Algert Global LLC Has $1.73 Million Position in Upwork Inc. (NASDAQ:UPWK)

Algert Global LLC cut its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 17.4% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 165,133 shares of the company's stock after selling 34,819 shares during the period. Algert Global LLC owned about 0.12% of Upwork worth $1,726,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. KBC Group NV grew its stake in shares of 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 buying an additional 1,497 shares in the last quarter. Federated Hermes Inc. grew its position in Upwork by 0.6% in the second quarter. Federated Hermes Inc. now owns 318,659 shares of the company's stock worth $3,426,000 after acquiring an additional 1,996 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Upwork by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company's stock worth $718,000 after purchasing an additional 2,063 shares during the last quarter. Citizens Financial Group Inc. RI raised its holdings in shares of Upwork by 18.4% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company's stock valued at $143,000 after purchasing an additional 2,129 shares in the last quarter. Finally, Quarry LP lifted its stake in shares of 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 purchasing an additional 2,220 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on UPWK shares. Royal Bank of Canada cut 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. Citigroup decreased their target price on Upwork from $13.00 to $11.00 and set a "neutral" rating for the company in a research report on Wednesday, September 25th. BTIG Research lifted their price target on shares of Upwork from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. JMP Securities boosted their price objective on shares of Upwork from $14.00 to $18.00 and gave the stock a "market outperform" rating in a research note on Thursday, November 7th. Finally, UBS Group lowered their target price on shares of Upwork from $12.00 to $11.00 and set a "neutral" rating on the stock in a research note on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Upwork has a consensus rating of "Moderate Buy" and a consensus target price of $17.00.

Upwork Trading Up 0.5 %

Shares of UPWK traded up $0.08 during trading hours on Thursday, hitting $16.91. 1,881,805 shares of the stock traded hands, compared to its average volume of 2,186,874. The business has a fifty day moving average of $12.68 and a 200-day moving average of $11.32. 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 market capitalization of $2.26 billion, a PE ratio of 26.84 and a beta of 1.49. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $17.79.

Upwork (NASDAQ:UPWK - Get Free Report) last released its 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 company had revenue of $193.78 million for the quarter, compared to the consensus estimate of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The company's revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.12 EPS. Analysts expect that Upwork Inc. will post 0.65 EPS for the current year.

Insider Buying and Selling at Upwork

In related news, Director Elizabeth A. Nelson sold 75,000 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the sale, the director now directly owns 48,915 shares of the company's stock, valued at approximately $515,564.10. This represents a 60.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hayden Brown sold 20,000 shares of the firm's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $10.01, for a total transaction of $200,200.00. Following the sale, 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. In the last 90 days, insiders sold 199,808 shares of company stock worth $2,501,163. Insiders own 7.60% 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 administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.