Penserra Capital Management LLC Decreases Stock Position in Upwork Inc. (NASDAQ:UPWK)

Penserra Capital Management LLC reduced its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 18.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 281,015 shares of the company's stock after selling 64,839 shares during the quarter. Penserra Capital Management LLC owned about 0.21% of Upwork worth $2,936,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of UPWK. Vanguard Group Inc. raised its stake in shares of Upwork by 5.1% during the first 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. Divisadero Street Capital Management LP grew its position in shares of Upwork by 32.9% during the 2nd quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company's stock worth $35,700,000 after buying an additional 822,518 shares in the last quarter. Dimensional Fund Advisors LP increased its stake 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 valued at $19,424,000 after buying an additional 389,006 shares during the period. Acadian Asset Management LLC raised its holdings 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 valued at $17,572,000 after acquiring an additional 679,028 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Upwork by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,011,508 shares of the company's stock worth $10,570,000 after acquiring an additional 14,680 shares during the period. Institutional investors own 77.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on UPWK shares. JMP Securities increased their price objective on shares of Upwork from $14.00 to $18.00 and gave the company a "market outperform" rating in a research note on Thursday, November 7th. Roth Mkm increased their target price on shares of Upwork from $13.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. 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. The Goldman Sachs Group increased their price objective on Upwork from $21.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Finally, Royal Bank of Canada dropped their target price on Upwork from $15.00 to $11.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Upwork has a consensus rating of "Moderate Buy" and an average price target of $17.00.

Upwork Stock Up 0.8 %

NASDAQ UPWK traded up $0.13 on Tuesday, hitting $16.83. 2,863,773 shares of the stock were exchanged, compared to its average volume of 2,188,178. The company has a market cap of $2.25 billion, a PE ratio of 26.51 and a beta of 1.49. The company has a 50-day moving average price of $12.43 and a 200-day moving average price of $11.25. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly 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 return on equity of 22.84% and a net margin of 11.26%. The firm had revenue of $193.78 million during the quarter, compared to the consensus estimate of $185.55 million. During the same period in the prior year, the company posted $0.12 earnings per share. The firm's quarterly revenue was up 10.3% compared to the same quarter last year. Sell-side analysts anticipate that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Insider Activity at Upwork

In other news, CEO Hayden Brown sold 20,000 shares of the company's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $10.01, for a total transaction of $200,200.00. Following the completion of the sale, the chief executive officer now owns 1,170,561 shares in the company, valued at $11,717,315.61. This represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Olivier Marie sold 9,153 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.92, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 199,808 shares of company stock valued at $2,501,163 in the last three months. 7.60% of the stock is currently owned by company 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.