King Luther Capital Management Corp Has $2.73 Million Stock Position in Upwork Inc. (NASDAQ:UPWK)

King Luther Capital Management Corp raised its holdings in Upwork Inc. (NASDAQ:UPWK) by 23.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 261,166 shares of the company’s stock after purchasing an additional 49,903 shares during the quarter. King Luther Capital Management Corp owned 0.20% of Upwork worth $2,729,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its stake in Upwork by 28.4% in the first quarter. Russell Investments Group Ltd. now owns 68,531 shares of the company’s stock valued at $840,000 after buying an additional 15,146 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Upwork by 8.6% in the first quarter. ProShare Advisors LLC now owns 22,483 shares of the company’s stock worth $276,000 after acquiring an additional 1,771 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Upwork by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after purchasing an additional 770,088 shares in the last quarter. Shell Asset Management Co. boosted its stake in shares of Upwork by 193.6% in the 1st quarter. Shell Asset Management Co. now owns 8,570 shares of the company’s stock valued at $105,000 after purchasing an additional 5,651 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings 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 purchasing an additional 5,050 shares during the last quarter. Institutional investors own 77.71% of the company’s stock.

Insider Buying and Selling at Upwork

In other Upwork news, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total value of $57,074.58. Following the transaction, the vice president now directly owns 5,818 shares of the company’s stock, valued at approximately $57,074.58. The trade was a 50.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Olivier Marie sold 9,153 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.92, for a total transaction of $145,715.76. Following the sale, the chief accounting officer now directly owns 1,294 shares of the company’s stock, valued at approximately $20,600.48. This trade represents a 87.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 205,626 shares of company stock valued at $2,558,237. 7.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Canaccord Genuity Group increased 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. Roth Mkm boosted their price objective on Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Citigroup dropped their target price on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. The Goldman Sachs Group boosted their price target on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Royal Bank of Canada lowered their price objective 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. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Upwork Stock Performance

Shares of UPWK stock opened at $16.02 on Friday. The stock has a market capitalization of $2.14 billion, a PE ratio of 25.43 and a beta of 1.49. The business’s 50 day simple moving average is $12.18 and its 200 day simple moving average is $11.21. 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 Inc. has a one year low of $8.43 and a one year high of $17.79.

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

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.