Horrell Capital Management Inc. Increases Holdings in Upwork Inc. (NASDAQ:UPWK)

Horrell Capital Management Inc. boosted its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 16.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 540,000 shares of the company's stock after acquiring an additional 75,000 shares during the period. Upwork accounts for about 1.7% of Horrell Capital Management Inc.'s holdings, making the stock its 19th biggest position. Horrell Capital Management Inc. owned approximately 0.41% of Upwork worth $5,643,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Divisadero Street Capital Management LP raised its stake 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 worth $35,700,000 after purchasing an additional 822,518 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Upwork by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company's stock valued at $196,115,000 after buying an additional 770,088 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Upwork by 71.0% in the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company's stock worth $17,572,000 after buying an additional 679,028 shares in the last quarter. Invenomic Capital Management LP boosted its stake in Upwork by 132.5% during the first quarter. Invenomic Capital Management LP now owns 964,641 shares of the company's stock valued at $11,826,000 after buying an additional 549,733 shares during the period. Finally, Dimensional Fund Advisors LP boosted 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 valued at $19,424,000 after acquiring an additional 389,006 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company's stock.

Insider Buying and Selling

In other news, CFO Erica Gessert sold 4,491 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the transaction, the chief financial officer now directly owns 111,255 shares in the company, valued at approximately $1,175,965.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Erica Gessert sold 4,491 shares of the business's stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the sale, the chief financial officer now directly owns 111,255 shares of the company's stock, valued at approximately $1,175,965.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Dave Bottoms sold 5,626 shares of the firm's stock in a transaction on Wednesday, September 18th. The stock was 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 $160,621.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 176,783 shares of company stock worth $1,800,221. Corporate insiders own 7.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on UPWK. 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. Piper Sandler reduced their price objective on Upwork from $20.00 to $13.00 and set an "overweight" rating on the stock in a research note on Thursday, August 8th. Canaccord Genuity Group dropped their price target on Upwork from $19.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, August 8th. UBS Group reduced their price objective on shares of Upwork from $12.00 to $11.00 and set a "neutral" rating on the stock in a research report on Thursday, August 8th. Finally, Royal Bank of Canada decreased their target price on Upwork from $15.00 to $11.00 and set a "sector perform" rating for the company in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $15.27.

Upwork Stock Performance

NASDAQ UPWK traded up $0.98 during trading hours on Tuesday, hitting $13.55. 3,222,086 shares of the company's stock traded hands, compared to its average volume of 2,122,495. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $16.36. The business's fifty day moving average price is $10.27 and its two-hundred day moving average price is $10.79. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $1.79 billion, a P/E ratio of 24.05 and a beta of 1.54.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The firm had revenue of $193.13 million for the quarter, compared to the consensus estimate of $193.05 million. During the same period last year, the firm earned ($0.03) EPS. The company's revenue was up 14.5% on a year-over-year basis. Equities research analysts predict that Upwork Inc. will post 0.51 EPS for the current 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.