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

Penserra Capital Management LLC cut its stake in Upwork Inc. (NASDAQ:UPWK) by 18.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 281,015 shares of the company’s stock after selling 64,839 shares during the period. Penserra Capital Management LLC’s holdings in Upwork were worth $2,936,000 at the end of the most recent quarter.

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

Upwork Stock Performance

Shares of Upwork stock opened at $16.70 on Tuesday. The company has a 50 day moving average price of $12.29 and a 200 day moving average price of $11.22. The firm has a market capitalization 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 posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The business had revenue of $193.78 million during the quarter, compared to analysts’ expectations of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the company posted $0.12 earnings per share. Sell-side analysts expect that Upwork Inc. will post 0.65 EPS for the current year.

Insider Buying and Selling at Upwork

In other Upwork news, CEO Hayden Brown sold 9,444 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $99,823.08. Following the completion of 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 trade represents a 0.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Olivier Marie sold 9,153 shares of Upwork stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $15.92, for a total transaction 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. The trade was a 87.61 % 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. 7.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

UPWK has been the topic of several research reports. Roth Mkm raised their price target on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their price target on shares of Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and set a $18.00 price objective (up from $13.00) on shares of Upwork in a research note on Thursday, November 7th. Citigroup reduced their price objective on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. Finally, UBS Group dropped their target price on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.