Baillie Gifford & Co. Has $34.41 Million Holdings in Upwork Inc. (NASDAQ:UPWK)

Baillie Gifford & Co. trimmed its stake in Upwork Inc. (NASDAQ:UPWK) by 9.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,292,305 shares of the company’s stock after selling 324,706 shares during the period. Baillie Gifford & Co. owned about 2.49% of Upwork worth $34,405,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Canada Pension Plan Investment Board grew its position in Upwork by 186.8% during the second quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company’s stock worth $3,299,000 after buying an additional 199,900 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Upwork by 5.1% during the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after purchasing an additional 770,088 shares during the period. Edgestream Partners L.P. bought a new position in Upwork in the first quarter worth $3,165,000. Acadian Asset Management LLC lifted its position in Upwork by 19.0% in the first quarter. Acadian Asset Management LLC now owns 956,574 shares of the company’s stock worth $11,720,000 after purchasing an additional 152,539 shares during the period. Finally, Bayesian Capital Management LP acquired a new stake in shares of Upwork during the 1st quarter valued at about $567,000. Institutional investors own 77.71% of the company’s stock.

Upwork Stock Performance

Shares of Upwork stock opened at $15.73 on Wednesday. The firm has a 50 day simple moving average of $11.38 and a 200 day simple moving average of $11.05. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18. The firm has a market cap of $2.10 billion, a P/E ratio of 24.97 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The company had revenue of $193.78 million during the quarter, compared to analysts’ expectations of $185.55 million. During the same period last year, the firm earned $0.12 EPS. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. Sell-side analysts predict that Upwork Inc. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. BTIG Research increased their target price on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler restated an “overweight” rating and issued a $18.00 target price (up previously from $13.00) on shares of Upwork in a research note on Thursday, November 7th. JMP Securities increased their target price on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Royal Bank of Canada cut their price target on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Finally, UBS Group decreased their price objective on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.00.

Insiders Place Their Bets

In other news, CFO Erica Gessert sold 4,491 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $47,469.87. Following the transaction, the chief financial officer now owns 111,255 shares of the company’s stock, valued at approximately $1,175,965.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Erica Gessert sold 4,491 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $47,469.87. Following the transaction, the chief financial officer now directly owns 111,255 shares in the company, valued at $1,175,965.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $304,032.90. Following the sale, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 176,417 shares of company stock valued at $1,796,843. 7.60% of the stock is currently owned by insiders.

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.