Algert Global LLC Cuts Holdings in Upwork Inc. (NASDAQ:UPWK)

Algert Global LLC lessened its position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 31.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 113,112 shares of the company's stock after selling 52,021 shares during the quarter. Algert Global LLC owned approximately 0.08% of Upwork worth $1,849,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Nkcfo LLC bought a new stake in shares of Upwork in the 4th quarter valued at $82,000. SBI Securities Co. Ltd. acquired a new position in Upwork in the fourth quarter valued at $84,000. Financial Management Professionals Inc. acquired a new position in Upwork in the fourth quarter valued at $97,000. KBC Group NV boosted its position in Upwork by 39.6% during the fourth quarter. KBC Group NV now owns 6,690 shares of the company's stock valued at $109,000 after acquiring an additional 1,899 shares during the last quarter. Finally, State of Tennessee Department of Treasury acquired a new stake in Upwork during the 4th quarter worth about $180,000. Institutional investors own 77.71% of the company's stock.

Upwork Stock Up 0.9%

Shares of UPWK traded up $0.16 during trading hours on Wednesday, reaching $17.66. The stock had a trading volume of 673,296 shares, compared to its average volume of 2,239,339. The firm has a 50-day simple moving average of $13.51 and a 200 day simple moving average of $15.13. 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. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 11.54 and a beta of 1.52.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.09. The firm had revenue of $192.71 million for the quarter, compared to the consensus estimate of $188.49 million. Upwork had a net margin of 28.02% and a return on equity of 50.83%. The business's revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.22 earnings per share. Equities research analysts predict that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on UPWK. Roth Mkm dropped their price objective on Upwork from $20.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Citigroup lowered their target price on Upwork from $19.00 to $18.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. UBS Group increased their price target on Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. JMP Securities reaffirmed a "market outperform" rating and set a $18.00 price objective on shares of Upwork in a research report on Thursday, January 30th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $18.00 price objective on shares of Upwork in a research note on Tuesday, May 6th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.50.

Insider Activity at Upwork

In related news, CFO Erica Gessert sold 13,765 shares of the company's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total transaction of $222,304.75. Following the completion of the sale, the chief financial officer now owns 156,828 shares in the company, valued at approximately $2,532,772.20. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Hayden Brown sold 21,122 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 233,108 shares of company stock valued at $3,683,448. 7.50% of the stock is owned by corporate insiders.

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.