Invenomic Capital Management LP Has $14.57 Million Holdings in Upwork Inc. $UPWK

Invenomic Capital Management LP cut its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 44.9% in the fourth quarter, HoldingsChannel reports. The fund owned 735,100 shares of the company’s stock after selling 599,441 shares during the quarter. Invenomic Capital Management LP’s holdings in Upwork were worth $14,570,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of UPWK. Price T Rowe Associates Inc. MD boosted its position in Upwork by 44.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,231,377 shares of the company’s stock worth $381,166,000 after acquiring an additional 5,893,970 shares during the period. Boston Partners boosted its position in Upwork by 785.7% during the 3rd quarter. Boston Partners now owns 2,322,575 shares of the company’s stock worth $42,962,000 after acquiring an additional 2,060,356 shares during the period. Summit Partners Public Asset Management LLC acquired a new stake in shares of Upwork during the 4th quarter valued at about $40,136,000. Capital International Investors lifted its holdings in shares of Upwork by 37.7% during the 4th quarter. Capital International Investors now owns 3,288,860 shares of the company’s stock valued at $65,185,000 after buying an additional 900,318 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Upwork during the 2nd quarter valued at about $11,955,000. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Price Performance

Shares of Upwork stock opened at $8.07 on Thursday. The firm has a market cap of $996.81 million, a price-to-earnings ratio of 9.96 and a beta of 1.01. Upwork Inc. has a 52-week low of $7.44 and a 52-week high of $22.84. The stock has a 50-day simple moving average of $9.52 and a 200-day simple moving average of $14.28.

Upwork declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 18% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on UPWK shares. Wall Street Zen lowered Upwork from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. UBS Group lowered Upwork from a “buy” rating to a “neutral” rating and reduced their price target for the company from $20.00 to $10.00 in a report on Friday, May 8th. Royal Bank Of Canada reduced their price target on Upwork from $20.00 to $9.00 and set a “sector perform” rating for the company in a report on Monday, May 11th. Scotiabank reduced their price target on Upwork from $15.00 to $10.00 and set a “sector perform” rating for the company in a report on Friday, May 8th. Finally, Weiss Ratings lowered Upwork from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 12th. Three investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.50.

Upwork Company Profile

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.