Invenomic Capital Management LP Sells 799,321 Shares of Upwork Inc. (NASDAQ:UPWK)

Invenomic Capital Management LP lowered its holdings in Upwork Inc. (NASDAQ:UPWKFree Report) by 65.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 414,908 shares of the company’s stock after selling 799,321 shares during the quarter. Invenomic Capital Management LP owned approximately 0.30% of Upwork worth $6,170,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of UPWK. Quadrant Capital Group LLC lifted its position in Upwork by 67.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock valued at $30,000 after acquiring an additional 803 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in shares of Upwork during the 4th quarter valued at $33,000. Sherbrooke Park Advisers LLC acquired a new stake in shares of Upwork in the 3rd quarter worth $135,000. AXQ Capital LP purchased a new position in Upwork during the 3rd quarter worth $189,000. Finally, Victory Capital Management Inc. increased its position in Upwork by 24.2% during the 4th quarter. Victory Capital Management Inc. now owns 16,200 shares of the company’s stock valued at $241,000 after buying an additional 3,156 shares in the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on UPWK. UBS Group upped their price objective on shares of Upwork from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, February 15th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Upwork in a research note on Wednesday, May 15th. BTIG Research upgraded shares of Upwork from a “neutral” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Thursday, May 2nd. JMP Securities raised their target price on Upwork from $16.00 to $17.00 and gave the company a “market outperform” rating in a research report on Thursday, February 15th. Finally, The Goldman Sachs Group upped their price target on Upwork from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, February 15th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.80.

Read Our Latest Analysis on UPWK

Upwork Stock Down 0.7 %

Shares of UPWK opened at $10.64 on Tuesday. The stock has a 50 day moving average price of $11.55 and a 200 day moving average price of $13.05. The company has a debt-to-equity ratio of 1.02, a quick ratio of 2.93 and a current ratio of 2.93. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 30.40 and a beta of 1.56. Upwork Inc. has a one year low of $8.41 and a one year high of $16.36.

Upwork (NASDAQ:UPWKGet Free Report) last issued its earnings results on Wednesday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $190.94 million during the quarter, compared to analysts’ expectations of $186.71 million. Upwork had a net margin of 6.70% and a return on equity of 13.96%. Equities research analysts forecast that Upwork Inc. will post 0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Upwork news, VP Dave Bottoms sold 2,843 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $13.22, for a total transaction of $37,584.46. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Upwork news, VP Dave Bottoms sold 2,843 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $13.22, for a total value of $37,584.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Elizabeth A. Nelson sold 70,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.79, for a total value of $825,300.00. Following the completion of the transaction, the director now owns 32,616 shares in the company, valued at $384,542.64. The disclosure for this sale can be found here. Insiders have sold 204,548 shares of company stock valued at $2,402,459 in the last ninety days. 7.60% of the stock is currently owned by corporate insiders.

Upwork Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Upwork (NASDAQ:UPWK)

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