Bayesian Capital Management LP Makes New $567,000 Investment in Upwork Inc. (NASDAQ:UPWK)

Bayesian Capital Management LP purchased a new position in shares of Upwork Inc. (NASDAQ:UPWK) during the first quarter, Holdings Channel reports. The fund purchased 46,245 shares of the company’s stock, valued at approximately $567,000.

A number of other large investors also recently added to or reduced their stakes in UPWK. Raymond James & Associates acquired a new position in Upwork during the fourth quarter worth $312,000. Shaker Investments LLC OH lifted its stake in Upwork by 78.9% during the fourth quarter. Shaker Investments LLC OH now owns 117,718 shares of the company’s stock worth $1,750,000 after purchasing an additional 51,931 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Upwork during the fourth quarter worth $330,000. Mackenzie Financial Corp acquired a new position in Upwork during the fourth quarter worth $269,000. Finally, Daiwa Securities Group Inc. acquired a new position in Upwork during the fourth quarter worth $33,000. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Stock Performance

Shares of UPWK stock traded down $0.02 during mid-day trading on Wednesday, hitting $11.53. 24,737 shares of the stock were exchanged, compared to its average volume of 1,945,950. The stock’s fifty day simple moving average is $10.93 and its two-hundred day simple moving average is $12.14. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 33.00 and a beta of 1.57. Upwork Inc. has a 12-month low of $9.56 and a 12-month high of $16.36. The company has a debt-to-equity ratio of 1.02, a quick ratio of 2.93 and a current ratio of 2.93.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $190.94 million for the quarter, compared to analyst estimates of $186.71 million. Upwork had a return on equity of 13.96% and a net margin of 6.70%. On average, analysts forecast that Upwork Inc. will post 0.52 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Upwork in a research note on Wednesday, May 15th. UBS Group assumed coverage on Upwork in a research note on Tuesday, July 2nd. They issued a “neutral” rating and a $12.00 price objective on the stock. BTIG Research upgraded Upwork from a “neutral” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Thursday, May 2nd. Royal Bank of Canada dropped their target price on Upwork from $18.00 to $15.00 and set a “sector perform” rating on the stock in a report on Thursday, May 2nd. Finally, Roth Mkm reissued a “buy” rating and issued a $19.00 target price on shares of Upwork in a report on Wednesday, May 15th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Upwork presently has a consensus rating of “Moderate Buy” and an average target price of $17.20.

Insiders Place Their Bets

In related news, CAO Olivier Marie sold 3,106 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $12.13, for a total transaction of $37,675.78. Following the transaction, the chief accounting officer now owns 7,565 shares of the company’s stock, valued at $91,763.45. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CAO Olivier Marie sold 3,106 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $12.13, for a total transaction of $37,675.78. Following the transaction, the chief accounting officer now owns 7,565 shares of the company’s stock, valued at $91,763.45. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Dave Bottoms sold 2,843 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $13.22, for a total value of $37,584.46. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 195,339 shares of company stock valued at $2,269,475. 7.60% of the stock is currently owned by insiders.

Upwork 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.