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 Upwork stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $17.58, for a total value of $1,318,500.00. Following the transaction, the director now owns 16,299 shares in the company, valued at $286,536.42. This trade represents a 82.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Upwork Stock Down 6.7 %

Upwork stock opened at $15.63 on Monday. The business has a fifty day moving average of $16.30 and a two-hundred day moving average of $13.69. The firm has a market cap of $2.12 billion, a P/E ratio of 10.22 and a beta of 1.57. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. On average, analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Upwork

A number of large investors have recently made changes to their positions in UPWK. KBC Group NV increased its position in shares of Upwork by 45.4% during the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after purchasing an additional 1,497 shares in the last quarter. CWM LLC increased its position in shares of Upwork by 71.9% in the 3rd quarter. CWM LLC now owns 5,896 shares of the company’s stock valued at $62,000 after acquiring an additional 2,467 shares during the period. Quarry LP increased its position in shares of Upwork by 42.6% in the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock valued at $65,000 after acquiring an additional 1,851 shares during the period. Nkcfo LLC acquired a new position in shares of Upwork in the 4th quarter valued at $82,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Upwork in the 4th quarter valued at $84,000. 77.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on UPWK shares. Piper Sandler reiterated 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. Roth Mkm lowered their price objective on Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Needham & Company LLC lifted their target price on Upwork from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Canaccord Genuity Group boosted their price objective on Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada upped their target price on Upwork from $16.00 to $18.00 and gave the company a “sector perform” rating in a research note on Thursday, February 13th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.91.

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.