Penserra Capital Management LLC Sells 64,839 Shares of Upwork Inc. (NASDAQ:UPWK)

Penserra Capital Management LLC lessened its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 18.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 281,015 shares of the company’s stock after selling 64,839 shares during the period. Penserra Capital Management LLC owned 0.21% of Upwork worth $2,936,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. KBC Group NV grew its stake in shares of Upwork by 45.4% during 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 during the period. Federated Hermes Inc. boosted its position in shares of Upwork by 0.6% in the second quarter. Federated Hermes Inc. now owns 318,659 shares of the company’s stock worth $3,426,000 after purchasing an additional 1,996 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Upwork by 3.2% in the second quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock worth $718,000 after purchasing an additional 2,063 shares in the last quarter. Citizens Financial Group Inc. RI raised its position in shares of Upwork by 18.4% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company’s stock valued at $143,000 after purchasing an additional 2,129 shares during the period. Finally, Quarry LP lifted its stake in shares of Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after buying an additional 2,220 shares in the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Upwork Stock Performance

Shares of NASDAQ:UPWK opened at $16.70 on Tuesday. The firm has a fifty day simple moving average of $12.29 and a two-hundred day simple moving average of $11.22. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $17.79. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $2.23 billion, a P/E ratio of 26.51 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $185.55 million. During the same quarter last year, the business posted $0.12 earnings per share. The firm’s revenue was up 10.3% on a year-over-year basis. On average, analysts expect that Upwork Inc. will post 0.65 earnings per share for the current fiscal year.

Insider Activity at Upwork

In other news, CAO Olivier Marie sold 9,153 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $15.92, for a total value of $145,715.76. Following the sale, the chief accounting officer now owns 1,294 shares of the company’s stock, valued at approximately $20,600.48. This represents a 87.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hayden Brown sold 9,444 shares of Upwork stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $99,823.08. Following the transaction, the chief executive officer now directly owns 1,178,850 shares of the company’s stock, valued at approximately $12,460,444.50. This represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 199,808 shares of company stock worth $2,501,163. Company insiders own 7.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Canaccord Genuity Group raised their price target on Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Royal Bank of Canada decreased their target price on Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. JMP Securities upped their price target on Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Roth Mkm lifted their price objective on shares of Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, BTIG Research upped their target price on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Upwork currently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

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.