Elizabeth A. Nelson Sells 75,000 Shares of Upwork Inc. (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) Director Elizabeth A. Nelson sold 75,000 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 16,299 shares in the company, valued at approximately $286,536.42. The trade was a 82.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Upwork Stock Down 6.7 %

Shares of NASDAQ UPWK opened at $15.63 on Friday. The stock has a market cap of $2.12 billion, a PE 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 52-week low of $8.43 and a 52-week high of $18.14. The business has a 50-day moving average price of $16.30 and a 200 day moving average price of $13.66.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 earnings per share 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%. Equities research analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current year.

Institutional Trading of Upwork

A number of hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV lifted its position in Upwork by 45.4% during the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after acquiring an additional 1,497 shares during the period. Quarry LP lifted its position in Upwork by 42.6% during the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock worth $65,000 after acquiring an additional 1,851 shares during the period. Citizens Financial Group Inc. RI lifted its position in Upwork by 18.4% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company’s stock worth $143,000 after acquiring an additional 2,129 shares during the period. The Manufacturers Life Insurance Company lifted its position in Upwork by 3.3% during the 4th 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 period. Finally, Rhumbline Advisers lifted its position in Upwork by 1.4% during the 4th 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 period. 77.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

UPWK has been the topic of a number of recent analyst reports. Citigroup increased their price objective on Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, November 29th. Piper Sandler reiterated an “overweight” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Upwork in a report on Thursday, November 7th. BTIG Research increased their price objective on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC increased their price objective on Upwork from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Royal Bank of Canada increased their price objective on Upwork from $16.00 to $18.00 and gave the company a “sector perform” rating in a report on Thursday, February 13th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company 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.