Upwork Inc. (NASDAQ:UPWK) Director Sells $1,302,750.00 in Stock

Upwork Inc. (NASDAQ:UPWK) Director Elizabeth A. Nelson sold 75,000 shares of Upwork stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.37, for a total transaction of $1,302,750.00. Following the completion of the transaction, the director now owns 48,915 shares in the company, valued at approximately $849,653.55. This trade represents a 60.53 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Upwork Price Performance

UPWK opened at $16.44 on Monday. The stock has a fifty day moving average price of $14.89 and a 200 day moving average price of $12.01. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 26.10 and a beta of 1.58.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.26 by $0.03. The business had revenue of $193.78 million during the quarter, compared to analysts’ expectations of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 EPS. Analysts forecast that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

UPWK has been the topic of a number of recent analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 target price (up from $13.00) on shares of Upwork in a research report on Thursday, November 7th. BTIG Research upped their price objective on shares of Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Citigroup lifted their target price on shares of Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. Canaccord Genuity Group upped their price target on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, UBS Group lifted their price objective on shares of Upwork from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.36.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Canada Pension Plan Investment Board raised its holdings in Upwork by 186.8% during the second quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company’s stock valued at $3,299,000 after buying an additional 199,900 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Upwork during the 3rd quarter valued at about $858,000. Victory Capital Management Inc. increased its holdings in shares of Upwork by 133.5% during the 3rd quarter. Victory Capital Management Inc. now owns 116,899 shares of the company’s stock valued at $1,222,000 after acquiring an additional 66,842 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Upwork in the 2nd quarter valued at approximately $1,637,000. Finally, BNP Paribas Financial Markets lifted its holdings in Upwork by 40.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company’s stock worth $2,630,000 after purchasing an additional 73,104 shares during the last quarter. Institutional investors own 77.71% of the company’s stock.

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.