Upwork Inc. (NASDAQ:UPWK) Director Elizabeth A. Nelson Sells 75,000 Shares of 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 value of $1,302,750.00. Following the sale, the director now owns 48,915 shares in the company, valued at $849,653.55. This represents a 60.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Upwork Stock Performance

Shares of NASDAQ UPWK opened at $16.44 on Friday. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $18.14. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 26.10 and a beta of 1.58. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The stock’s fifty day simple moving average is $14.77 and its 200 day simple moving average is $11.95.

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

Analyst Upgrades and Downgrades

UPWK has been the topic of several recent analyst reports. JMP Securities upped their price target 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. The Goldman Sachs Group increased their price target on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Roth Mkm boosted their price objective on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Piper Sandler restated an “overweight” rating and set a $18.00 price objective (up previously from $13.00) on shares of Upwork in a research note on Thursday, November 7th. Finally, Citigroup lifted their target price on Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Upwork has an average rating of “Moderate Buy” and a consensus price target of $18.36.

Hedge Funds Weigh In On Upwork

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