Global Endowment Management LP Decreases Stock Holdings in Upwork Inc. (NASDAQ:UPWK)

Key Points

• Global Endowment Management LP reduced its stake in Upwork Inc. by 48.9% in Q1, owning 19,834 shares valued at $259,000 after selling 18,957 shares during the quarter.
• Several hedge funds, including American Century Companies Inc. and Nuveen LLC, have increased their holdings in Upwork, indicating strong institutional interest, with 77.71% of the stock now owned by such investors.
• Upwork's stock has received a range of analyst ratings, with a consensus rating of "Moderate Buy" and an average price target of $18.67 from analysts.

Global Endowment Management LP trimmed its position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 48.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,834 shares of the company's stock after selling 18,957 shares during the quarter. Global Endowment Management LP's holdings in Upwork were worth $259,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. American Century Companies Inc. lifted its position in shares of Upwork by 108.7% during the first quarter. American Century Companies Inc. now owns 121,270 shares of the company's stock valued at $1,583,000 after buying an additional 63,167 shares during the last quarter. Boston Partners purchased a new position in shares of Upwork in the 1st quarter valued at approximately $2,118,000. HighTower Advisors LLC purchased a new position in shares of Upwork in the 1st quarter valued at approximately $405,000. Nuveen LLC purchased a new position in shares of Upwork in the 1st quarter valued at approximately $22,079,000. Finally, Invesco Ltd. raised its position in shares of Upwork by 50.5% in the 1st quarter. Invesco Ltd. now owns 2,630,379 shares of the company's stock valued at $34,326,000 after purchasing an additional 882,059 shares during the last quarter. 77.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on UPWK. Wall Street Zen lowered shares of Upwork from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $18.00 price objective on shares of Upwork in a research report on Monday, June 2nd. Citigroup reaffirmed an "outperform" rating on shares of Upwork in a research report on Friday, May 16th. JMP Securities increased their price objective on shares of Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a research report on Friday, May 16th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 price objective on shares of Upwork in a research report on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $18.67.

Insider Buying and Selling at Upwork

In other news, CAO Olivier Marie sold 1,879 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $13.50, for a total transaction of $25,366.50. Following the sale, the chief accounting officer owned 4,632 shares of the company's stock, valued at $62,532. This trade represents a 28.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Dave Bottoms sold 11,562 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $13.51, for a total transaction of $156,202.62. Following the sale, the insider directly owned 9,345 shares in the company, valued at $126,250.95. The trade was a 55.30% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 111,340 shares of company stock worth $1,680,949. 7.50% of the stock is currently owned by insiders.

Upwork Stock Performance

UPWK opened at $13.80 on Friday. Upwork Inc. has a 12-month low of $8.90 and a 12-month high of $18.14. The company has a current ratio of 3.36, a quick ratio of 3.36 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $1.83 billion, a PE ratio of 7.93 and a beta of 1.38. The firm has a 50 day moving average of $13.36 and a two-hundred day moving average of $14.19.

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, topping analysts' consensus estimates of $0.26 by $0.09. Upwork had a net margin of 31.75% and a return on equity of 44.83%. The company had revenue of $194.94 million during the quarter, compared to analyst estimates of $187.56 million. During the same period last year, the firm posted $0.26 EPS. Upwork's revenue for the quarter was up .9% compared to the same quarter last year. On average, analysts anticipate that Upwork Inc. will post 0.84 EPS for the current 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.

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