Connor Clark & Lunn Investment Management Ltd. Has $556,000 Holdings in Upwork Inc. $UPWK

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Upwork by 33.8%, owning 42,597 shares valued at $556,000 after selling 21,795 shares in the first quarter.
• Multiple institutional investors, including LSV Asset Management and Alberta Investment Management Corp, have altered their positions in Upwork, with LSV increasing its stake by 364.5% to 5,351,406 shares, valued at approximately $69.8 million.
• Upwork's recent quarterly earnings beat consensus estimates, reporting an EPS of $0.35 and revenue of $194.94 million, illustrating a slight year-over-year revenue increase.

Connor Clark & Lunn Investment Management Ltd. trimmed its position in Upwork Inc. (NASDAQ:UPWK - Free Report) by 33.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,597 shares of the company's stock after selling 21,795 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Upwork were worth $556,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Jupiter Asset Management Ltd. acquired a new position in shares of Upwork in the first quarter valued at $241,000. LSV Asset Management raised its stake in shares of Upwork by 364.5% in the first quarter. LSV Asset Management now owns 5,351,406 shares of the company's stock valued at $69,836,000 after purchasing an additional 4,199,244 shares in the last quarter. Alberta Investment Management Corp acquired a new position in shares of Upwork in the first quarter valued at $504,000. Mesirow Financial Investment Management Inc. raised its stake in shares of Upwork by 5.7% in the first quarter. Mesirow Financial Investment Management Inc. now owns 27,228 shares of the company's stock valued at $347,000 after purchasing an additional 1,465 shares in the last quarter. Finally, XTX Topco Ltd raised its stake in shares of Upwork by 64.4% in the first quarter. XTX Topco Ltd now owns 43,236 shares of the company's stock valued at $564,000 after purchasing an additional 16,944 shares in the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Olivier Marie sold 1,879 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $13.50, for a total value of $25,366.50. Following the transaction, the chief accounting officer owned 4,632 shares in the company, valued at $62,532. This trade represents a 28.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Erica Gessert sold 9,267 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $13.51, for a total value of $125,197.17. Following the completion of the transaction, the chief financial officer owned 190,738 shares in the company, valued at approximately $2,576,870.38. This represents a 4.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 61,083 shares of company stock valued at $842,347 over the last 90 days. Corporate insiders own 7.60% of the company's stock.

Upwork Price Performance

Shares of UPWK stock opened at $13.99 on Tuesday. The stock's fifty day moving average is $13.33 and its 200-day moving average is $14.14. The stock has a market capitalization of $1.86 billion, a PE ratio of 8.04 and a beta of 1.38. Upwork Inc. has a 52 week low of $8.90 and a 52 week high of $18.14. The company has a debt-to-equity ratio of 0.59, a quick ratio of 3.36 and a current ratio of 3.36.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.09. The business had revenue of $194.94 million for the quarter, compared to analysts' expectations of $187.56 million. Upwork had a return on equity of 44.83% and a net margin of 31.75%. The firm's quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business earned $0.26 earnings per share. Equities research analysts expect that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Analyst Ratings Changes

UPWK has been the subject of a number of recent research reports. JMP Securities upped their target price on Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a research note on Friday, May 16th. Needham & Company LLC reiterated a "buy" rating and issued a $19.00 price target on shares of Upwork in a research report on Tuesday, May 6th. Citigroup reiterated an "outperform" rating on shares of Upwork in a research report on Friday, May 16th. Wall Street Zen cut Upwork from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $18.00 price target on shares of Upwork in a research report on Monday, June 2nd. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Upwork currently has a consensus rating of "Moderate Buy" and an average target price of $18.67.

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.

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