Upwork Inc. (NASDAQ:UPWK) Shares Acquired by Invenomic Capital Management LP

Invenomic Capital Management LP lifted its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 132.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 964,641 shares of the company’s stock after buying an additional 549,733 shares during the period. Invenomic Capital Management LP owned approximately 0.72% of Upwork worth $11,826,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Upwork by 5.1% in the third quarter. Vanguard Group Inc. now owns 14,565,252 shares of the company’s stock valued at $165,461,000 after buying an additional 702,595 shares in the last quarter. New Century Financial Group LLC bought a new position in shares of Upwork in the first quarter valued at $1,083,000. BNP Paribas Financial Markets increased its holdings in shares of Upwork by 120.8% in the fourth quarter. BNP Paribas Financial Markets now owns 526,984 shares of the company’s stock valued at $7,836,000 after buying an additional 288,330 shares in the last quarter. Csenge Advisory Group acquired a new stake in Upwork during the 1st quarter valued at $1,344,000. Finally, Goldman Sachs Group Inc. raised its stake in Upwork by 239.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock valued at $33,491,000 after purchasing an additional 1,589,693 shares during the period. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on UPWK shares. UBS Group started coverage on shares of Upwork in a research note on Tuesday, July 2nd. They set a “neutral” rating and a $12.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Upwork in a research note on Wednesday, May 15th. BTIG Research raised shares of Upwork from a “neutral” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Thursday, May 2nd. Royal Bank of Canada lowered their price target on shares of Upwork from $18.00 to $15.00 and set a “sector perform” rating on the stock in a report on Thursday, May 2nd. Finally, Roth Mkm restated a “buy” rating and set a $19.00 price target on shares of Upwork in a report on Wednesday, May 15th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Upwork has a consensus rating of “Moderate Buy” and an average target price of $17.20.

Upwork Stock Up 0.4 %

NASDAQ:UPWK traded up $0.05 during trading hours on Tuesday, reaching $11.55. The company’s stock had a trading volume of 2,857,962 shares, compared to its average volume of 1,959,199. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 33.00 and a beta of 1.57. Upwork Inc. has a one year low of $9.56 and a one year high of $16.36. The business’s 50-day moving average is $10.93 and its 200-day moving average is $12.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.93 and a quick ratio of 2.93.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Upwork had a net margin of 6.70% and a return on equity of 13.96%. The company had revenue of $190.94 million during the quarter, compared to analysts’ expectations of $186.71 million. Equities research analysts predict that Upwork Inc. will post 0.52 EPS for the current year.

Insider Buying and Selling at Upwork

In other Upwork news, CAO Olivier Marie sold 3,106 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $12.13, for a total transaction of $37,675.78. Following the completion of the sale, the chief accounting officer now directly owns 7,565 shares in the company, valued at $91,763.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Upwork news, CFO Erica Gessert sold 4,537 shares of the company’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $10.22, for a total transaction of $46,368.14. Following the completion of the sale, the chief financial officer now directly owns 90,166 shares in the company, valued at $921,496.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Olivier Marie sold 3,106 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $12.13, for a total transaction of $37,675.78. Following the transaction, the chief accounting officer now directly owns 7,565 shares of the company’s stock, valued at approximately $91,763.45. The disclosure for this sale can be found here. Insiders sold 195,339 shares of company stock worth $2,269,475 over the last ninety days. Company insiders own 7.60% of the company’s stock.

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.