Connor Clark & Lunn Investment Management Ltd. Sells 33,135 Shares of Upwork Inc. (NASDAQ:UPWK)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Upwork Inc. (NASDAQ:UPWK) by 34.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 64,392 shares of the company’s stock after selling 33,135 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Upwork were worth $1,053,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. King Luther Capital Management Corp grew its position in shares of Upwork by 1.0% in the 4th quarter. King Luther Capital Management Corp now owns 263,802 shares of the company’s stock worth $4,313,000 after buying an additional 2,636 shares during the last quarter. Amundi grew its position in shares of Upwork by 37.6% in the 4th quarter. Amundi now owns 93,251 shares of the company’s stock worth $1,497,000 after buying an additional 25,464 shares during the last quarter. Inceptionr LLC bought a new stake in shares of Upwork in the 4th quarter worth approximately $456,000. Raymond James Financial Inc. bought a new stake in shares of Upwork in the 4th quarter worth approximately $812,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Upwork by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,075,946 shares of the company’s stock worth $17,592,000 after buying an additional 64,438 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Citigroup lifted their price target on Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. JMP Securities restated a “market outperform” rating and set a $18.00 price target on shares of Upwork in a research report on Thursday, January 30th. Scotiabank assumed coverage on Upwork in a research report on Wednesday, March 12th. They set a “sector perform” rating and a $15.00 price target on the stock. UBS Group lifted their price target on Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Finally, Jefferies Financial Group lifted their price target on Upwork from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Upwork presently has an average rating of “Moderate Buy” and an average price target of $18.58.

Upwork Stock Up 0.2 %

Shares of NASDAQ:UPWK opened at $13.45 on Friday. The stock has a fifty day simple moving average of $15.43 and a two-hundred day simple moving average of $14.24. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 8.79 and a beta of 1.61. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $18.14. 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 (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share for the quarter, topping 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%. On average, research analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Transactions at Upwork

In other news, insider Dave Bottoms sold 5,411 shares of the business’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 $70,721.77. Following the completion of the transaction, the insider now owns 9,593 shares in the company, valued at $125,380.51. The trade was a 36.06 % 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, CFO Erica Gessert sold 4,316 shares of the business’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 transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 193,365 shares of company stock worth $3,050,760 over the last quarter. 7.60% of the stock is currently owned by 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.