Cache Advisors LLC Buys Shares of 81,000 Upwork Inc. (NASDAQ:UPWK)

Cache Advisors LLC bought a new position in Upwork Inc. (NASDAQ:UPWK) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 81,000 shares of the company’s stock, valued at approximately $1,324,000. Cache Advisors LLC owned about 0.06% of Upwork at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in Upwork by 51.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company’s stock valued at $253,405,000 after acquiring an additional 5,289,493 shares during the period. Invesco Ltd. grew its stake in shares of Upwork by 1,674.0% in the fourth quarter. Invesco Ltd. now owns 1,748,320 shares of the company’s stock worth $28,585,000 after purchasing an additional 1,649,766 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings 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 purchasing an additional 1,534,078 shares during the period. Contour Asset Management LLC acquired a new position in shares of Upwork during the fourth quarter valued at $24,633,000. Finally, LSV Asset Management bought a new stake in shares of Upwork during the fourth quarter valued at about $18,838,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on UPWK. UBS Group raised their target price on shares of Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. JMP Securities raised their price objective on shares of Upwork from $18.00 to $20.00 and gave the company a “market outperform” rating in a research note on Friday, May 16th. Citigroup restated an “outperform” rating on shares of Upwork in a research report on Friday, May 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 price target on shares of Upwork in a research note on Tuesday, May 6th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 price target on shares of Upwork in a research report on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.67.

Upwork Stock Performance

UPWK opened at $15.75 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 firm has a market cap of $2.07 billion, a PE ratio of 10.29 and a beta of 1.52. The business has a fifty day simple moving average of $14.05 and a 200-day simple moving average of $15.29. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $18.14.

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

Insider Transactions at Upwork

In other news, insider Dave Bottoms sold 1,620 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $16.41, for a total value of $26,584.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas Layton sold 250,000 shares of the firm’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.47, for a total value of $4,367,500.00. Following the completion of the sale, the director now directly owns 1,867,769 shares of the company’s stock, valued at approximately $32,629,924.43. This trade represents a 11.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 566,868 shares of company stock valued at $9,478,580 over the last ninety days. Corporate insiders own 7.50% of the company’s stock.

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.