Upwork Inc. (NASDAQ:UPWK) Stake Increased by King Luther Capital Management Corp

King Luther Capital Management Corp raised its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 29.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 211,263 shares of the company’s stock after acquiring an additional 47,681 shares during the quarter. King Luther Capital Management Corp owned approximately 0.16% of Upwork worth $2,271,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in UPWK. Vanguard Group Inc. lifted its position in shares of Upwork by 5.1% during the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after purchasing an additional 770,088 shares during the last quarter. Divisadero Street Capital Management LP raised its stake in Upwork by 32.9% during the second quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock valued at $35,700,000 after buying an additional 822,518 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Upwork by 239.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock worth $33,491,000 after buying an additional 1,589,693 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Upwork by 27.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock worth $19,424,000 after acquiring an additional 389,006 shares in the last quarter. Finally, Acadian Asset Management LLC increased its holdings in shares of Upwork by 71.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after acquiring an additional 679,028 shares during the last quarter. 77.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Upwork Price Performance

Shares of NASDAQ UPWK opened at $10.71 on Friday. The firm’s 50-day simple moving average is $10.30 and its 200 day simple moving average is $11.08. The stock has a market cap of $1.43 billion, a P/E ratio of 30.60 and a beta of 1.54. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $16.36.

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

Insiders Place Their Bets

In other news, CFO Erica Gessert sold 4,491 shares of Upwork stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the transaction, the chief financial officer now directly owns 111,255 shares in the company, valued at approximately $1,175,965.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Erica Gessert sold 4,491 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the transaction, the chief financial officer now owns 111,255 shares in the company, valued at approximately $1,175,965.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the transaction, the vice president now directly owns 5,818 shares in the company, valued at approximately $57,074.58. The disclosure for this sale can be found here. Insiders sold 176,785 shares of company stock worth $1,800,489 over the last ninety days. Company insiders own 7.60% of the company’s stock.

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.