Kent Lake Capital LLC Purchases 545,271 Shares of Upwork Inc. (NASDAQ:UPWK)

Kent Lake Capital LLC grew its position in Upwork Inc. (NASDAQ:UPWKFree Report) by 178.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 850,000 shares of the company’s stock after purchasing an additional 545,271 shares during the period. Upwork makes up approximately 3.7% of Kent Lake Capital LLC’s holdings, making the stock its 10th largest holding. Kent Lake Capital LLC owned approximately 0.62% of Upwork worth $9,656,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of UPWK. JPMorgan Chase & Co. lifted its stake in shares of Upwork by 7.2% in the 1st quarter. JPMorgan Chase & Co. now owns 173,732 shares of the company’s stock valued at $4,037,000 after purchasing an additional 11,594 shares in the last quarter. Raymond James & Associates lifted its position in Upwork by 3.4% during the 1st quarter. Raymond James & Associates now owns 182,593 shares of the company’s stock worth $4,243,000 after acquiring an additional 5,978 shares in the last quarter. Bank of Montreal Can acquired a new position in Upwork during the 1st quarter worth approximately $4,050,000. Acadian Asset Management LLC acquired a new position in Upwork during the 1st quarter worth approximately $120,000. Finally, MetLife Investment Management LLC lifted its position in Upwork by 56.1% during the 1st quarter. MetLife Investment Management LLC now owns 64,431 shares of the company’s stock worth $1,497,000 after acquiring an additional 23,158 shares in the last quarter. 75.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Gary Steele sold 15,000 shares of the stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $13.77, for a total value of $206,550.00. Following the completion of the sale, the director now owns 61,735 shares in the company, valued at $850,090.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Upwork news, Director Gary Steele sold 15,000 shares of the stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $13.77, for a total transaction of $206,550.00. Following the transaction, the director now directly owns 61,735 shares of the company’s stock, valued at $850,090.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hayden Brown sold 43,714 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $12.86, for a total value of $562,162.04. Following the completion of the sale, the chief executive officer now directly owns 1,165,980 shares in the company, valued at $14,994,502.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 90,565 shares of company stock valued at $1,255,200. 9.00% of the stock is owned by corporate insiders.

Upwork Stock Performance

Shares of NASDAQ UPWK traded down $0.41 during trading on Monday, reaching $13.09. The stock had a trading volume of 1,763,369 shares, compared to its average volume of 2,074,579. The stock has a market cap of $1.80 billion, a PE ratio of 188.14 and a beta of 1.68. The firm’s 50 day moving average price is $14.22 and its two-hundred day moving average price is $13.46. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.01 and a current ratio of 3.01. Upwork Inc. has a one year low of $6.56 and a one year high of $16.36.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on UPWK shares. The Goldman Sachs Group boosted their price target on Upwork from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Thursday, February 15th. Jefferies Financial Group raised Upwork from a “hold” rating to a “buy” rating and boosted their price target for the stock from $13.00 to $20.00 in a research report on Monday, January 8th. JMP Securities boosted their price target on Upwork from $16.00 to $17.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 15th. UBS Group boosted their price target on Upwork from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, February 15th. Finally, Roth Mkm upped their target price on Upwork from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Upwork has an average rating of “Moderate Buy” and an average target price of $16.55.

View Our Latest Stock Report on UPWK

About Upwork

(Free Report)

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 sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development.

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Institutional Ownership by Quarter for Upwork (NASDAQ:UPWK)

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