Wealthsource Partners LLC Invests $301,000 in Upwork Inc. (NASDAQ:UPWK)

Wealthsource Partners LLC acquired a new position in shares of Upwork Inc. (NASDAQ:UPWK – Get Rating) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 22,081 shares of the company’s stock, valued at approximately $301,000.

A number of other hedge funds have also recently added to or reduced their stakes in UPWK. ATOMVEST Ltd bought a new position in Upwork during the 2nd quarter worth $51,719,000. Capital International Investors increased its stake in Upwork by 77.4% during the 1st quarter. Capital International Investors now owns 1,378,604 shares of the company’s stock worth $32,039,000 after acquiring an additional 601,358 shares during the period. Cubist Systematic Strategies LLC increased its stake in Upwork by 582.1% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 652,536 shares of the company’s stock worth $8,888,000 after acquiring an additional 556,866 shares during the period. Two Sigma Investments LP increased its stake in Upwork by 78.3% during the 3rd quarter. Two Sigma Investments LP now owns 1,060,967 shares of the company’s stock worth $14,450,000 after acquiring an additional 465,945 shares during the period. Finally, Macquarie Group Ltd. increased its stake in Upwork by 35.1% during the 2nd quarter. Macquarie Group Ltd. now owns 1,490,490 shares of the company’s stock worth $30,824,000 after acquiring an additional 387,212 shares during the period. Institutional investors own 74.05% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on UPWK. The Goldman Sachs Group reduced their target price on Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, February 17th. Piper Sandler reduced their target price on Upwork from $20.00 to $15.00 and set an “overweight” rating on the stock in a report on Friday, January 6th. BTIG Research reduced their target price on Upwork from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, February 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 target price (down previously from $19.00) on shares of Upwork in a report on Thursday, February 16th. Finally, Citigroup began coverage on Upwork in a report on Tuesday, December 13th. They issued a “neutral” rating on the stock. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.09.

Insider Activity at Upwork

In other Upwork news, CEO Hayden Brown sold 30,677 shares of Upwork stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $10.71, for a total transaction of $328,550.67. Following the transaction, the chief executive officer now directly owns 903,857 shares of the company’s stock, valued at approximately $9,680,308.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Upwork news, CEO Hayden Brown sold 30,677 shares of Upwork stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $10.71, for a total transaction of $328,550.67. Following the transaction, the chief executive officer now directly owns 903,857 shares of the company’s stock, valued at approximately $9,680,308.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eric Gilpin sold 11,331 shares of Upwork stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $11.47, for a total value of $129,966.57. Following the transaction, the insider now directly owns 51,188 shares in the company, valued at $587,126.36. The disclosure for this sale can be found here. Insiders have sold a total of 65,300 shares of company stock valued at $725,227 in the last 90 days. 8.90% of the stock is owned by corporate insiders.

Upwork Trading Down 1.4 %

NASDAQ UPWK opened at $10.46 on Wednesday. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 2.27. Upwork Inc. has a twelve month low of $9.79 and a twelve month high of $25.11. The company has a market cap of $1.39 billion, a price-to-earnings ratio of -15.16 and a beta of 1.52. The business’s fifty day moving average is $12.23 and its 200 day moving average is $12.91.

About Upwork

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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.