Ancient Art L.P. Has $91.98 Million Stock Position in Upwork Inc. $UPWK

Ancient Art L.P. grew its position in shares of Upwork Inc. (NASDAQ:UPWK) by 8.7% in the 4th quarter, HoldingsChannel reports. The fund owned 4,640,814 shares of the company’s stock after buying an additional 372,147 shares during the period. Upwork makes up about 20.8% of Ancient Art L.P.’s holdings, making the stock its 2nd biggest holding. Ancient Art L.P.’s holdings in Upwork were worth $91,981,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Handelsbanken Fonder AB increased its holdings in shares of Upwork by 2.2% during the fourth quarter. Handelsbanken Fonder AB now owns 32,200 shares of the company’s stock valued at $638,000 after acquiring an additional 700 shares in the last quarter. Straightline Group LLC increased its holdings in Upwork by 2.4% during the 4th quarter. Straightline Group LLC now owns 39,222 shares of the company’s stock worth $777,000 after purchasing an additional 920 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Upwork by 4.0% during the 3rd quarter. Raymond James Financial Inc. now owns 24,004 shares of the company’s stock worth $446,000 after purchasing an additional 928 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Upwork by 594.4% during the 4th quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock worth $27,000 after purchasing an additional 1,165 shares in the last quarter. Finally, Clearstead Advisors LLC increased its holdings in Upwork by 998.4% during the 3rd quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock worth $26,000 after purchasing an additional 1,278 shares in the last quarter. Institutional investors own 77.71% of the company’s stock.

Upwork Price Performance

Upwork stock opened at $8.07 on Thursday. Upwork Inc. has a one year low of $7.44 and a one year high of $22.84. The business has a fifty day moving average price of $9.52 and a 200-day moving average price of $14.28. The firm has a market capitalization of $996.81 million, a P/E ratio of 9.96 and a beta of 1.01.

Upwork declared that its board has approved a share buyback program on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 18% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have commented on UPWK shares. Wall Street Zen lowered Upwork from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. UBS Group lowered Upwork from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $20.00 to $10.00 in a report on Friday, May 8th. Royal Bank Of Canada decreased their price objective on Upwork from $20.00 to $9.00 and set a “sector perform” rating for the company in a report on Monday, May 11th. Citizens Jmp downgraded shares of Upwork from an “outperform” rating to a “market perform” rating in a research report on Friday, May 8th. Finally, Weiss Ratings downgraded shares of Upwork from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 12th. Three investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $15.50.

Upwork Company Profile

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.