Toroso Investments LLC lessened its position in Upwork Inc. (NASDAQ:UPWK) by 9.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,065 shares of the company’s stock after selling 2,762 shares during the quarter. Toroso Investments LLC’s holdings in Upwork were worth $1,461,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Upwork by 11.6% in the second quarter. Vanguard Group Inc. now owns 10,741,853 shares of the company’s stock valued at $626,144,000 after acquiring an additional 1,117,923 shares in the last quarter. BlackRock Inc. lifted its position in shares of Upwork by 12.9% in the second quarter. BlackRock Inc. now owns 7,499,740 shares of the company’s stock valued at $437,160,000 after acquiring an additional 854,679 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Upwork by 9.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,331,845 shares of the company’s stock valued at $328,247,000 after acquiring an additional 610,124 shares in the last quarter. Baillie Gifford & Co. lifted its position in shares of Upwork by 7.7% in the second quarter. Baillie Gifford & Co. now owns 5,640,723 shares of the company’s stock valued at $328,799,000 after acquiring an additional 403,950 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Upwork by 150.8% in the first quarter. Morgan Stanley now owns 2,695,454 shares of the company’s stock valued at $120,674,000 after acquiring an additional 1,620,910 shares in the last quarter. Institutional investors and hedge funds own 64.45% of the company’s stock.
In other Upwork news, VP Eric Gilpin sold 3,324 shares of Upwork stock in a transaction dated Wednesday, August 18th. The stock was sold at an average price of $40.77, for a total transaction of $135,519.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hayden Brown sold 1,281 shares of Upwork stock in a transaction dated Monday, July 19th. The stock was sold at an average price of $50.17, for a total value of $64,267.77. Following the sale, the chief executive officer now directly owns 700,311 shares of the company’s stock, valued at $35,134,602.87. The disclosure for this sale can be found here. Insiders have sold a total of 65,687 shares of company stock valued at $3,027,744 over the last three months. 25.30% of the stock is currently owned by insiders.
Upwork (NASDAQ:UPWK) last released its earnings results on Thursday, July 29th. The company reported ($0.13) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.02). Upwork had a negative return on equity of 8.77% and a negative net margin of 5.94%. The company had revenue of $124.18 million for the quarter, compared to analyst estimates of $120.82 million. As a group, analysts expect that Upwork Inc. will post -0.42 EPS for the current year.
UPWK has been the topic of several research reports. Needham & Company LLC restated a “buy” rating and issued a $57.00 target price on shares of Upwork in a research report on Wednesday, September 15th. TheStreet upgraded Upwork from a “d” rating to a “c-” rating in a research report on Monday, October 4th. Bank of America initiated coverage on Upwork in a research report on Friday, October 1st. They set a “buy” rating and a $65.00 price objective on the stock. MKM Partners lifted their price objective on Upwork from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, July 30th. Finally, Zacks Investment Research upgraded Upwork from a “sell” rating to a “hold” rating in a research report on Thursday, September 30th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Upwork presently has an average rating of “Buy” and an average price target of $61.36.
Upwork, Inc operates an online marketplace that enables businesses to find, hire, and pay freelancers for short-term and longer-term projects. Its marketplace offerings include Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll. The company was founded by Odysseas Tsatalos and Efstratios Karamanlakis in December 2013 and is headquartered in San Francisco, CA.
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