Upwork Inc. (NASDAQ:UPWK) Shares Sold by Vontobel Holding Ltd.

Vontobel Holding Ltd. reduced its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 1.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 121,726 shares of the company’s stock after selling 1,889 shares during the quarter. Vontobel Holding Ltd.’s holdings in Upwork were worth $1,272,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in UPWK. New Century Financial Group LLC purchased a new position in Upwork in the first quarter valued at approximately $1,083,000. Canada Pension Plan Investment Board raised its stake in Upwork by 186.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company’s stock worth $3,299,000 after acquiring an additional 199,900 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Upwork by 239.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock valued at $33,491,000 after acquiring an additional 1,589,693 shares during the last quarter. Vanguard Group Inc. boosted its stake in Upwork by 5.1% in the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after acquiring an additional 770,088 shares in the last quarter. Finally, Csenge Advisory Group purchased a new position in shares of Upwork during the first quarter worth about $1,344,000. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Insider Transactions at Upwork

In related news, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the transaction, the vice president now directly owns 5,818 shares of the company’s stock, valued at approximately $57,074.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Hayden Brown sold 31,506 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the sale, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at approximately $11,488,913.65. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the transaction, the vice president now owns 5,818 shares of the company’s stock, valued at approximately $57,074.58. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 176,560 shares of company stock valued at $1,797,924 in the last quarter. 7.60% of the stock is currently owned by corporate insiders.

Upwork Stock Up 0.3 %

UPWK opened at $10.29 on Friday. The business has a 50 day simple moving average of $10.00 and a 200-day simple moving average of $10.82. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $16.36. The stock has a market capitalization of $1.37 billion, a P/E ratio of 29.40 and a beta of 1.54. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $193.13 million for the quarter, compared to analysts’ expectations of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.03) EPS. On average, equities analysts anticipate that Upwork Inc. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on UPWK. Canaccord Genuity Group decreased their target price on Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. The Goldman Sachs Group lowered their target price on shares of Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Royal Bank of Canada reduced their price target 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. UBS Group lowered their price objective on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. 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 report on Friday, August 16th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.27.

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.