Fund 1 Investments LLC Decreases Stock Position in Upwork Inc. (NASDAQ:UPWK)

Fund 1 Investments LLC reduced its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 13.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 283,740 shares of the company’s stock after selling 42,641 shares during the quarter. Fund 1 Investments LLC owned approximately 0.21% of Upwork worth $4,639,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its position in Upwork by 51.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company’s stock worth $253,405,000 after purchasing an additional 5,289,493 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Upwork by 1,674.0% during the fourth quarter. Invesco Ltd. now owns 1,748,320 shares of the company’s stock worth $28,585,000 after buying an additional 1,649,766 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of Upwork by 86.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,303,035 shares of the company’s stock valued at $54,005,000 after buying an additional 1,534,078 shares during the period. Contour Asset Management LLC purchased a new position in shares of Upwork during the fourth quarter valued at approximately $24,633,000. Finally, LSV Asset Management purchased a new stake in Upwork in the 4th quarter worth approximately $18,838,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Price Performance

UPWK stock opened at $16.88 on Friday. The firm has a market cap of $2.22 billion, a P/E ratio of 11.03 and a beta of 1.52. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The stock has a 50-day simple moving average of $13.40 and a 200-day simple moving average of $15.05.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.09. The company had revenue of $192.71 million for the quarter, compared to analyst estimates of $188.49 million. Upwork had a net margin of 28.02% and a return on equity of 50.83%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter last year, the firm posted $0.22 earnings per share. On average, equities analysts predict that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Activity

In other Upwork news, CFO Erica Gessert sold 13,765 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total transaction of $222,304.75. Following the completion of the sale, the chief financial officer now owns 156,828 shares in the company, valued at $2,532,772.20. This trade represents a 8.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dave Bottoms sold 5,411 shares of the 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 $70,721.77. Following the transaction, the insider now owns 9,593 shares of the company’s stock, valued at approximately $125,380.51. This trade represents a 36.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 233,108 shares of company stock worth $3,683,448 over the last ninety days. Corporate insiders own 7.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on UPWK shares. Roth Mkm reduced their price target on Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 target price on shares of Upwork in a research report on Tuesday. JMP Securities restated a “market outperform” rating and issued a $18.00 price target on shares of Upwork in a report on Thursday, January 30th. Scotiabank assumed coverage on shares of Upwork in a report on Wednesday, March 12th. They set a “sector perform” rating and a $15.00 price objective on the stock. Finally, Jefferies Financial Group lowered their target price on shares of Upwork from $21.00 to $20.00 and set a “buy” rating for the company in a report on Monday, April 7th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Upwork currently has an average rating of “Moderate Buy” and a consensus price target of $18.50.

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.