Dorsey Asset Management LLC Sells 35,094 Shares of Upwork Inc. (NASDAQ:UPWK)

Dorsey Asset Management LLC decreased its position in Upwork Inc. (NASDAQ:UPWK) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,725,293 shares of the company’s stock after selling 35,094 shares during the period. Upwork accounts for 3.5% of Dorsey Asset Management LLC’s investment portfolio, making the stock its 11th biggest holding. Dorsey Asset Management LLC owned 2.05% of Upwork worth $29,297,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of UPWK. ProShare Advisors LLC grew its position in Upwork by 49.1% during the second quarter. ProShare Advisors LLC now owns 33,518 shares of the company’s stock valued at $360,000 after buying an additional 11,035 shares during the period. Sei Investments Co. grew its holdings in Upwork by 29.2% during the second quarter. Sei Investments Co. now owns 289,372 shares of the company’s stock valued at $3,111,000 after purchasing an additional 65,480 shares during the period. King Luther Capital Management Corp raised its stake in shares of Upwork by 29.1% in the second quarter. King Luther Capital Management Corp now owns 211,263 shares of the company’s stock valued at $2,271,000 after buying an additional 47,681 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Upwork by 186.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company’s stock valued at $3,299,000 after buying an additional 199,900 shares during the last quarter. Finally, Divisadero Street Capital Management LP lifted 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 valued at $35,700,000 after buying an additional 822,518 shares during the last quarter. Institutional investors own 77.71% of the company’s stock.

Upwork Price Performance

Shares of NASDAQ UPWK opened at $10.42 on Thursday. The stock’s 50-day simple moving average is $10.23 and its two-hundred day simple moving average is $11.04. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $16.36. The firm has a market capitalization of $1.38 billion, a P/E ratio of 29.77 and a beta of 1.54. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.03. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The company had revenue of $193.13 million for the quarter, compared to analysts’ expectations of $193.05 million. During the same period in the prior year, the business earned ($0.03) earnings per share. Upwork’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities analysts anticipate that Upwork Inc. will post 0.51 EPS for the current fiscal year.

Analysts Set New Price Targets

UPWK has been the topic of a number of research reports. Canaccord Genuity Group lowered their price objective on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Piper Sandler lowered their price target on shares of Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. UBS Group dropped their price target on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Roth Mkm lowered their target price on shares of Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Finally, Citigroup reduced their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.27.

Insider Transactions at Upwork

In related news, Director Elizabeth A. Nelson sold 75,000 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total value of $790,500.00. Following the transaction, the director now owns 48,915 shares of the company’s stock, valued at $515,564.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Upwork news, Director Elizabeth A. Nelson sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total value of $790,500.00. Following the completion of the sale, the director now owns 48,915 shares of the company’s stock, valued at $515,564.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hayden Brown sold 31,506 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $304,032.90. Following the transaction, the chief executive officer now owns 1,190,561 shares in the company, valued at $11,488,913.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 176,785 shares of company stock valued at $1,800,489. Insiders own 7.60% of the company’s stock.

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.