Global Endowment Management LP Lowers Holdings in Upwork Inc. (NASDAQ:UPWK)

Global Endowment Management LP reduced its stake in Upwork Inc. (NASDAQ:UPWK - Free Report) by 39.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,791 shares of the company's stock after selling 24,886 shares during the period. Global Endowment Management LP's holdings in Upwork were worth $634,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in UPWK. Jump Financial LLC raised its holdings in shares of Upwork by 82.2% in the 4th quarter. Jump Financial LLC now owns 126,802 shares of the company's stock valued at $2,073,000 after acquiring an additional 57,225 shares in the last quarter. Grandeur Peak Global Advisors LLC bought a new stake in shares of Upwork during the 4th quarter worth $3,665,000. Quinn Opportunity Partners LLC purchased a new stake in Upwork during the fourth quarter valued at about $245,000. LSV Asset Management bought a new position in shares of Upwork during the 4th quarter valued at about $18,838,000. Finally, Raymond James Financial Inc. purchased a new stake in Upwork in the fourth quarter worth approximately $812,000. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Hayden Brown sold 21,122 shares of Upwork stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total value of $341,120.30. Following the sale, the chief executive officer now directly owns 1,275,083 shares of the company's stock, valued at approximately $20,592,590.45. The trade was a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Erica Gessert sold 13,765 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total value of $222,304.75. Following the transaction, the chief financial officer now owns 156,828 shares of the company's stock, valued at $2,532,772.20. This represents a 8.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 193,108 shares of company stock worth $3,046,648 over the last ninety days. Corporate insiders own 7.60% of the company's stock.

Wall Street Analysts Forecast Growth

UPWK has been the topic of several analyst reports. Scotiabank assumed coverage on shares of Upwork in a research note on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 target price on the stock. Royal Bank of Canada increased their price objective on Upwork from $16.00 to $18.00 and gave the stock a "sector perform" rating in a report on Thursday, February 13th. Needham & Company LLC lifted their price target on shares of Upwork from $17.00 to $19.00 and gave the company a "buy" rating in a report on Thursday, February 13th. BTIG Research lowered Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Finally, JMP Securities restated a "market outperform" rating and set a $18.00 target price on shares of Upwork in a report on Thursday, January 30th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.58.

Upwork Stock Performance

Shares of NASDAQ:UPWK traded up $0.38 during midday trading on Tuesday, hitting $12.85. The company had a trading volume of 223,206 shares, compared to its average volume of 2,240,106. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 8.37 and a beta of 1.60. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39. The company has a fifty day moving average of $13.90 and a two-hundred day moving average of $14.74. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $18.14.

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%. On average, equities research analysts expect that Upwork Inc. will post 0.84 EPS for the current fiscal year.

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.