Fox Run Management L.L.C. Lowers Holdings in Upwork Inc. (NASDAQ:UPWK)

Fox Run Management L.L.C. lowered its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 26.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 30,420 shares of the company’s stock after selling 10,740 shares during the period. Fox Run Management L.L.C.’s holdings in Upwork were worth $497,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its stake in Upwork by 133.5% in the 3rd quarter. Victory Capital Management Inc. now owns 116,899 shares of the company’s stock worth $1,222,000 after purchasing an additional 66,842 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Upwork by 40.9% in the third quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company’s stock worth $2,630,000 after buying an additional 73,104 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Upwork by 2,216.8% during the third quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company’s stock worth $5,263,000 after acquiring an additional 481,942 shares during the last quarter. Verition Fund Management LLC purchased a new position in Upwork during the third quarter valued at $8,369,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Upwork by 72.4% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 205,200 shares of the company’s stock valued at $2,144,000 after acquiring an additional 86,200 shares during the last quarter. Institutional investors own 77.71% of the company’s stock.

Insider Activity

In other news, CEO Hayden Brown sold 21,122 shares of Upwork stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total transaction of $341,120.30. Following the completion of the sale, the chief executive officer now owns 1,275,083 shares of the company’s stock, valued at approximately $20,592,590.45. The trade was a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Erica Gessert sold 13,765 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total value of $222,304.75. Following the completion of the transaction, the chief financial officer now directly owns 156,828 shares in the company, valued at approximately $2,532,772.20. This trade represents a 8.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 193,365 shares of company stock valued at $3,050,760. 7.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have commented on UPWK shares. Citigroup increased their price objective on shares of Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, November 29th. Royal Bank of Canada raised their price target on Upwork from $16.00 to $18.00 and gave the company a “sector perform” rating in a report on Thursday, February 13th. JMP Securities reaffirmed a “market outperform” rating and set a $18.00 price objective on shares of Upwork in a report on Thursday, January 30th. Needham & Company LLC boosted their price target on shares of Upwork from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Finally, Roth Mkm decreased their price target on shares of Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.58.

Upwork Stock Up 0.7 %

Shares of NASDAQ UPWK opened at $13.90 on Wednesday. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The firm has a 50-day simple moving average of $15.30 and a two-hundred day simple moving average of $14.39. The company has a market cap of $1.88 billion, a P/E ratio of 9.09 and a beta of 1.61. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39.

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