King Luther Capital Management Corp Grows Position in Upwork Inc. (NASDAQ:UPWK)

King Luther Capital Management Corp increased its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 23.6% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 261,166 shares of the company's stock after purchasing an additional 49,903 shares during the period. King Luther Capital Management Corp owned 0.20% of Upwork worth $2,729,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in UPWK. Russell Investments Group Ltd. lifted its holdings in Upwork by 28.4% during the 1st quarter. Russell Investments Group Ltd. now owns 68,531 shares of the company's stock worth $840,000 after purchasing an additional 15,146 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Upwork by 8.6% in the 1st quarter. ProShare Advisors LLC now owns 22,483 shares of the company's stock valued at $276,000 after acquiring an additional 1,771 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Upwork by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company's stock valued at $196,115,000 after acquiring an additional 770,088 shares in the last quarter. Shell Asset Management Co. raised its holdings in shares of Upwork by 193.6% in the 1st quarter. Shell Asset Management Co. now owns 8,570 shares of the company's stock valued at $105,000 after acquiring an additional 5,651 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Upwork by 4.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 126,581 shares of the company's stock valued at $1,553,000 after acquiring an additional 5,050 shares in the last quarter. Hedge funds and other institutional investors own 77.71% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on UPWK shares. Canaccord Genuity Group raised their price target on Upwork from $15.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Roth Mkm raised their price target on Upwork from $13.00 to $20.00 and gave the company 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 on the stock in a report on Thursday, August 8th. Royal Bank of Canada reduced their price objective on Upwork from $15.00 to $11.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 8th. Finally, Citigroup reduced their price objective on Upwork from $13.00 to $11.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 25th. Three equities 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, the stock has an average rating of "Moderate Buy" and a consensus price target of $17.00.

Upwork Trading Up 4.2 %

UPWK traded up $0.64 on Friday, hitting $16.02. 2,956,693 shares of the company were exchanged, compared to its average volume of 2,740,188. The firm has a fifty day simple moving average of $12.29 and a two-hundred day simple moving average of $11.23. 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 has a market capitalization of $2.14 billion, a PE ratio of 25.43 and a beta of 1.49.

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, topping the consensus estimate of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The business had revenue of $193.78 million for the quarter, compared to analyst estimates of $185.55 million. During the same period last year, the company earned $0.12 EPS. Upwork's revenue for the quarter was up 10.3% compared to the same quarter last year. Sell-side analysts expect that Upwork Inc. will post 0.65 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Hayden Brown sold 30,672 shares of Upwork stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.13, for a total value of $464,067.36. Following the sale, the chief executive officer now directly owns 1,196,221 shares in the company, valued at approximately $18,098,823.73. This trade represents a 2.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total value of $57,074.58. Following the completion of the sale, the vice president now owns 5,818 shares in the company, valued at approximately $57,074.58. This represents a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 205,626 shares of company stock worth $2,558,237 in the last ninety days. 7.60% of the stock is owned by insiders.

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.