Advantage Alpha Capital Partners LP Sells 136,324 Shares of Upwork Inc. (NASDAQ:UPWK)

Advantage Alpha Capital Partners LP reduced its stake in Upwork Inc. (NASDAQ:UPWK) by 43.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 175,259 shares of the company’s stock after selling 136,324 shares during the period. Advantage Alpha Capital Partners LP’s holdings in Upwork were worth $1,831,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of UPWK. Russell Investments Group Ltd. increased its holdings in shares of Upwork by 28.4% in the first quarter. Russell Investments Group Ltd. now owns 68,531 shares of the company’s stock worth $840,000 after purchasing an additional 15,146 shares during the last quarter. Vanguard Group Inc. increased its stake in Upwork by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after acquiring an additional 770,088 shares during the last quarter. Shell Asset Management Co. raised its holdings in shares of Upwork by 193.6% during the 1st quarter. Shell Asset Management Co. now owns 8,570 shares of the company’s stock worth $105,000 after acquiring an additional 5,651 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Upwork by 4.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 126,581 shares of the company’s stock valued at $1,553,000 after acquiring an additional 5,050 shares during the last quarter. Finally, Bayesian Capital Management LP purchased a new position in shares of Upwork in the first quarter valued at $567,000. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Insider Buying and Selling at Upwork

In other news, CEO Hayden Brown sold 20,000 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $10.01, for a total transaction of $200,200.00. Following the transaction, the chief executive officer now owns 1,170,561 shares in the company, valued at approximately $11,717,315.61. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Elizabeth A. Nelson sold 75,000 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the sale, the director now directly owns 48,915 shares of the company’s stock, valued at approximately $515,564.10. This trade represents a 60.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 199,808 shares of company stock valued at $2,501,163 in the last three months. Company insiders own 7.60% of the company’s stock.

Upwork Price Performance

UPWK opened at $16.70 on Tuesday. The business has a fifty day moving average of $12.29 and a 200 day moving average of $11.22. 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 quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $17.79.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The firm had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The business’s revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.12 earnings per share. As a group, sell-side analysts anticipate that Upwork Inc. will post 0.65 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on UPWK shares. Canaccord Genuity Group upped their price target on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Citigroup decreased their target price on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 25th. The Goldman Sachs Group lifted their price target on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. UBS Group decreased their price objective on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Finally, JMP Securities lifted their target price on Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Upwork 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.