Financial Management Professionals Inc. Takes Position in Upwork Inc. (NASDAQ:UPWK)

Financial Management Professionals Inc. bought a new position in Upwork Inc. (NASDAQ:UPWK) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 5,931 shares of the company’s stock, valued at approximately $97,000.

Several other institutional investors and hedge funds also recently bought and sold shares of UPWK. Wedmont Private Capital bought a new position in shares of Upwork in the fourth quarter worth about $544,000. SkyView Investment Advisors LLC raised its stake in Upwork by 13.9% during the 3rd quarter. SkyView Investment Advisors LLC now owns 226,375 shares of the company’s stock worth $2,366,000 after acquiring an additional 27,639 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in Upwork during the third quarter valued at approximately $355,000. XTX Topco Ltd boosted its position in shares of Upwork by 198.6% in the third quarter. XTX Topco Ltd now owns 60,509 shares of the company’s stock worth $632,000 after purchasing an additional 40,242 shares during the period. Finally, Tabor Asset Management LP purchased a new stake in shares of Upwork in the third quarter worth $993,000. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Upwork Stock Performance

Upwork stock opened at $16.89 on Monday. The company has a market cap of $2.26 billion, a PE ratio of 26.81 and a beta of 1.59. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The company’s 50-day moving average price is $16.42 and its 200-day moving average price is $12.83.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The company had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. During the same period in the previous year, the firm earned $0.12 earnings per share. Upwork’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities research analysts forecast that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group lifted their target price on shares of Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Roth Mkm increased their target price on Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $17.00 price target on shares of Upwork in a report on Friday. 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. Finally, Piper Sandler reissued an “overweight” rating and issued a $18.00 target price (up previously from $13.00) on shares of Upwork in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.09.

Insider Buying and Selling

In related news, VP Dave Bottoms sold 10,508 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.86, for a total value of $166,656.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Olivier Marie sold 9,153 shares of Upwork stock in a transaction on Friday, November 8th. The shares were sold at an average price of $15.92, for a total value of $145,715.76. Following the sale, the chief accounting officer now directly owns 1,294 shares of the company’s stock, valued at approximately $20,600.48. This trade represents a 87.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 213,590 shares of company stock valued at $3,523,638. Insiders own 7.60% of the company’s stock.

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.