Connor Clark & Lunn Investment Management Ltd. Trims Stock Position in Upwork Inc. (NASDAQ:UPWK)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 57.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 97,527 shares of the company’s stock after selling 131,971 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.07% of Upwork worth $1,019,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Plato Investment Management Ltd purchased a new position in shares of Upwork during the second quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Upwork during the second quarter worth $29,000. Quarry LP raised its holdings in shares of Upwork by 104.2% during the second quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after purchasing an additional 2,220 shares during the last quarter. KBC Group NV raised its holdings in shares of Upwork by 45.4% during the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after purchasing an additional 1,497 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Upwork during the second quarter worth $54,000. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on UPWK. BTIG Research raised their price target on shares of Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Roth Mkm raised their price target 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. JMP Securities raised their price target on shares of Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Piper Sandler restated an “overweight” rating and set a $18.00 price target (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group raised their price target on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Upwork has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Insiders Place Their Bets

In other news, CAO Olivier Marie sold 9,153 shares of the business’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 approximately $20,600.48. The trade was a 87.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hayden Brown sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $10.01, for a total transaction of $200,200.00. Following the completion of the sale, the chief executive officer now directly owns 1,170,561 shares in the company, valued at $11,717,315.61. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 199,808 shares of company stock valued at $2,501,163 over the last ninety days. Company insiders own 7.60% of the company’s stock.

Upwork Stock Performance

UPWK opened at $16.91 on Thursday. The firm has a market capitalization of $2.26 billion, a PE ratio of 26.71 and a beta of 1.49. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $17.79. The firm’s 50-day moving average price is $12.55 and its 200 day moving average price is $11.29. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87.

Upwork (NASDAQ:UPWK) last posted its quarterly 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. The firm had revenue of $193.78 million for the quarter, compared to analyst estimates of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. Upwork’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 earnings per share. As a group, sell-side analysts expect that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Upwork 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.