Dorsey Asset Management LLC Sells 251,584 Shares of Upwork Inc. (NASDAQ:UPWK)

Dorsey Asset Management LLC reduced its holdings in Upwork Inc. (NASDAQ:UPWK) by 9.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,437,027 shares of the company’s stock after selling 251,584 shares during the quarter. Upwork makes up approximately 3.3% of Dorsey Asset Management LLC’s holdings, making the stock its 9th largest holding. Dorsey Asset Management LLC owned about 1.83% of Upwork worth $27,587,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of UPWK. Russell Investments Group Ltd. lifted its holdings in Upwork by 575.3% during the 1st quarter. Russell Investments Group Ltd. now owns 2,600 shares of the company’s stock worth $29,000 after buying an additional 2,215 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Upwork by 100.6% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 5,452 shares of the company’s stock worth $59,000 after buying an additional 2,734 shares in the last quarter. UBS Group AG lifted its holdings in Upwork by 30.7% during the 3rd quarter. UBS Group AG now owns 4,634 shares of the company’s stock worth $63,000 after buying an additional 1,089 shares in the last quarter. Point72 Middle East FZE acquired a new position in Upwork during the 4th quarter worth $65,000. Finally, Tower Research Capital LLC TRC lifted its holdings in Upwork by 34.6% during the 1st quarter. Tower Research Capital LLC TRC now owns 8,528 shares of the company’s stock worth $96,000 after buying an additional 2,190 shares in the last quarter. 75.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on UPWK. Piper Sandler upped their price objective on Upwork from $13.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday, August 3rd. Needham & Company LLC upped their price objective on Upwork from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. JMP Securities upped their price objective on Upwork from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Thursday, August 3rd. BTIG Research cut shares of Upwork from a “buy” rating to a “neutral” rating in a research report on Monday, August 28th. Finally, Citigroup upped their target price on shares of Upwork from $9.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday, August 7th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Upwork currently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

Upwork Price Performance

UPWK opened at $14.31 on Friday. The company has a quick ratio of 3.06, a current ratio of 3.06 and a debt-to-equity ratio of 1.16. Upwork Inc. has a 12 month low of $6.56 and a 12 month high of $18.58. The company has a fifty day simple moving average of $12.41 and a 200 day simple moving average of $10.63. The stock has a market cap of $1.93 billion, a P/E ratio of -28.62 and a beta of 1.47.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, August 2nd. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.07. Upwork had a negative net margin of 4.33% and a negative return on equity of 10.36%. The business had revenue of $168.61 million during the quarter, compared to analysts’ expectations of $162.71 million. On average, research analysts expect that Upwork Inc. will post -0.08 EPS for the current year.

Insider Activity at Upwork

In related news, CEO Hayden Brown sold 28,485 shares of the company’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $9.14, for a total value of $260,352.90. Following the completion of the sale, the chief executive officer now owns 1,012,262 shares in the company, valued at approximately $9,252,074.68. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Upwork news, CAO Olivier Marie sold 5,835 shares of the stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $15.20, for a total transaction of $88,692.00. Following the completion of the transaction, the chief accounting officer now owns 3,313 shares in the company, valued at approximately $50,357.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hayden Brown sold 28,485 shares of the stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $9.14, for a total value of $260,352.90. Following the transaction, the chief executive officer now owns 1,012,262 shares of the company’s stock, valued at approximately $9,252,074.68. The disclosure for this sale can be found here. Insiders sold a total of 69,043 shares of company stock worth $829,622 in the last quarter. Corporate insiders own 9.00% of the company’s stock.

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 sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development.