Connor Clark & Lunn Investment Management Ltd. Has $1.02 Million Holdings in Upwork Inc. (NASDAQ:UPWK)

Connor Clark & Lunn Investment Management Ltd. trimmed its position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 57.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 97,527 shares of the company's stock after selling 131,971 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.07% of Upwork worth $1,019,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Divisadero Street Capital Management LP grew its stake in Upwork by 32.9% in 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 acquiring an additional 822,518 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Upwork by 5.1% in the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company's stock valued at $196,115,000 after purchasing an additional 770,088 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Upwork by 71.0% during the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company's stock worth $17,572,000 after purchasing an additional 679,028 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Upwork by 27.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company's stock worth $19,424,000 after purchasing an additional 389,006 shares during the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new stake in Upwork in the 2nd quarter valued at approximately $4,120,000. Hedge funds and other institutional investors own 77.71% of the company's stock.

Insiders Place Their Bets

In other Upwork news, VP Dave Bottoms sold 5,626 shares of Upwork stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $59,466.82. Following the transaction, the vice president now owns 15,196 shares in the company, valued at approximately $160,621.72. The trade was a 27.02 % decrease in their ownership of the stock. 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 firm's stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $10.01, for a total value of $200,200.00. Following the sale, the chief executive officer now owns 1,170,561 shares of the company's stock, valued at $11,717,315.61. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 199,808 shares of company stock worth $2,501,163. 7.60% of the stock is owned by corporate insiders.

Upwork Stock Performance

Shares of NASDAQ:UPWK traded up $0.08 on Thursday, hitting $16.91. The company's stock had a trading volume of 1,881,805 shares, compared to its average volume of 2,186,874. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 26.84 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 Inc. has a 12 month low of $8.43 and a 12 month high of $17.79. The stock's 50-day moving average is $12.68 and its two-hundred day moving average is $11.32.

Upwork (NASDAQ:UPWK - Get Free Report) last announced 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. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The firm had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. During the same quarter in the prior year, the firm posted $0.12 EPS. Upwork's revenue was up 10.3% compared to the same quarter last year. On average, equities research analysts forecast that Upwork Inc. will post 0.65 EPS for the current year.

Analyst Ratings Changes

UPWK has been the subject of several recent analyst reports. BTIG Research raised their price objective on shares of Upwork from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Roth Mkm increased their target price on Upwork from $13.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. UBS Group lowered their price target on Upwork from $12.00 to $11.00 and set a "neutral" rating for the company in a report on Thursday, August 8th. Piper Sandler restated an "overweight" rating and issued a $18.00 target price (up from $13.00) on shares of Upwork in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group increased their price target on Upwork from $21.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $17.00.

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.