Insider Selling: Upwork Inc. (NASDAQ:UPWK) Director Sells 60,000 Shares of Stock

Upwork Inc. (NASDAQ:UPWK) Director Elizabeth A. Nelson sold 60,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $17.43, for a total value of $1,045,800.00. Following the sale, the director now owns 356,712 shares in the company, valued at approximately $6,217,490.16. This represents a 14.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Upwork Stock Performance

Upwork stock opened at $17.39 on Thursday. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14. The firm has a 50-day moving average of $13.58 and a 200-day moving average of $15.15. The firm has a market cap of $2.29 billion, a P/E ratio of 11.37 and a beta of 1.52.

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

Hedge Funds Weigh In On Upwork

Several large investors have recently made changes to their positions in UPWK. Price T Rowe Associates Inc. MD lifted its holdings in shares of Upwork by 51.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company’s stock valued at $253,405,000 after purchasing an additional 5,289,493 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Upwork by 364.5% during the first quarter. LSV Asset Management now owns 5,351,406 shares of the company’s stock valued at $69,836,000 after purchasing an additional 4,199,244 shares during the last quarter. Nuveen LLC bought a new stake in shares of Upwork during the first quarter valued at approximately $22,079,000. Invesco Ltd. raised its holdings in Upwork by 1,674.0% in the 4th quarter. Invesco Ltd. now owns 1,748,320 shares of the company’s stock worth $28,585,000 after acquiring an additional 1,649,766 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its holdings in Upwork by 86.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,303,035 shares of the company’s stock worth $54,005,000 after acquiring an additional 1,534,078 shares during the last quarter. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

UPWK has been the topic of several research analyst reports. UBS Group upped their price target on shares of Upwork from $18.00 to $19.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Scotiabank initiated coverage on shares of Upwork in a report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 price target on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $18.00 price target on shares of Upwork in a report on Thursday, January 30th. Needham & Company LLC reissued a “buy” rating and issued a $19.00 target price on shares of Upwork in a research note on Tuesday, May 6th. Finally, BTIG Research cut Upwork from a “buy” rating to a “neutral” rating in a research note on Friday, April 4th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Upwork currently has an average rating of “Moderate Buy” and a consensus target price of $18.50.

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.