Northern Trust Corp Acquires New Position in Upwork Inc (UPWK)

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Northern Trust Corp acquired a new position in Upwork Inc (NASDAQ:UPWK) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 267,384 shares of the company’s stock, valued at approximately $4,842,000. Northern Trust Corp owned approximately 0.25% of Upwork as of its most recent SEC filing.

A number of other large investors have also modified their holdings of UPWK. BlackRock Inc. bought a new position in Upwork in the fourth quarter worth approximately $16,901,000. Columbus Circle Investors bought a new position in Upwork in the fourth quarter worth approximately $1,745,000. Bank of New York Mellon Corp bought a new position in Upwork in the fourth quarter worth approximately $612,000. Rhumbline Advisers bought a new position in Upwork in the fourth quarter worth approximately $297,000. Finally, First Mercantile Trust Co. bought a new position in Upwork in the fourth quarter worth approximately $130,000. 35.67% of the stock is owned by institutional investors.

UPWK has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Upwork from a “hold” rating to a “sell” rating in a research note on Wednesday, March 20th. BTIG Research started coverage on Upwork in a research report on Thursday, April 11th. They set a “buy” rating and a $24.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Upwork presently has a consensus rating of “Hold” and an average price target of $22.50.

Shares of UPWK stock opened at $18.76 on Friday. The firm has a market cap of $2.00 billion and a PE ratio of -49.37. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.01 and a current ratio of 2.01. Upwork Inc has a 12-month low of $15.68 and a 12-month high of $25.00.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Thursday, February 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $67.34 million for the quarter, compared to analyst estimates of $65.63 million. On average, analysts predict that Upwork Inc will post -0.16 earnings per share for the current year.

In other news, major shareholder Globespan Management Associate sold 2,000,000 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $18.00, for a total transaction of $36,000,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

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About Upwork

Upwork Inc operates an online platform that connects businesses and freelancers. Its platform comprise freelancers in content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and web development categories. The company was formerly known as Elance-oDesk, Inc and changed its name to Upwork Inc in May 2015.

Further Reading: Balanced Fund

Institutional Ownership by Quarter for Upwork (NASDAQ:UPWK)

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