Invenomic Capital Management LP Sells 1,110,025 Shares of Upwork Inc. (NASDAQ:UPWK)

Invenomic Capital Management LP lessened its holdings in Upwork Inc. (NASDAQ:UPWK - Free Report) by 47.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,224,587 shares of the company's stock after selling 1,110,025 shares during the quarter. Upwork makes up approximately 1.0% of Invenomic Capital Management LP's holdings, making the stock its 24th biggest holding. Invenomic Capital Management LP owned about 0.92% of Upwork worth $20,022,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Nkcfo LLC bought a new stake in shares of Upwork during the 4th quarter valued at $82,000. SBI Securities Co. Ltd. acquired a new position in Upwork in the fourth quarter valued at about $84,000. Financial Management Professionals Inc. bought a new position in Upwork during the fourth quarter worth about $97,000. KBC Group NV boosted 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. Finally, State of Tennessee Department of Treasury acquired a new position in shares of Upwork during the 4th quarter worth about $180,000. 77.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on UPWK shares. Citigroup cut their price target on shares of Upwork from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. BTIG Research cut shares of Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Scotiabank initiated coverage on Upwork in a research note on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 price objective on the stock. Needham & Company LLC reissued a "buy" rating and issued a $19.00 target price on shares of Upwork in a research note on Tuesday, May 6th. Finally, JMP Securities reissued a "market outperform" rating and set a $18.00 price objective on shares of Upwork in a research report on Thursday, January 30th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $18.50.

Upwork Stock Down 0.6%

UPWK traded down $0.11 during trading on Wednesday, reaching $17.39. 2,100,041 shares of the stock were exchanged, compared to its average volume of 2,246,498. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39. The stock's 50 day moving average price is $13.58 and its two-hundred day moving average price is $15.15. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14. The stock has a market cap of $2.29 billion, a P/E ratio of 11.37 and a beta of 1.52.

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

Insider Transactions at Upwork

In other news, Director Elizabeth A. Nelson sold 75,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $17.58, for a total transaction of $1,318,500.00. Following the transaction, the director now directly owns 16,299 shares of the company's stock, valued at approximately $286,536.42. This trade represents a 82.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dave Bottoms sold 5,411 shares of the business's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total value of $70,721.77. Following the completion of the sale, the insider now owns 9,593 shares of the company's stock, valued at approximately $125,380.51. This trade represents a 36.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 313,108 shares of company stock worth $5,071,048. Company insiders own 7.50% of the company's stock.

Upwork Company 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.