Sei Investments Co. Buys 170,293 Shares of Upwork Inc. (NASDAQ:UPWK)

Sei Investments Co. raised its stake in shares of Upwork Inc. (NASDAQ:UPWKGet Rating) by 14.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,315,522 shares of the company’s stock after purchasing an additional 170,293 shares during the quarter. Sei Investments Co. owned 1.01% of Upwork worth $30,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Mudita Advisors LLP lifted its position in Upwork by 24.2% during the first quarter. Mudita Advisors LLP now owns 74,500 shares of the company’s stock valued at $1,732,000 after purchasing an additional 14,500 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Upwork by 22.9% during the first quarter. Dimensional Fund Advisors LP now owns 324,793 shares of the company’s stock worth $7,550,000 after acquiring an additional 60,502 shares in the last quarter. Raymond James Trust N.A. raised its stake in shares of Upwork by 11.3% during the first quarter. Raymond James Trust N.A. now owns 14,750 shares of the company’s stock worth $343,000 after acquiring an additional 1,500 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Upwork by 4.4% during the first quarter. Rhumbline Advisers now owns 125,443 shares of the company’s stock worth $2,915,000 after acquiring an additional 5,255 shares in the last quarter. Finally, MetLife Investment Management LLC raised its stake in shares of Upwork by 56.1% during the first quarter. MetLife Investment Management LLC now owns 64,431 shares of the company’s stock worth $1,497,000 after acquiring an additional 23,158 shares in the last quarter. 75.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on UPWK. JMP Securities decreased their price target on shares of Upwork from $45.00 to $33.00 and set a “market outperform” rating on the stock in a research note on Thursday, July 28th. Royal Bank of Canada assumed coverage on shares of Upwork in a research note on Monday, May 23rd. They issued a “sector perform” rating and a $21.00 target price on the stock. BTIG Research decreased their target price on shares of Upwork from $34.00 to $30.00 in a research note on Monday, July 11th. Needham & Company LLC decreased their target price on shares of Upwork from $33.00 to $27.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Finally, The Goldman Sachs Group reduced their price objective on shares of Upwork from $34.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday, June 9th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.93.

Insider Buying and Selling

In related news, CEO Hayden Brown sold 30,455 shares of the company’s stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $19.26, for a total value of $586,563.30. Following the transaction, the chief executive officer now owns 833,489 shares in the company, valued at approximately $16,052,998.14. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Hayden Brown sold 30,455 shares of the company’s stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $19.26, for a total value of $586,563.30. Following the transaction, the chief executive officer now owns 833,489 shares in the company, valued at approximately $16,052,998.14. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Eric Gilpin sold 5,351 shares of the company’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $18.54, for a total transaction of $99,207.54. Following the completion of the transaction, the insider now owns 31,929 shares in the company, valued at approximately $591,963.66. The disclosure for this sale can be found here. Insiders have sold a total of 49,915 shares of company stock worth $950,620 in the last quarter. Corporate insiders own 8.90% of the company’s stock.

Upwork Stock Performance

Shares of UPWK stock opened at $16.70 on Friday. Upwork Inc. has a 12 month low of $14.85 and a 12 month high of $61.90. The stock has a market cap of $2.18 billion, a PE ratio of -26.94 and a beta of 1.49. The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 2.28. The company’s fifty day moving average price is $19.93 and its 200-day moving average price is $20.27.

Upwork (NASDAQ:UPWKGet Rating) last announced its earnings results on Wednesday, July 27th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.06. Upwork had a negative net margin of 14.28% and a negative return on equity of 31.54%. The firm had revenue of $156.90 million for the quarter, compared to analysts’ expectations of $147.78 million. During the same quarter in the previous year, the business posted ($0.13) EPS. The company’s quarterly revenue was up 26.3% on a year-over-year basis. On average, equities analysts expect that Upwork Inc. will post -0.81 EPS for the current fiscal year.

About Upwork

(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.

Further Reading

Institutional Ownership by Quarter for Upwork (NASDAQ:UPWK)

Receive News & Ratings for Upwork Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Upwork and related companies with MarketBeat.com's FREE daily email newsletter.