Upwork Inc. $UPWK Shares Sold by Invenomic Capital Management LP

Invenomic Capital Management LP lessened its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 44.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 735,100 shares of the company’s stock after selling 599,441 shares during the quarter. Invenomic Capital Management LP owned 0.56% of Upwork worth $14,570,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of UPWK. Accredited Wealth Management LLC boosted its holdings in Upwork by 5,280.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock worth $25,000 after acquiring an additional 1,320 shares during the period. Clearstead Advisors LLC boosted its holdings in Upwork by 998.4% in the 3rd quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock worth $26,000 after acquiring an additional 1,278 shares during the period. Farther Finance Advisors LLC boosted its holdings in Upwork by 594.4% in the 4th quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock worth $27,000 after acquiring an additional 1,165 shares during the period. Fifth Third Bancorp boosted its holdings in Upwork by 2,405.7% in the 3rd quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock worth $33,000 after acquiring an additional 1,684 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Upwork by 379.2% in the 4th quarter. GAMMA Investing LLC now owns 1,840 shares of the company’s stock worth $36,000 after acquiring an additional 1,456 shares during the period. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. UBS Group cut Upwork from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $10.00 in a report on Friday, May 8th. Wall Street Zen cut Upwork from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Canaccord Genuity Group cut Upwork from a “buy” rating to a “hold” rating and reduced their target price for the company from $22.00 to $10.00 in a research note on Friday, May 8th. Royal Bank Of Canada reduced their target price on Upwork from $20.00 to $9.00 and set a “sector perform” rating for the company in a research note on Monday, May 11th. Finally, Citizens Jmp cut Upwork from an “outperform” rating to a “market perform” rating in a research note on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.50.

Upwork Stock Performance

Shares of UPWK opened at $8.07 on Thursday. The firm has a market capitalization of $996.81 million, a price-to-earnings ratio of 9.96 and a beta of 1.01. Upwork Inc. has a one year low of $7.44 and a one year high of $22.84. The stock’s fifty day moving average is $9.52 and its 200-day moving average is $14.28.

Upwork announced that its Board of Directors has approved a share buyback program on Wednesday, February 18th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 18% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

About Upwork

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.