Connor Clark & Lunn Investment Management Ltd. Reduces Stock Position in Upwork Inc. (NASDAQ:UPWK)

Connor Clark & Lunn Investment Management Ltd. decreased its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 34.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 64,392 shares of the company's stock after selling 33,135 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Upwork were worth $1,053,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. KBC Group NV boosted its position in Upwork by 45.4% during 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 during the period. Quarry LP boosted its holdings in shares of Upwork by 42.6% during the third quarter. Quarry LP now owns 6,201 shares of the company's stock worth $65,000 after purchasing an additional 1,851 shares during the period. Citizens Financial Group Inc. RI grew its stake in shares of Upwork by 18.4% in the third quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company's stock worth $143,000 after purchasing an additional 2,129 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Upwork by 1.4% in the fourth quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock worth $2,914,000 after purchasing an additional 2,387 shares during the last quarter. Finally, King Luther Capital Management Corp increased its holdings in Upwork by 1.0% during the 4th quarter. King Luther Capital Management Corp now owns 263,802 shares of the company's stock valued at $4,313,000 after purchasing an additional 2,636 shares during the period. Institutional investors own 77.71% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on UPWK. Scotiabank initiated coverage on Upwork in a research report on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 price objective on the stock. JMP Securities reaffirmed a "market outperform" rating and issued a $18.00 price target on shares of Upwork in a research note on Thursday, January 30th. Royal Bank of Canada boosted their price objective on shares of Upwork from $16.00 to $18.00 and gave the company a "sector perform" rating in a research report on Thursday, February 13th. Needham & Company LLC raised their target price 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. Finally, Jefferies Financial Group boosted their price target on shares of Upwork from $19.00 to $20.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $18.58.

Upwork Stock Up 1.7 %

Shares of NASDAQ UPWK traded up $0.23 on Monday, reaching $13.80. 1,387,915 shares of the company's stock traded hands, compared to its average volume of 2,210,134. The business's 50 day simple moving average is $15.39 and its two-hundred day simple moving average is $14.33. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $18.14. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 9.02 and a beta of 1.61. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating 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%. As a group, equities research analysts forecast that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Insider Transactions at Upwork

In related news, Director Elizabeth A. Nelson sold 75,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $17.58, for a total transaction of $1,318,500.00. Following the completion of the sale, the director now owns 16,299 shares of the company's stock, valued at $286,536.42. This trade represents a 82.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dave Bottoms sold 5,411 shares of the company's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total value of $70,721.77. Following the completion of the transaction, the insider now directly owns 9,593 shares in the company, valued at $125,380.51. This trade represents a 36.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 193,365 shares of company stock valued at $3,050,760 in the last quarter. 7.60% of the stock is owned by insiders.

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.