Quantbot Technologies LP Sells 46,688 Shares of Upwork Inc. $UPWK

Quantbot Technologies LP lowered its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 55.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,835 shares of the company’s stock after selling 46,688 shares during the period. Quantbot Technologies LP’s holdings in Upwork were worth $703,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Accredited Wealth Management LLC boosted its stake 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 purchasing an additional 1,320 shares during the period. Clearstead Advisors LLC grew its holdings in Upwork by 998.4% during the 3rd quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock valued at $26,000 after buying an additional 1,278 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Upwork by 2,405.7% during the third quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock valued at $33,000 after buying an additional 1,684 shares during the period. Elevation Point Wealth Partners LLC purchased a new stake in shares of Upwork in the second quarter worth about $30,000. Finally, EMC Capital Management purchased a new stake in shares of Upwork in the second quarter worth about $45,000. 77.71% of the stock is owned by institutional investors.

Insider Transactions at Upwork

In other Upwork news, CFO Erica Gessert sold 26,292 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total value of $362,829.60. Following the sale, the chief financial officer owned 298,386 shares of the company’s stock, valued at $4,117,726.80. This trade represents a 8.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hayden Brown sold 123,152 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total transaction of $1,699,497.60. Following the completion of the transaction, the chief executive officer owned 776,067 shares in the company, valued at $10,709,724.60. The trade was a 13.70% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 235,204 shares of company stock worth $3,602,486. Insiders own 7.50% of the company’s stock.

Upwork Trading Down 0.5%

UPWK opened at $13.25 on Friday. The stock has a market capitalization of $1.73 billion, a P/E ratio of 15.77 and a beta of 1.07. The stock has a 50-day moving average price of $17.49 and a 200-day moving average price of $17.74. Upwork Inc. has a 12-month low of $11.13 and a 12-month high of $22.84.

Upwork announced that its board has authorized a stock buyback plan on Wednesday, February 18th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 18% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on UPWK shares. Scotiabank reduced their price target on shares of Upwork from $17.00 to $15.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 10th. Zacks Research downgraded Upwork from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Roth Mkm lifted their price objective on Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th. Wall Street Zen upgraded Upwork from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, Royal Bank Of Canada lowered their price target on Upwork from $24.00 to $20.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 10th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Upwork presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.60.

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.