Upwork Inc. (NASDAQ:UPWK) Shares Sold by Engine Capital Management LP

Engine Capital Management LP reduced its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 96.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 167,321 shares of the company's stock after selling 4,708,298 shares during the period. Upwork accounts for about 0.5% of Engine Capital Management LP's portfolio, making the stock its 24th largest holding. Engine Capital Management LP owned approximately 0.13% of Upwork worth $2,736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in shares of Upwork by 51.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company's stock valued at $253,405,000 after buying an additional 5,289,493 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of Upwork by 86.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,303,035 shares of the company's stock valued at $54,005,000 after buying an additional 1,534,078 shares during the period. Dorsey Asset Management LLC raised its position in shares of Upwork by 15.0% during the 4th quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company's stock valued at $49,788,000 after buying an additional 397,997 shares during the period. Renaissance Technologies LLC raised its position in shares of Upwork by 70.1% during the 4th quarter. Renaissance Technologies LLC now owns 2,045,115 shares of the company's stock valued at $33,438,000 after buying an additional 843,115 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Upwork by 9.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,951,630 shares of the company's stock valued at $31,911,000 after buying an additional 161,661 shares during the period. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Upwork

In related news, insider Dave Bottoms sold 5,411 shares of the business's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $70,721.77. Following the completion of the sale, the insider now owns 9,593 shares of the company's stock, valued at $125,380.51. This represents a 36.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elizabeth A. Nelson sold 75,000 shares of the business'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 value of $1,318,500.00. Following the transaction, the director now owns 16,299 shares of the company's stock, valued at $286,536.42. This represents a 82.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 233,108 shares of company stock valued at $3,683,448 over the last 90 days. Corporate insiders own 7.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on UPWK. Royal Bank of Canada reissued a "sector perform" rating and issued a $18.00 target price on shares of Upwork in a research report on Tuesday, May 6th. Citigroup decreased their price objective on shares of Upwork from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. UBS Group upped their price objective on shares of Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. JMP Securities restated a "market outperform" rating and issued a $18.00 price objective on shares of Upwork in a research note on Thursday, January 30th. Finally, Scotiabank initiated coverage on shares of Upwork in a report on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 target price for the company. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Upwork currently has an average rating of "Moderate Buy" and an average price target of $18.50.

Upwork Price Performance

Upwork stock traded up $0.03 during mid-day trading on Wednesday, reaching $17.53. The company had a trading volume of 1,054,243 shares, compared to its average volume of 2,241,563. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39. The company has a market capitalization of $2.31 billion, a P/E ratio of 11.46 and a beta of 1.52. The stock's 50-day simple moving average is $13.51 and its 200-day simple moving average is $15.13.

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

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.