ATOMVEST Ltd Reduces Stock Holdings in Upwork Inc. (NASDAQ:UPWK)

ATOMVEST Ltd lowered its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 83.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 311,016 shares of the company's stock after selling 1,520,500 shares during the period. Upwork makes up approximately 7.1% of ATOMVEST Ltd's holdings, making the stock its 4th biggest position. ATOMVEST Ltd owned approximately 0.23% of Upwork worth $5,085,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in UPWK. Invenomic Capital Management LP grew its holdings in shares of Upwork by 12.5% in the third quarter. Invenomic Capital Management LP now owns 2,334,612 shares of the company's stock worth $24,397,000 after acquiring an additional 260,274 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Upwork by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,075,946 shares of the company's stock worth $17,592,000 after purchasing an additional 64,438 shares during the last quarter. Verition Fund Management LLC bought a new stake in shares of Upwork during the 3rd quarter valued at about $8,369,000. Circumference Group LLC increased its position in shares of Upwork by 16.1% during the 3rd quarter. Circumference Group LLC now owns 540,000 shares of the company's stock valued at $5,643,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in shares of Upwork by 2,216.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company's stock worth $5,263,000 after purchasing an additional 481,942 shares during the period. Hedge funds and other institutional investors own 77.71% of the company's stock.

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Upwork Price Performance

Shares of UPWK stock traded down $0.45 on Friday, reaching $13.21. The company's stock had a trading volume of 1,441,450 shares, compared to its average volume of 2,233,488. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 8.63 and a beta of 1.61. The stock's fifty day simple moving average is $15.11 and its 200-day simple moving average is $14.45. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. Analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Upwork news, CEO Hayden Brown sold 21,122 shares of Upwork stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total transaction of $341,120.30. Following the completion of the sale, the chief executive officer now directly owns 1,275,083 shares of the company's stock, valued at $20,592,590.45. The trade was a 1.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Erica Gessert sold 4,316 shares of the company's stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total value of $56,410.12. Following the completion of the sale, the chief financial officer now owns 160,945 shares of the company's stock, valued at $2,103,551.15. This represents a 2.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 193,365 shares of company stock valued at $3,050,760 over the last 90 days. Insiders own 7.60% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on UPWK. Jefferies Financial Group upped their target price on shares of Upwork from $19.00 to $20.00 and gave the company a "buy" rating in a report on Monday, January 6th. Roth Mkm reduced their price objective on Upwork from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Needham & Company LLC lifted their target price on Upwork from $17.00 to $19.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. UBS Group raised their price objective on Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Finally, JMP Securities restated a "market outperform" rating and set a $18.00 target price on shares of Upwork in a research note on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $18.58.

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.