Two Sigma Advisers LP Sells 308,700 Shares of Upwork Inc. (NASDAQ:UPWK)

Two Sigma Advisers LP cut its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 22.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,062,400 shares of the company's stock after selling 308,700 shares during the quarter. Two Sigma Advisers LP owned 0.79% of Upwork worth $11,102,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in UPWK. Divisadero Street Capital Management LP grew its holdings in 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 acquiring an additional 822,518 shares during the last quarter. Invenomic Capital Management LP lifted its position in shares of Upwork by 12.5% in the 3rd quarter. Invenomic Capital Management LP now owns 2,334,612 shares of the company's stock worth $24,397,000 after purchasing an additional 260,274 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Upwork by 27.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company's stock worth $19,424,000 after purchasing an additional 389,006 shares during the period. Acadian Asset Management LLC lifted its position in shares of Upwork by 71.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company's stock worth $17,572,000 after purchasing an additional 679,028 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Upwork by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,011,508 shares of the company's stock worth $10,570,000 after purchasing an additional 14,680 shares during the period. 77.71% of the stock is owned by institutional investors.

Insider Transactions at Upwork

In related news, CAO Olivier Marie sold 9,153 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $15.92, for a total value of $145,715.76. Following the sale, the chief accounting officer now directly owns 1,294 shares of the company's stock, valued at $20,600.48. This trade represents a 87.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Dave Bottoms sold 5,626 shares of the firm's stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $59,466.82. Following the completion of the sale, the vice president now directly owns 15,196 shares in the company, valued at $160,621.72. This represents a 27.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 214,808 shares of company stock valued at $2,756,163. 7.60% of the stock is currently owned by corporate insiders.

Upwork Stock Performance

UPWK traded down $0.25 during trading on Tuesday, hitting $17.24. 1,379,329 shares of the company traded hands, compared to its average volume of 2,179,547. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The firm has a market cap of $2.30 billion, a P/E ratio of 27.76 and a beta of 1.58. Upwork Inc. has a one year low of $8.43 and a one year high of $17.79. The stock's fifty day moving average is $13.73 and its 200 day moving average is $11.62.

Upwork (NASDAQ:UPWK - Get Free Report) last issued its 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 net margin of 11.26% and a return on equity of 22.84%. The firm had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. During the same quarter last year, the business earned $0.12 earnings per share. The company's quarterly revenue was up 10.3% on a year-over-year basis. 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 analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of Upwork from $21.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Roth Mkm boosted 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 reiterated an "overweight" rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. JMP Securities upped their price objective on shares of Upwork from $14.00 to $18.00 and gave the stock a "market outperform" rating in a report on Thursday, November 7th. Finally, UBS Group upped their price objective on shares of Upwork from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $18.36.

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.