Upwork Inc. (NASDAQ:UPWK) Shares Sold by Advantage Alpha Capital Partners LP

Advantage Alpha Capital Partners LP cut its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 43.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 175,259 shares of the company's stock after selling 136,324 shares during the quarter. Advantage Alpha Capital Partners LP owned approximately 0.13% of Upwork worth $1,831,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. KBC Group NV raised its position in Upwork by 45.4% in the 3rd quarter. KBC Group NV now owns 4,791 shares of the company's stock valued at $50,000 after purchasing an additional 1,497 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Upwork by 0.6% in the second quarter. Federated Hermes Inc. now owns 318,659 shares of the company's stock valued at $3,426,000 after buying an additional 1,996 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Upwork by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company's stock worth $718,000 after buying an additional 2,063 shares during the period. Citizens Financial Group Inc. RI grew its holdings in shares of Upwork by 18.4% during the third quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company's stock worth $143,000 after buying an additional 2,129 shares during the last quarter. Finally, Quarry LP increased its position in Upwork by 104.2% in the 2nd quarter. Quarry LP now owns 4,350 shares of the company's stock valued at $47,000 after acquiring an additional 2,220 shares during the period. 77.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group lifted their price objective on shares of Upwork from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. BTIG Research upped their price objective on Upwork from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. The Goldman Sachs Group raised their target price on Upwork from $21.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Royal Bank of Canada reduced their price objective on shares of Upwork from $15.00 to $11.00 and set a "sector perform" rating for the company in a research note on Thursday, August 8th. Finally, Citigroup lowered their target price on shares of Upwork from $13.00 to $11.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 25th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Upwork currently has a consensus rating of "Moderate Buy" and an average target price of $17.00.

Upwork Trading Up 0.8 %

Shares of UPWK traded up $0.13 during mid-day trading on Tuesday, reaching $16.83. The company had a trading volume of 2,866,688 shares, compared to its average volume of 2,188,178. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 26.51 and a beta of 1.49. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87. The firm has a fifty day simple moving average of $12.43 and a 200-day simple moving average of $11.25. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.03. The firm had revenue of $193.78 million during the quarter, compared to the consensus estimate of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 earnings per share. On average, sell-side analysts anticipate that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling at Upwork

In other news, VP Dave Bottoms sold 5,626 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $59,466.82. Following the completion of the transaction, the vice president now directly owns 15,196 shares in the company, valued at approximately $160,621.72. This represents a 27.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hayden Brown sold 20,000 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $10.01, for a total transaction of $200,200.00. Following the transaction, the chief executive officer now owns 1,170,561 shares in the company, valued at $11,717,315.61. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 199,808 shares of company stock valued at $2,501,163 over the last three months. 7.60% of the stock is owned by company insiders.

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.