5 Under-The-Radar Tech Stocks to Buy Now

3. Upwork Inc. (NASDAQ:UPWK)

Number of Hedge Fund Holders: 25

Upwork Inc. (NASDAQ:UPWK) is a California-based company that operates a marketplace for freelancers, connecting businesses with independent professionals and agencies. On July 27, Upwork Inc. (NASDAQ:UPWK) reported a Q2 revenue of $156.9 million, up 26.3% year over year, exceeding market consensus by $9.12 million. The company raised its full-year 2022 revenue guidance to between $612 million and $617 million, versus a consensus of $597.04 million. This represents a 22% year-over-year growth at the midpoint.

On July 28, JMP Securities analyst Andrew Boone maintained an Outperform rating on Upwork Inc. (NASDAQ:UPWK) and lowered the price target on the shares to $33 from $45. The company’s Q2 results were “solid” as gross services volume was slightly under forecasts but revenue outperformed estimates by 6%, the analyst told investors. 

According to Insider Monkey’s Q2 data, Upwork Inc. (NASDAQ:UPWK) was part of 25 hedge fund portfolios, compared to 26 funds in the last quarter. David Brown’s Hawk Ridge Management is the leading position holder in the company, with 3.35 million shares worth $69.4 million.