Insider Selling: Upwork Inc. (NASDAQ:UPWK) Director Sells 75,000 Shares of Stock

Upwork Inc. (NASDAQ:UPWK) Director Elizabeth A. Nelson sold 75,000 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the sale, the director now owns 48,915 shares in the company, valued at $515,564.10. The transaction was disclosed in a filing with the SEC, which is available through this link.

Upwork Price Performance

UPWK stock opened at $10.71 on Monday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $16.36. The firm’s fifty day moving average is $10.30 and its 200 day moving average is $11.07. The firm has a market cap of $1.43 billion, a P/E ratio of 30.60 and a beta of 1.54.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The company had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. During the same quarter last year, the firm earned ($0.03) EPS. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. Research analysts predict that Upwork Inc. will post 0.51 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on UPWK shares. Royal Bank of Canada lowered their target price on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. UBS Group lowered their target price on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Roth Mkm lowered their target price on shares of Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Piper Sandler lowered their price objective on shares of Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group lowered their price objective 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. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.70.

Hedge Funds Weigh In On Upwork

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quadrant Capital Group LLC grew its holdings in Upwork by 67.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock worth $30,000 after acquiring an additional 803 shares during the last quarter. Plato Investment Management Ltd bought a new stake in Upwork in the 2nd quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Upwork in the 2nd quarter worth $29,000. Headlands Technologies LLC bought a new stake in Upwork in the 1st quarter worth $49,000. Finally, Quarry LP grew its holdings in Upwork by 104.2% in the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after acquiring an additional 2,220 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.