Point72 Hong Kong Ltd Reduces Stock Holdings in Upwork Inc. (NASDAQ:UPWK)

Point72 Hong Kong Ltd reduced its holdings in Upwork Inc. (NASDAQ:UPWK) by 47.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,545 shares of the company’s stock after selling 24,381 shares during the period. Point72 Hong Kong Ltd’s holdings in Upwork were worth $296,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Plato Investment Management Ltd purchased a new stake in Upwork during the second quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Upwork during the second quarter worth $29,000. Headlands Technologies LLC purchased a new stake in Upwork during the first quarter worth $49,000. Essex Investment Management Co. LLC boosted its holdings in Upwork by 56.2% during the first quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock worth $58,000 after buying an additional 1,700 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Upwork during the second quarter worth $54,000. 77.71% of the stock is owned by hedge funds and other institutional investors.

Upwork Stock Down 1.1 %

Shares of Upwork stock opened at $10.31 on Friday. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $16.36. The company has a 50 day moving average of $10.21 and a 200 day moving average of $11.03. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $1.36 billion, a P/E ratio of 29.46 and a beta of 1.54.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The company had revenue of $193.13 million during the quarter, compared to the consensus estimate of $193.05 million. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, research analysts forecast that Upwork Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on UPWK. Canaccord Genuity Group decreased their price objective on shares of Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Piper Sandler reduced their target price on shares of Upwork from $20.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada reduced their target price on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Citigroup reduced their target price on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Roth Mkm reduced their target price on shares of Upwork from $19.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $15.27.

Insiders Place Their Bets

In other news, Director Elizabeth A. Nelson sold 75,000 shares of Upwork stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total value of $790,500.00. Following the transaction, the director now directly owns 48,915 shares of the company’s stock, valued at approximately $515,564.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Upwork news, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction on Tuesday, August 27th. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Elizabeth A. Nelson sold 75,000 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the transaction, the director now directly owns 48,915 shares in the company, valued at $515,564.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 176,785 shares of company stock valued at $1,800,489. 7.60% of the stock is owned by corporate 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.