Upwork Inc. (NASDAQ:UPWK) Stock Position Trimmed by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. decreased its position in Upwork Inc. (NASDAQ:UPWK) by 55.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,334 shares of the company’s stock after selling 19,940 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Upwork were worth $171,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the company. Plato Investment Management Ltd acquired a new position in shares of Upwork during the second quarter worth approximately $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Upwork in the 2nd quarter valued at approximately $29,000. Quarry LP raised its stake in Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after acquiring an additional 2,220 shares in the last quarter. KBC Group NV boosted its position 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 acquiring an additional 1,497 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in Upwork during the 2nd quarter worth $54,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Price Performance

Shares of NASDAQ:UPWK opened at $15.11 on Tuesday. The company has a market capitalization of $2.02 billion, a PE ratio of 23.98 and a beta of 1.49. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18. The stock has a fifty day moving average of $11.83 and a 200-day moving average of $11.14. Upwork Inc. has a one year low of $8.43 and a one year high of $17.79.

Upwork (NASDAQ:UPWK) last announced its earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.26 by $0.03. The business had revenue of $193.78 million during the quarter, compared to the consensus estimate of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. Upwork’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 earnings per share. As a group, equities analysts anticipate that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on UPWK shares. Citigroup lowered their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. Piper Sandler restated an “overweight” rating and set a $18.00 price target (up from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Royal Bank of Canada reduced their price target on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. UBS Group lowered 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. Finally, The Goldman Sachs Group increased their price target on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $17.00.

Insiders Place Their Bets

In related news, CEO Hayden Brown sold 20,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $10.01, for a total transaction of $200,200.00. Following the transaction, the chief executive officer now directly owns 1,170,561 shares of the company’s stock, valued at approximately $11,717,315.61. The trade was a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Dave Bottoms sold 5,818 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total value of $57,074.58. Following the sale, the vice president now owns 5,818 shares of the company’s stock, valued at $57,074.58. The trade was a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 151,781 shares of company stock worth $1,743,749 over the last ninety days. 7.60% of the stock is currently owned by company insiders.

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.