Advantage Alpha Capital Partners LP Lowers Stock Holdings in Upwork Inc. (NASDAQ:UPWK)

Advantage Alpha Capital Partners LP lowered its stake in Upwork Inc. (NASDAQ:UPWK) by 43.8% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 175,259 shares of the company’s stock after selling 136,324 shares during the period. Advantage Alpha Capital Partners LP owned 0.13% of Upwork worth $1,831,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in UPWK. Plato Investment Management Ltd bought a new stake in Upwork during the 2nd quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Upwork during the second quarter valued at approximately $29,000. Quarry LP raised its holdings in Upwork by 104.2% in the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after acquiring an additional 2,220 shares during the last quarter. KBC Group NV lifted its position in Upwork by 45.4% in the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after acquiring an additional 1,497 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Upwork during the 2nd quarter valued at $54,000. Institutional investors own 77.71% of the company’s stock.

Upwork Stock Up 4.2 %

Shares of UPWK stock opened at $16.70 on Tuesday. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $17.79. The stock has a market cap of $2.23 billion, a P/E ratio of 26.51 and a beta of 1.49. The company has a 50 day simple moving average of $12.29 and a two-hundred day simple moving average of $11.22.

Upwork (NASDAQ:UPWK) last announced its earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The company had revenue of $193.78 million for the quarter, compared to analysts’ expectations of $185.55 million. During the same period last year, the firm earned $0.12 EPS. Upwork’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, research analysts expect that Upwork Inc. will post 0.65 earnings per share for the current year.

Insider Activity

In other news, Director Elizabeth A. Nelson sold 75,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total value of $790,500.00. Following the transaction, the director now directly owns 48,915 shares in the company, valued at $515,564.10. The trade was a 60.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Dave Bottoms sold 5,626 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $59,466.82. Following the sale, the vice president now owns 15,196 shares of the company’s stock, valued at $160,621.72. This represents a 27.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 199,808 shares of company stock valued at $2,501,163 in the last ninety days. Corporate insiders own 7.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on UPWK. Roth Mkm boosted their price target on Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. UBS Group decreased their target price on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. BTIG Research raised their price target on shares of Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group boosted their price objective on shares of Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, JMP Securities increased their price objective on shares of Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

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.