Upwork Inc. (NASDAQ:UPWK) Stake Lowered by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board decreased its position in shares of Upwork Inc. (NASDAQ:UPWK) by 41.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,800 shares of the company’s stock after selling 2,700 shares during the period. Canada Pension Plan Investment Board’s holdings in Upwork were worth $62,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of UPWK. Renaissance Technologies LLC lifted its holdings in shares of Upwork by 70.1% during the 4th quarter. Renaissance Technologies LLC now owns 2,045,115 shares of the company’s stock valued at $33,438,000 after buying an additional 843,115 shares during the last quarter. Invesco Ltd. lifted its stake in Upwork by 1,674.0% in the fourth quarter. Invesco Ltd. now owns 1,748,320 shares of the company’s stock valued at $28,585,000 after acquiring an additional 1,649,766 shares during the last quarter. LSV Asset Management bought a new stake in Upwork in the fourth quarter worth approximately $18,838,000. Charles Schwab Investment Management Inc. increased its stake in shares of Upwork by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,075,946 shares of the company’s stock worth $17,592,000 after purchasing an additional 64,438 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Upwork by 3,932.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 772,607 shares of the company’s stock valued at $12,632,000 after purchasing an additional 753,447 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Stock Down 0.1 %

Shares of UPWK opened at $13.54 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39. The company has a 50-day simple moving average of $13.64 and a 200-day simple moving average of $14.79. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $18.14. The firm has a market capitalization of $1.83 billion, a P/E ratio of 8.85 and a beta of 1.60.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. On average, equities research analysts expect that Upwork Inc. will post 0.84 earnings per share for the current year.

Insiders Place Their Bets

In other Upwork news, insider Dave Bottoms sold 5,411 shares of Upwork stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $70,721.77. Following the sale, the insider now directly owns 9,593 shares of the company’s stock, valued at approximately $125,380.51. The trade was a 36.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hayden Brown sold 21,122 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total value of $341,120.30. Following the completion of the transaction, the chief executive officer now directly owns 1,275,083 shares of the company’s stock, valued at approximately $20,592,590.45. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 193,108 shares of company stock worth $3,046,648 over the last 90 days. Corporate insiders own 7.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Royal Bank of Canada increased their target price on shares of Upwork from $16.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 13th. UBS Group increased their price objective on Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Scotiabank initiated coverage on Upwork in a report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 target price for the company. JMP Securities reiterated a “market outperform” rating and set a $18.00 price target on shares of Upwork in a report on Thursday, January 30th. Finally, Jefferies Financial Group reduced their price objective on shares of Upwork from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Upwork presently has an average rating of “Moderate Buy” and a consensus price target of $18.58.

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.