Insider Selling: Upwork Inc. (NASDAQ:UPWK) CFO Sells 4,279 Shares of Stock

by · The Cerbat Gem

Upwork Inc. (NASDAQ:UPWK – Get Free Report) CFO Erica Gessert sold 4,279 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $17.11, for a total value of $73,213.69. Following the completion of the transaction, the chief financial officer now directly owns 133,093 shares in the company, valued at $2,277,221.23. The trade was a 3.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Erica Gessert also recently made the following trade(s):

  • On Monday, November 18th, Erica Gessert sold 19,816 shares of Upwork stock. The shares were sold at an average price of $15.13, for a total transaction of $299,816.08.

Upwork Price Performance

Shares of Upwork stock opened at $16.44 on Friday. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $18.14. The stock has a 50 day moving average of $14.77 and a 200 day moving average of $11.95. The firm has a market cap of $2.20 billion, a PE ratio of 26.10 and a beta of 1.58.

Upwork (NASDAQ:UPWK – Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The firm had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. Upwork’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period last year, the firm posted $0.12 earnings per share. On average, research analysts expect that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board boosted its holdings in shares of Upwork by 186.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company’s stock worth $3,299,000 after purchasing an additional 199,900 shares during the period. Janney Montgomery Scott LLC bought a new stake in Upwork in the third quarter worth $858,000. Victory Capital Management Inc. increased its position in Upwork by 133.5% during the third quarter. Victory Capital Management Inc. now owns 116,899 shares of the company’s stock valued at $1,222,000 after acquiring an additional 66,842 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Upwork during the second quarter valued at approximately $1,637,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Upwork by 40.9% during the third quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company’s stock valued at $2,630,000 after buying an additional 73,104 shares during the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on UPWK. Canaccord Genuity Group upped their target price on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Piper Sandler restated an “overweight” rating and issued a $18.00 price objective (up from $13.00) on shares of Upwork in a research note on Thursday, November 7th. Roth Mkm lifted their price objective on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. JMP Securities increased their target price on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Finally, UBS Group upped their price target on shares of Upwork from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $18.36.

Check Out Our Latest Research Report on Upwork

About Upwork

(Get Free Report)

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.

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