQ:UPWK)

Bristlecone Advisors LLC grew its position in shares of Upwork Inc. (NASDAQ:UPWK) by 80.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,023 shares of the company’s stock after buying 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 (SEC).

Other large investors have also made changes to their positions in the company. Assenagon Asset Management S.A. raised its position in Upwork by 121.0% during the third quarter. Assenagon Asset Management S.A. now owns 433,934 shares of the company’s stock valued at $4,535,000 after acquiring an additional 237,601 shares in the last quarter. Creative Planning bought a new position in shares of Upwork during the 3rd quarter valued at $207,000. CWM LLC lifted its stake in shares of 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 purchasing an additional 2,467 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in Upwork by 85.3% in the third quarter. Handelsbanken Fonder AB now owns 40,200 shares of the company’s stock worth $420,000 after purchasing an additional 18,500 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Upwork during the second quarter worth $1,279,000. Institutional investors own 77.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on UPWK shares. UBS Group decreased their price target on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Citigroup lowered their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. Royal Bank of Canada dropped their price target on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Roth Mkm lowered their target price on shares of Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Finally, Piper Sandler dropped their target price on shares of Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.27.

Insider Activity at Upwork

In other Upwork news, CFO Erica Gessert sold 20,353 shares of Upwork stock in a transaction on Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $196,406.45. Following the sale, the chief financial officer now owns 107,313 shares in the company, valued at $1,035,570.45. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Upwork news, CFO Erica Gessert sold 20,353 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $196,406.45. Following the completion of the transaction, the chief financial officer now owns 107,313 shares in the company, valued at $1,035,570.45. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Dave Bottoms sold 5,626 shares of Upwork stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $59,466.82. Following the sale, the vice president now directly owns 15,196 shares in the company, valued at $160,621.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 176,783 shares of company stock worth $1,800,221. 7.60% of the stock is owned by corporate insiders.

Upwork Price Performance

Shares of Upwork stock opened at $12.36 on Monday. The firm has a fifty day moving average price of $10.21 and a two-hundred day moving average price of $10.79. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $16.36. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00. The company has a market cap of $1.63 billion, a PE ratio of 22.47 and a beta of 1.54.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating 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 business had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. During the same quarter last year, the company earned ($0.03) earnings per share. The firm’s revenue was up 14.5% on a year-over-year basis. Analysts expect that Upwork Inc. will post 0.51 EPS 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.