Invenomic Capital Management LP Has $20.02 Million Stock Position in Upwork Inc. (NASDAQ:UPWK)

Invenomic Capital Management LP cut its holdings in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 47.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,224,587 shares of the company's stock after selling 1,110,025 shares during the quarter. Upwork makes up 1.0% of Invenomic Capital Management LP's portfolio, making the stock its 24th largest position. Invenomic Capital Management LP owned about 0.92% of Upwork worth $20,022,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of UPWK. KBC Group NV increased its holdings in Upwork by 39.6% during the fourth quarter. KBC Group NV now owns 6,690 shares of the company's stock worth $109,000 after buying an additional 1,899 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Upwork by 3.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 67,716 shares of the company's stock valued at $1,107,000 after acquiring an additional 2,148 shares during the last quarter. Rhumbline Advisers grew its position in shares of Upwork by 1.4% in the 4th quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock valued at $2,914,000 after acquiring an additional 2,387 shares during the period. King Luther Capital Management Corp increased its stake in shares of Upwork by 1.0% during the 4th quarter. King Luther Capital Management Corp now owns 263,802 shares of the company's stock worth $4,313,000 after purchasing an additional 2,636 shares during the last quarter. Finally, Hillsdale Investment Management Inc. increased its stake in shares of Upwork by 0.8% during the 4th quarter. Hillsdale Investment Management Inc. now owns 349,800 shares of the company's stock worth $5,719,000 after purchasing an additional 2,700 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on UPWK shares. UBS Group lifted 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. Citigroup dropped their price objective on Upwork from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. JMP Securities lifted their target price on Upwork from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research note on Friday. Needham & Company LLC reissued a "buy" rating and set a $19.00 target price on shares of Upwork in a report on Tuesday, May 6th. Finally, Jefferies Financial Group cut their price target on Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a report on Monday, April 7th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Upwork has an average rating of "Moderate Buy" and an average price target of $18.67.

Upwork Stock Performance

UPWK stock traded up $0.15 during trading hours on Friday, hitting $17.24. 2,161,209 shares of the stock were exchanged, compared to its average volume of 2,250,459. 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 firm has a market capitalization of $2.27 billion, a P/E ratio of 11.27 and a beta of 1.52. The company has a 50-day simple moving average of $13.65 and a two-hundred day simple moving average of $15.18.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.34 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.09. Upwork had a net margin of 28.02% and a return on equity of 50.83%. The business had revenue of $192.71 million for the quarter, compared to analyst estimates of $188.49 million. During the same period last year, the firm earned $0.22 earnings per share. Upwork's revenue for the quarter was up .9% compared to the same quarter last year. On average, analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Transactions at Upwork

In other news, insider Dave Bottoms sold 5,411 shares of the stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $70,721.77. Following the sale, the insider now directly owns 9,593 shares of the company's stock, valued at approximately $125,380.51. This represents a 36.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Erica Gessert sold 13,765 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total value of $222,304.75. Following the completion of the transaction, the chief financial officer now owns 156,828 shares in the company, valued at $2,532,772.20. The trade was a 8.07% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 562,773 shares of company stock valued at $9,433,027. 7.50% of the stock is currently owned by company insiders.

About Upwork

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.