Bristlecone Advisors LLC Boosts Holdings in Upwork Inc. (NASDAQ:UPWK)

Bristlecone Advisors LLC raised its holdings in Upwork Inc. (NASDAQ:UPWK) by 54.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,113 shares of the company’s stock after buying an additional 23,090 shares during the quarter. Bristlecone Advisors LLC’s holdings in Upwork were worth $1,065,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV boosted its holdings in Upwork by 45.4% in the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after acquiring an additional 1,497 shares during the period. Quarry LP boosted 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. The Manufacturers Life Insurance Company boosted its holdings in Upwork by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock worth $718,000 after acquiring an additional 2,063 shares during the period. Citizens Financial Group Inc. RI boosted its holdings in Upwork by 18.4% in 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 period. Finally, CWM LLC boosted its holdings in Upwork by 71.9% in the 3rd quarter. CWM LLC now owns 5,896 shares of the company’s stock worth $62,000 after acquiring an additional 2,467 shares during the period. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Insider Transactions at Upwork

In related news, CEO Hayden Brown sold 8,997 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $17.12, for a total transaction of $154,028.64. Following the completion of the transaction, the chief executive officer now owns 1,238,156 shares of the company’s stock, valued at $21,197,230.72. This trade represents a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Dave Bottoms sold 5,360 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $17.11, for a total value of $91,709.60. Following the sale, the vice president now directly owns 9,642 shares of the company’s stock, valued at approximately $164,974.62. This represents a 35.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 184,186 shares of company stock valued at $3,056,877. 7.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

UPWK has been the subject of a number of analyst reports. Citigroup upped their price target on Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. Jefferies Financial Group upped their target price on Upwork from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, January 6th. The Goldman Sachs Group upped their target price on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. UBS Group upped their target price on Upwork from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Finally, Roth Mkm upped their target price on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Upwork currently has an average rating of “Moderate Buy” and a consensus target price of $18.09.

Upwork Trading Down 0.1 %

NASDAQ:UPWK opened at $15.75 on Tuesday. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of 25.00 and a beta of 1.57. The business has a fifty day moving average of $16.46 and a 200-day moving average of $13.36. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18.

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.