Algert Global LLC Has $1.73 Million Position in Upwork Inc. (NASDAQ:UPWK)

Algert Global LLC lowered its stake in Upwork Inc. (NASDAQ:UPWK) by 17.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 165,133 shares of the company’s stock after selling 34,819 shares during the quarter. Algert Global LLC’s holdings in Upwork were worth $1,726,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of UPWK. Divisadero Street Capital Management LP raised its holdings in Upwork by 32.9% during the second quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock worth $35,700,000 after buying an additional 822,518 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Upwork by 5.1% during the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after purchasing an additional 770,088 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Upwork by 71.0% during the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock worth $17,572,000 after buying an additional 679,028 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Upwork by 27.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock valued at $19,424,000 after acquiring an additional 389,006 shares in the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new stake in shares of Upwork during the second quarter valued at approximately $4,120,000. 77.71% of the stock is owned by institutional investors.

Upwork Stock Up 0.5 %

UPWK opened at $16.91 on Thursday. The firm has a market capitalization of $2.26 billion, a P/E ratio of 26.84 and a beta of 1.49. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18. The company has a fifty day moving average price of $12.55 and a 200-day moving average price of $11.29. Upwork Inc. has a one year low of $8.43 and a one year high of $17.79.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The business had revenue of $193.78 million during the quarter, compared to analysts’ expectations of $185.55 million. During the same quarter in the previous year, the company earned $0.12 EPS. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. Equities research analysts expect that Upwork Inc. will post 0.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on UPWK. Citigroup reduced their price objective on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. UBS Group reduced their price target on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Canaccord Genuity Group raised their price target on shares of Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, JMP Securities boosted their target price on Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Insider Transactions at Upwork

In other Upwork news, VP Dave Bottoms sold 5,626 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $59,466.82. Following the completion of the sale, the vice president now owns 15,196 shares of the company’s stock, valued at $160,621.72. This represents a 27.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Olivier Marie sold 9,153 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $15.92, for a total transaction of $145,715.76. Following the transaction, the chief accounting officer now owns 1,294 shares in the company, valued at $20,600.48. The trade was a 87.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 199,808 shares of company stock worth $2,501,163. 7.60% of the stock is currently owned by corporate insiders.

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.