Financial Gravity Asset Management Inc. Has $3.56 Million Stake in Upwork Inc. (NASDAQ:UPWK)

Financial Gravity Asset Management Inc. boosted its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 12.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 330,949 shares of the company’s stock after buying an additional 35,498 shares during the quarter. Upwork makes up approximately 0.9% of Financial Gravity Asset Management Inc.’s portfolio, making the stock its 27th biggest position. Financial Gravity Asset Management Inc. owned 0.25% of Upwork worth $3,556,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Upwork in the 2nd quarter valued at $29,000. Quadrant Capital Group LLC boosted its position in Upwork by 67.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock valued at $30,000 after acquiring an additional 803 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Upwork during the 1st quarter worth about $49,000. Allspring Global Investments Holdings LLC bought a new position in shares of Upwork in the 2nd quarter worth about $54,000. Finally, Essex Investment Management Co. LLC raised its position in shares of Upwork by 56.2% in the 1st quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock worth $58,000 after acquiring an additional 1,700 shares in the last quarter. Institutional investors own 77.71% of the company’s stock.

Insider Activity at Upwork

In related news, CEO Hayden Brown sold 31,506 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the sale, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at approximately $11,488,913.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Dave Bottoms sold 5,684 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $10.22, for a total value of $58,090.48. Following the transaction, the vice president now owns 9,319 shares in the company, valued at approximately $95,240.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hayden Brown sold 31,506 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the sale, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. The disclosure for this sale can be found here. Insiders have sold a total of 72,462 shares of company stock valued at $707,130 over the last 90 days. Insiders own 7.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Royal Bank of Canada decreased their target price on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. The Goldman Sachs Group cut their price target on Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Canaccord Genuity Group lowered their price objective on shares of Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Roth Mkm cut their target price on shares of Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Finally, Piper Sandler reduced their price target on shares of Upwork from $20.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Upwork currently has an average rating of “Moderate Buy” and a consensus price target of $15.70.

Upwork Stock Down 3.2 %

Upwork stock opened at $9.51 on Friday. The firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 27.17 and a beta of 1.54. The firm’s fifty day moving average price is $10.51 and its two-hundred day moving average price is $11.31. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $16.36. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 0.99.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. The business had revenue of $193.13 million for the quarter, compared to analysts’ expectations of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.03) EPS. On average, equities research analysts predict that Upwork Inc. will post 0.51 earnings per share for the current fiscal year.

About Upwork

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.