Insider Selling: Upwork Inc. (NASDAQ:UPWK) VP Sells 983 Shares of Stock

Upwork Inc. (NASDAQ:UPWK) VP Dave Bottoms sold 983 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $14.94, for a total transaction of $14,686.02. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Dave Bottoms also recently made the following trade(s):

• On Friday, November 8th, Dave Bottoms sold 10,508 shares of Upwork stock. The shares were sold at an average price of $15.86, for a total transaction of $166,656.88.
• On Wednesday, September 18th, Dave Bottoms sold 5,626 shares of Upwork stock. The shares were sold at an average price of $10.57, for a total transaction of $59,466.82.
• On Tuesday, August 27th, Dave Bottoms sold 5,818 shares of Upwork stock. The shares were sold at an average price of $9.81, for a total value of $57,074.58.

Upwork Stock Performance

NASDAQ:UPWK traded down $0.18 during midday trading on Tuesday, hitting $14.93. The company’s stock had a trading volume of 2,299,906 shares, compared to its average volume of 2,178,106. The firm’s 50 day moving average is $11.94 and its 200-day moving average is $11.15. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18. The firm has a market cap of $2.00 billion, a P/E ratio of 23.70 and a beta of 1.49. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The firm had revenue of $193.78 million for the quarter, compared to analyst estimates of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. Upwork’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 earnings per share. Equities analysts anticipate that Upwork Inc. will post 0.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Upwork

Institutional investors have recently modified their holdings of the company. Plato Investment Management Ltd bought a new stake in shares of Upwork in the second quarter worth about $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Upwork in the second quarter valued at $29,000. Quarry LP lifted its stake in Upwork by 104.2% during the second quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after purchasing an additional 2,220 shares during the last quarter. KBC Group NV raised its position in Upwork by 45.4% during the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after purchasing an additional 1,497 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Upwork during the 2nd quarter valued at $54,000. Institutional investors own 77.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on UPWK shares. Citigroup cut their target price on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. Canaccord Genuity Group upped their target price on shares of Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. JMP Securities increased their price objective on shares of Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. BTIG Research lifted their price target on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $18.00 target price (up from $13.00) on shares of Upwork in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Upwork Company Profile

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.