George Baxter’s Sabrepoint Capital is Buying These 5 Stocks

2. Upwork Inc. (NASDAQ:UPWK)

Baxter’s  Stake Value: $20,984,000

Percentage of George Baxter’s 13F Portfolio: 6.61% 

Number of Hedge Fund Holders: 26

Upwork is a digital platform that connects freelancers, agencies, and talent with businesses looking for freelance services. Initially known as Elance-oDesk, the company rebranded itself in 2015 as Upwork Global Inc. and is one of the largest growing networks of freelancer communities in the world. Sabrepoint Capital holds 360,000 shares in Upwork Inc. (NASDAQ: UPWK) worth over $20.98 million, representing 6.61% of their investment portfolio.

On October 1, Bank of America initiated coverage of Upwork Inc. (NASDAQ: UPWK) with a price target of $65 and a Buy rating, noting the company’s “strong” revenue base and the expansion opportunity amidst the pandemic. Keeping in view the circumstances, Upwork Inc. (NASDAQ: UPWK) launched Talent Scout, a service connecting enterprises with pre-vetted employees by the Upwork specialist recruiters.

Investment firm Spree Capital Advisers shared its stance on  Upwork Inc. (NASDAQ: UPWK) in its Q4 2020 investor letter. Here’s what the firm said:

“Early in the fourth quarter we meaningfully increased our position size in Upwork (UPWK). Upwork is a global employment marketplace that enables businesses to vet, hire, and manage talent as part of their distributed workforce. Upwork facilitates labor and demand side connectivity on a global scale by providing the infrastructure to create trust and to streamline talent sourcing, contracting, analysis and payment. Freelancers benefit from having a reputation ranking system that feeds their marketing channels, allowing them to have access to quality, flexible work and on time compensation. Businesses on the demand side benefit by having extensive access to specialized talent, enabling faster and more cost effective hiring, and by having the strategic optionality inherent in the ability to flex a portion of their workforce based on changing demand requirements…. Click to continue reading.” 

The company saw a decrease in hedge fund sentiment recently. As of the second quarter of 2021, 26 hedge funds out of the 873 funds tracked by Insider Monkey held stakes in Upwork Inc. (NASDAQ: UPWK) worth $427.8 million, down from 32 in the preceding quarter worth $530.9 million.