Arizona State Retirement System Has $346,000 Stock Position in Upwork Inc. (NASDAQ:UPWK)

Arizona State Retirement System lifted its holdings in shares of Upwork Inc. (NASDAQ:UPWK – Get Rating) by 4.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,149 shares of the company’s stock after purchasing an additional 1,440 shares during the quarter. Arizona State Retirement System’s holdings in Upwork were worth $346,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of UPWK. JPMorgan Chase & Co. increased its stake in shares of Upwork by 7.2% during the 1st quarter. JPMorgan Chase & Co. now owns 173,732 shares of the company’s stock worth $4,037,000 after purchasing an additional 11,594 shares during the last quarter. Raymond James & Associates grew its stake in Upwork by 3.4% in the 1st quarter. Raymond James & Associates now owns 182,593 shares of the company’s stock valued at $4,243,000 after buying an additional 5,978 shares during the last quarter. Bank of Montreal Can bought a new stake in Upwork in the 1st quarter valued at $4,050,000. Acadian Asset Management LLC bought a new stake in Upwork in the 1st quarter valued at $120,000. Finally, MetLife Investment Management LLC boosted its holdings in Upwork by 56.1% in the 1st quarter. MetLife Investment Management LLC now owns 64,431 shares of the company’s stock valued at $1,497,000 after purchasing an additional 23,158 shares during the period. Institutional investors and hedge funds own 74.05% of the company’s stock.

Upwork Stock Down 2.8 %

Shares of NASDAQ:UPWK opened at $8.02 on Monday. Upwork Inc. has a one year low of $6.56 and a one year high of $25.05. The company has a 50 day moving average of $9.76 and a 200-day moving average of $11.21. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.99 and a quick ratio of 2.99. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -12.34 and a beta of 1.51.

Insider Transactions at Upwork

In other news, insider Eric Gilpin sold 11,331 shares of Upwork stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $11.47, for a total transaction of $129,966.57. Following the completion of the sale, the insider now owns 51,188 shares in the company, valued at approximately $587,126.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Hayden Brown sold 20,934 shares of Upwork stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $11.47, for a total transaction of $240,112.98. Following the transaction, the chief executive officer now owns 936,553 shares of the company’s stock, valued at approximately $10,742,262.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Eric Gilpin sold 11,331 shares of Upwork stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $11.47, for a total transaction of $129,966.57. Following the completion of the transaction, the insider now directly owns 51,188 shares in the company, valued at approximately $587,126.36. The disclosure for this sale can be found here. Insiders sold a total of 64,952 shares of company stock worth $703,735 in the last quarter. 8.90% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. The Goldman Sachs Group reduced their price target on shares of Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a report on Friday, February 17th. Needham & Company LLC reduced their price objective on shares of Upwork from $18.00 to $11.00 in a report on Thursday, May 4th. BTIG Research reduced their price objective on shares of Upwork from $20.00 to $15.00 in a report on Thursday, May 4th. 888 reaffirmed a “maintains” rating on shares of Upwork in a report on Thursday, May 4th. Finally, Bank of America downgraded shares of Upwork from a “buy” rating to a “neutral” rating and set a $9.00 price objective for the company. in a report on Thursday, May 4th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Upwork has a consensus rating of “Moderate Buy” and an average target price of $16.11.

Upwork Profile

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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.