Algert Global LLC Has $1.73 Million Stock Position in Upwork Inc. (NASDAQ:UPWK)

Algert Global LLC lessened its stake in Upwork Inc. (NASDAQ:UPWK) by 17.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 165,133 shares of the company’s stock after selling 34,819 shares during the period. Algert Global LLC owned about 0.12% of Upwork worth $1,726,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Upwork by 5.1% in the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after purchasing an additional 770,088 shares in the last quarter. Divisadero Street Capital Management LP boosted its holdings in shares of Upwork by 32.9% in 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 in the last quarter. Dimensional Fund Advisors LP grew its holdings 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 purchasing an additional 389,006 shares during the last quarter. Acadian Asset Management LLC grew its holdings in Upwork by 71.0% during the 2nd 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 last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Upwork by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,011,508 shares of the company’s stock valued at $10,570,000 after purchasing an additional 14,680 shares during the last quarter. Institutional investors own 77.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 target price (up previously from $13.00) on shares of Upwork in a research note on Thursday, November 7th. JMP Securities boosted their price objective on shares of Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted 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. UBS Group dropped their price objective on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, BTIG Research increased their price target on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Upwork presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Insider Activity at Upwork

In related news, Director Elizabeth A. Nelson sold 75,000 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total value of $790,500.00. Following the completion of the transaction, the director now owns 48,915 shares of the company’s stock, valued at $515,564.10. This represents a 60.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Dave Bottoms sold 5,626 shares of the business’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 sale, the vice president now owns 15,196 shares in the company, valued at $160,621.72. This represents a 27.02 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 199,808 shares of company stock worth $2,501,163. Company insiders own 7.60% of the company’s stock.

Upwork Trading Up 0.5 %

Shares of Upwork stock opened at $16.91 on Thursday. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $17.79. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 26.84 and a beta of 1.49. The business has a fifty day simple moving average of $12.55 and a two-hundred day simple moving average of $11.29. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The company had revenue of $193.78 million for the quarter, compared to the consensus estimate of $185.55 million. During the same quarter in the prior year, the business earned $0.12 earnings per share. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. Research analysts forecast that Upwork Inc. will post 0.65 EPS for the current year.

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.