Geode Capital Management LLC Lowers Position in Upwork Inc. (NASDAQ:UPWK)

Geode Capital Management LLC trimmed its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 0.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,872,186 shares of the company’s stock after selling 18,706 shares during the quarter. Geode Capital Management LLC owned about 2.15% of Upwork worth $30,020,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Canada Pension Plan Investment Board raised its stake in Upwork by 186.8% in the second quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company’s stock valued at $3,299,000 after purchasing an additional 199,900 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Upwork in the third quarter worth $858,000. Victory Capital Management Inc. increased its stake in Upwork by 133.5% in the third quarter. Victory Capital Management Inc. now owns 116,899 shares of the company’s stock valued at $1,222,000 after acquiring an additional 66,842 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Upwork during the second quarter valued at about $1,637,000. Finally, BNP Paribas Financial Markets lifted its stake in Upwork by 40.9% during the third quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company’s stock worth $2,630,000 after purchasing an additional 73,104 shares during the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Upwork Price Performance

Shares of NASDAQ UPWK opened at $17.00 on Friday. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The stock has a market capitalization of $2.27 billion, a P/E ratio of 26.98 and a beta of 1.58. The company’s 50-day moving average is $15.40 and its 200 day moving average is $12.16. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18.

Upwork (NASDAQ:UPWK) last announced its earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share (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 firm had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. During the same quarter in the prior year, the company earned $0.12 EPS. The business’s revenue was up 10.3% compared to the same quarter last year. On average, sell-side analysts expect that Upwork Inc. will post 0.65 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. UBS Group raised their price objective on Upwork from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Canaccord Genuity Group upped their price objective 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. The Goldman Sachs Group boosted their price target on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Roth Mkm lifted their price objective on Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Citigroup lifted their price target on Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.36.

Insider Buying and Selling at Upwork

In other Upwork news, CAO Olivier Marie sold 9,153 shares of the firm’s 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 completion of the transaction, the chief accounting officer now owns 1,294 shares of the company’s stock, valued at approximately $20,600.48. This trade represents a 87.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Erica Gessert sold 19,816 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.13, for a total value of $299,816.08. Following the completion of the sale, the chief financial officer now directly owns 128,939 shares in the company, valued at approximately $1,950,847.07. This represents a 13.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 213,813 shares of company stock valued at $3,525,935. 7.60% of the stock is currently owned by company insiders.

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.