Los Angeles Capital Management LLC Sells 87,450 Shares of Upwork Inc. (NASDAQ:UPWK)

Los Angeles Capital Management LLC cut its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 45.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 106,868 shares of the company's stock after selling 87,450 shares during the period. Los Angeles Capital Management LLC owned about 0.08% of Upwork worth $1,117,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in UPWK. Vanguard Group Inc. grew its position 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 purchasing an additional 770,088 shares during the period. Divisadero Street Capital Management LP boosted its holdings in shares of Upwork by 32.9% in the second quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company's stock valued at $35,700,000 after buying an additional 822,518 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Upwork by 27.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company's stock worth $19,424,000 after acquiring an additional 389,006 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Upwork by 71.0% during the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company's stock worth $17,572,000 after acquiring an additional 679,028 shares during the period. Finally, Invenomic Capital Management LP lifted its position in Upwork by 132.5% in the 1st quarter. Invenomic Capital Management LP now owns 964,641 shares of the company's stock valued at $11,826,000 after acquiring an additional 549,733 shares in the last quarter. 77.71% of the stock is owned by institutional investors.

Upwork Stock Performance

Shares of Upwork stock traded down $0.22 during trading on Friday, hitting $14.88. 986,656 shares of the stock were exchanged, compared to its average volume of 2,173,177. 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 company has a fifty day moving average price of $11.60 and a 200-day moving average price of $11.11. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of 23.97 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 announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm had revenue of $193.78 million for the quarter, compared to the consensus estimate of $185.55 million. During the same quarter in the previous year, the business earned $0.12 earnings per share. The business's revenue was up 10.3% compared to the same quarter last year. As a group, equities analysts predict that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on UPWK. Piper Sandler reiterated an "overweight" rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a report on Thursday, November 7th. UBS Group decreased their price objective on Upwork from $12.00 to $11.00 and set a "neutral" rating for the company in a report on Thursday, August 8th. Canaccord Genuity Group boosted their target price on Upwork from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. JMP Securities upped their price target on Upwork from $14.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Thursday, November 7th. Finally, Citigroup lowered their price objective on shares of Upwork from $13.00 to $11.00 and set a "neutral" rating on the stock in a report on Wednesday, September 25th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Upwork has an average rating of "Moderate Buy" and a consensus target price of $17.00.

Insider Activity at Upwork

In other Upwork news, CAO Olivier Marie sold 9,153 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $15.92, for a total value of $145,715.76. Following the transaction, the chief accounting officer now directly owns 1,294 shares of the company's stock, valued at $20,600.48. This represents a 87.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Dave Bottoms sold 5,818 shares of the business's 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 sale, the vice president now owns 5,818 shares of the company's stock, valued at approximately $57,074.58. This represents a 50.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 206,078 shares of company stock worth $2,267,715. Company insiders own 7.60% of the company's stock.

Upwork Company 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.