Quinn Opportunity Partners LLC Has $134,000 Holdings in Upwork Inc. $UPWK

Quinn Opportunity Partners LLC decreased its position in shares of Upwork Inc. (NASDAQ:UPWK) by 33.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,000 shares of the company’s stock after selling 5,000 shares during the quarter. Quinn Opportunity Partners LLC’s holdings in Upwork were worth $134,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of UPWK. Envestnet Asset Management Inc. bought a new stake in Upwork during the 1st quarter valued at $1,258,000. Cerity Partners LLC grew its holdings in shares of Upwork by 8.0% during the first quarter. Cerity Partners LLC now owns 68,349 shares of the company’s stock valued at $892,000 after buying an additional 5,068 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Upwork by 747.7% during the first quarter. New York State Common Retirement Fund now owns 297,995 shares of the company’s stock worth $3,889,000 after acquiring an additional 262,840 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Upwork by 59.2% in the 1st quarter. Victory Capital Management Inc. now owns 131,855 shares of the company’s stock worth $1,721,000 after acquiring an additional 49,036 shares during the last quarter. Finally, Jennison Associates LLC acquired a new stake in shares of Upwork in the 1st quarter worth about $656,000. 77.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Dave Bottoms sold 10,894 shares of the company’s stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $19.16, for a total value of $208,729.04. Following the transaction, the insider directly owned 10,359 shares in the company, valued at approximately $198,478.44. This represents a 51.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hayden Brown sold 60,000 shares of Upwork stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $13.76, for a total transaction of $825,600.00. Following the sale, the chief executive officer owned 1,093,485 shares of the company’s stock, valued at approximately $15,046,353.60. The trade was a 5.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 221,282 shares of company stock worth $3,652,202 over the last ninety days. 7.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

UPWK has been the subject of a number of recent research reports. Wall Street Zen raised Upwork from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. UBS Group upped their price target on Upwork from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Citigroup restated a “neutral” rating and set a $19.00 price objective (up from $16.00) on shares of Upwork in a research note on Tuesday, November 4th. Jefferies Financial Group reaffirmed a “buy” rating and set a $22.00 price objective on shares of Upwork in a report on Tuesday, November 4th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Upwork in a research note on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

Upwork Stock Down 5.1%

Shares of NASDAQ:UPWK opened at $17.04 on Thursday. The company has a 50-day moving average price of $17.28 and a two-hundred day moving average price of $15.35. Upwork Inc. has a twelve month low of $11.13 and a twelve month high of $20.54. The firm has a market capitalization of $2.23 billion, a PE ratio of 9.74 and a beta of 1.57.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings data on Monday, November 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). Upwork had a return on equity of 41.05% and a net margin of 31.63%.The company had revenue of ($387.62) million for the quarter, compared to analysts’ expectations of $193.33 million. During the same period last year, the company posted $0.30 EPS. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. Upwork has set its FY 2025 guidance at 1.350-1.370 EPS. Q4 2025 guidance at 0.310-0.330 EPS. Analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Upwork announced that its board has initiated a share repurchase program on Wednesday, September 3rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 4.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

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.