Global Endowment Management LP Sells 24,886 Shares of Upwork Inc. (NASDAQ:UPWK)

Global Endowment Management LP trimmed its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 39.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,791 shares of the company’s stock after selling 24,886 shares during the period. Global Endowment Management LP’s holdings in Upwork were worth $634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of UPWK. Nkcfo LLC purchased a new stake in shares of Upwork during the fourth quarter worth about $82,000. SBI Securities Co. Ltd. acquired a new stake in shares of Upwork during the 4th quarter valued at about $84,000. Financial Management Professionals Inc. acquired a new position in shares of Upwork during the 4th quarter worth approximately $97,000. KBC Group NV increased its holdings in Upwork by 39.6% in the 4th quarter. KBC Group NV now owns 6,690 shares of the company’s stock worth $109,000 after acquiring an additional 1,899 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new position in Upwork during the fourth quarter worth $191,000. 77.71% of the stock is currently owned by institutional investors.

Insider Activity

In other Upwork news, CEO Hayden Brown sold 21,122 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total value of $341,120.30. Following the sale, the chief executive officer now owns 1,275,083 shares in the company, valued at approximately $20,592,590.45. This trade represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Erica Gessert sold 13,765 shares of Upwork stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total value of $222,304.75. Following the sale, the chief financial officer now directly owns 156,828 shares in the company, valued at $2,532,772.20. The trade was a 8.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 193,365 shares of company stock worth $3,050,760. 7.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on UPWK. Needham & Company LLC upped their price target on shares of Upwork from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. UBS Group raised their price target on shares of Upwork from $18.00 to $19.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Scotiabank began coverage on shares of Upwork in a research report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 target price on the stock. Jefferies Financial Group dropped their price objective on Upwork from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Finally, Roth Mkm cut their target price on shares of Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.58.

Upwork Price Performance

Shares of NASDAQ:UPWK opened at $12.66 on Thursday. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $18.14. The business has a fifty day simple moving average of $14.07 and a 200-day simple moving average of $14.63. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. The company has a market cap of $1.71 billion, a P/E ratio of 8.27 and a beta of 1.60.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. Equities research analysts forecast that Upwork Inc. will post 0.84 EPS for the current year.

Upwork Profile

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.