Upwork Inc. (NASDAQ:UPWK) is Divisadero Street Capital Management LP’s 6th Largest Position

Divisadero Street Capital Management LP lifted its position in shares of Upwork Inc. (NASDAQ:UPWK) by 32.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,320,912 shares of the company’s stock after buying an additional 822,518 shares during the period. Upwork comprises 5.4% of Divisadero Street Capital Management LP’s investment portfolio, making the stock its 6th largest position. Divisadero Street Capital Management LP owned 2.52% of Upwork worth $35,700,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quadrant Capital Group LLC increased its holdings in shares of Upwork by 67.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock worth $30,000 after buying an additional 803 shares during the period. Essex Investment Management Co. LLC increased its stake in Upwork by 56.2% in the 1st quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock worth $58,000 after purchasing an additional 1,700 shares during the period. ProShare Advisors LLC lifted its position in Upwork by 8.6% in the first quarter. ProShare Advisors LLC now owns 22,483 shares of the company’s stock valued at $276,000 after purchasing an additional 1,771 shares during the last quarter. Federated Hermes Inc. lifted its position in Upwork by 0.6% in the second quarter. Federated Hermes Inc. now owns 318,659 shares of the company’s stock valued at $3,426,000 after purchasing an additional 1,996 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Upwork by 17.1% during the first quarter. Principal Financial Group Inc. now owns 16,823 shares of the company’s stock valued at $206,000 after purchasing an additional 2,457 shares during the period. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Insider Activity

In related news, CEO Hayden Brown sold 9,444 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $99,823.08. Following the sale, the chief executive officer now owns 1,178,850 shares in the company, valued at approximately $12,460,444.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Hayden Brown sold 9,444 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $99,823.08. Following the transaction, the chief executive officer now owns 1,178,850 shares in the company, valued at approximately $12,460,444.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Dave Bottoms sold 5,818 shares of the stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $9.81, for a total transaction of $57,074.58. Following the sale, the vice president now directly owns 5,818 shares in the company, valued at $57,074.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 90,150 shares of company stock worth $887,007. Insiders own 7.60% of the company’s stock.

Upwork Stock Up 3.2 %

Shares of NASDAQ:UPWK opened at $10.77 on Friday. The firm has a market capitalization of $1.43 billion, a P/E ratio of 30.77 and a beta of 1.54. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00. The stock has a 50 day moving average price of $10.31 and a 200-day moving average price of $11.11. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $16.36.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The business had revenue of $193.13 million during the quarter, compared to the consensus estimate of $193.05 million. During the same quarter in the prior year, the company earned ($0.03) earnings per share. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Upwork Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on UPWK. Royal Bank of Canada lowered their price target on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Roth Mkm lowered their price objective on shares of Upwork from $19.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Canaccord Genuity Group dropped their target price on shares of Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. UBS Group reduced their price target on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, Piper Sandler dropped their price objective on Upwork from $20.00 to $13.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Upwork currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.70.

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.