Los Angeles Capital Management LLC Sells 87,450 Shares of Upwork Inc. (NASDAQ:UPWK)

Los Angeles Capital Management LLC trimmed its position in Upwork Inc. (NASDAQ:UPWK) by 45.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,868 shares of the company’s stock after selling 87,450 shares during the quarter. Los Angeles Capital Management LLC owned about 0.08% of Upwork worth $1,117,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Divisadero Street Capital Management LP raised its position in shares of Upwork by 32.9% during the 2nd quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock valued at $35,700,000 after purchasing an additional 822,518 shares during the period. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 770,088 shares during the period. Acadian Asset Management LLC lifted its position in shares of Upwork by 71.0% in the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after acquiring an additional 679,028 shares in the last quarter. Invenomic Capital Management LP lifted its position in shares of Upwork by 132.5% in the first quarter. Invenomic Capital Management LP now owns 964,641 shares of the company’s stock valued at $11,826,000 after acquiring an additional 549,733 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake 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 worth $19,424,000 after acquiring an additional 389,006 shares during the period. Institutional investors own 77.71% of the company’s stock.

Analysts Set New Price Targets

UPWK has been the topic of a number of research analyst reports. JMP Securities boosted their price target on Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Piper Sandler restated an “overweight” rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their price target on shares of Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, November 7th. BTIG Research increased their price objective on shares of Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Royal Bank of Canada reduced their target price on Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $17.00.

Insider Buying and Selling at Upwork

In other news, VP Dave Bottoms sold 5,818 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $9.81, for a total value of $57,074.58. Following the transaction, the vice president now directly owns 5,818 shares in the company, valued at approximately $57,074.58. This represents a 50.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Erica Gessert sold 20,353 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $196,406.45. Following the completion of the transaction, the chief financial officer now directly owns 107,313 shares in the company, valued at $1,035,570.45. This represents a 15.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 206,078 shares of company stock worth $2,267,715 over the last 90 days. Company insiders own 7.60% of the company’s stock.

Upwork Stock Performance

NASDAQ UPWK opened at $15.10 on Friday. The business’s 50 day moving average price is $11.60 and its 200-day moving average price is $11.11. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The company has a market cap of $2.02 billion, a P/E ratio of 23.97 and a beta of 1.49. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18.

Upwork (NASDAQ:UPWK) last announced its earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $185.55 million. During the same quarter in the prior year, the firm posted $0.12 earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. Sell-side analysts predict that Upwork Inc. will post 0.51 earnings per share for the current year.

Upwork Company 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.