Semanteon Capital Management LP Invests $667,000 in Upwork Inc. (NASDAQ:UPWK)

Semanteon Capital Management LP acquired a new position in Upwork Inc. (NASDAQ:UPWK) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 40,801 shares of the company’s stock, valued at approximately $667,000.

Several other hedge funds also recently made changes to their positions in UPWK. KBC Group NV grew its stake in shares of 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 purchasing an additional 1,497 shares during the last quarter. Quarry LP grew its stake in shares of Upwork by 42.6% in the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock worth $65,000 after purchasing an additional 1,851 shares during the last quarter. Nkcfo LLC purchased a new position in shares of Upwork in the fourth quarter worth approximately $82,000. SBI Securities Co. Ltd. purchased a new position in shares of Upwork in the fourth quarter worth approximately $84,000. Finally, Financial Management Professionals Inc. purchased a new position in shares of Upwork in the fourth quarter worth approximately $97,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

Insider Buying and Selling at Upwork

In other news, CEO Hayden Brown sold 9,075 shares of Upwork stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total value of $118,610.25. Following the transaction, the chief executive officer now owns 1,223,741 shares of the company’s stock, valued at $15,994,294.87. This trade represents a 0.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dave Bottoms sold 5,411 shares of Upwork stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $70,721.77. Following the completion of the transaction, the insider now directly owns 9,593 shares in the company, valued at approximately $125,380.51. This represents a 36.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 193,365 shares of company stock worth $3,050,760 over the last ninety days. 7.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Scotiabank assumed coverage on shares of Upwork in a research report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 target price on the stock. Roth Mkm dropped their target price on shares of Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Citigroup lifted their target price on shares of Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. UBS Group lifted their target price on shares of Upwork from $18.00 to $19.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Finally, Royal Bank of Canada lifted their target price on shares of Upwork from $16.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.58.

Upwork Price Performance

NASDAQ UPWK opened at $13.57 on Friday. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $1.84 billion, a PE ratio of 8.87 and a beta of 1.61. The company has a 50 day moving average price of $15.39 and a two-hundred day moving average price of $14.27. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $18.14.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. As a group, equities analysts predict that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Upwork Company Profile

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.