Insider Selling: Upwork Inc. (NASDAQ:UPWK) CAO Sells 3,105 Shares of Stock

Upwork Inc. (NASDAQ:UPWK) CAO Olivier Marie sold 3,105 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $17.14, for a total value of $53,219.70. Following the sale, the chief accounting officer now owns 1,294 shares of the company’s stock, valued at $22,179.16. The trade was a 70.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Olivier Marie also recently made the following trade(s):

• On Monday, May 19th, Olivier Marie sold 972 shares of Upwork stock. The shares were sold at an average price of $16.79, for a total value of $16,319.88.
• On Tuesday, March 18th, Olivier Marie sold 1,460 shares of Upwork stock. The shares were sold at an average price of $13.07, for a total value of $19,082.20.
• On Tuesday, February 18th, Olivier Marie sold 1,081 shares of Upwork stock. The shares were sold at an average price of $16.15, for a total value of $17,458.15.

Upwork Price Performance

UPWK stock traded down $0.69 during midday trading on Monday, hitting $16.55. 2,542,203 shares of the stock were exchanged, compared to its average volume of 2,259,151. The stock’s 50-day moving average price is $13.78 and its 200-day moving average price is $15.25. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of 10.82 and a beta of 1.52. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $18.14. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.09. The firm had revenue of $192.71 million during the quarter, compared to analysts’ expectations of $188.49 million. Upwork had a return on equity of 50.83% and a net margin of 28.02%. Upwork’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.22 earnings per share. Research analysts predict that Upwork Inc. will post 0.84 earnings per share for the current year.

Hedge Funds Weigh In On Upwork

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Mesirow Financial Investment Management Inc. raised its holdings in Upwork by 5.7% during the first quarter. Mesirow Financial Investment Management Inc. now owns 27,228 shares of the company’s stock worth $347,000 after purchasing an additional 1,465 shares during the last quarter. KBC Group NV raised its holdings in shares of Upwork by 39.6% in the fourth quarter. KBC Group NV now owns 6,690 shares of the company’s stock worth $109,000 after acquiring an additional 1,899 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Upwork by 3.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 67,716 shares of the company’s stock worth $1,107,000 after acquiring an additional 2,148 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Upwork by 1.4% in the fourth quarter. Rhumbline Advisers now owns 178,202 shares of the company’s stock worth $2,914,000 after acquiring an additional 2,387 shares during the last quarter. Finally, King Luther Capital Management Corp raised its holdings in shares of Upwork by 1.0% in the fourth quarter. King Luther Capital Management Corp now owns 263,802 shares of the company’s stock worth $4,313,000 after acquiring an additional 2,636 shares during the last quarter. 77.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

UPWK has been the subject of several analyst reports. Citigroup restated an “outperform” rating on shares of Upwork in a report on Friday. Needham & Company LLC reiterated a “buy” rating and set a $19.00 price target on shares of Upwork in a report on Tuesday, May 6th. BTIG Research cut Upwork from a “buy” rating to a “neutral” rating in a report on Friday, April 4th. JMP Securities increased their price target on Upwork from $18.00 to $20.00 and gave the stock a “market outperform” rating in a report on Friday. Finally, UBS Group increased their price target on Upwork from $18.00 to $19.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Upwork has an average rating of “Moderate Buy” and an average target price of $18.67.

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.