Circumference Group LLC Acquires 75,000 Shares of Upwork Inc. (NASDAQ:UPWK)

Circumference Group LLC lifted its holdings in Upwork Inc. (NASDAQ:UPWK) by 16.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 540,000 shares of the company’s stock after purchasing an additional 75,000 shares during the quarter. Upwork comprises about 5.8% of Circumference Group LLC’s portfolio, making the stock its 6th biggest position. Circumference Group LLC owned approximately 0.40% of Upwork worth $5,643,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Verition Fund Management LLC acquired a new stake in shares of Upwork during the third quarter worth about $8,369,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Upwork by 72.4% during 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 period. BNP Paribas Financial Markets boosted its holdings in shares of Upwork by 40.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company’s stock valued at $2,630,000 after acquiring an additional 73,104 shares during the last quarter. Cerity Partners LLC acquired a new stake in shares of Upwork in the third quarter worth $1,288,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Upwork by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,011,508 shares of the company’s stock worth $10,570,000 after purchasing an additional 14,680 shares during the last quarter. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Upwork news, CAO Olivier Marie sold 9,153 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.92, for a total value of $145,715.76. Following the completion of the sale, the chief accounting officer now owns 1,294 shares in the company, valued at approximately $20,600.48. The trade was a 87.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Dave Bottoms sold 5,626 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $59,466.82. Following the transaction, the vice president now owns 15,196 shares in the company, valued at approximately $160,621.72. This trade represents a 27.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 199,808 shares of company stock valued at $2,501,163. 7.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have commented on UPWK. JMP Securities upped their price objective on Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Citigroup increased their price target on shares of Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday. Canaccord Genuity Group lifted their price objective on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. BTIG Research increased their target price on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their price target on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.73.

Upwork Trading Up 0.4 %

Shares of NASDAQ:UPWK opened at $16.97 on Monday. The company has a market cap of $2.27 billion, a PE ratio of 26.94 and a beta of 1.49. The company’s 50 day moving average is $12.93 and its two-hundred day moving average is $11.38. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $17.79. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87.

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