Dave Bottoms Sells 2,843 Shares of Upwork Inc. (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) VP Dave Bottoms sold 2,843 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $13.22, for a total transaction of $37,584.46. The transaction was disclosed in a filing with the SEC, which is available through this link.

Upwork Stock Down 3.5 %

UPWK stock opened at $11.92 on Thursday. The company has a quick ratio of 2.93, a current ratio of 2.93 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $1.58 billion, a PE ratio of 34.06 and a beta of 1.66. Upwork Inc. has a twelve month low of $7.54 and a twelve month high of $16.36. The stock has a 50-day simple moving average of $12.14 and a two-hundred day simple moving average of $13.22.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, February 14th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.01. The business had revenue of $183.93 million during the quarter, compared to analyst estimates of $178.43 million. Upwork had a return on equity of 13.96% and a net margin of 6.70%. On average, equities analysts predict that Upwork Inc. will post 0.42 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on UPWK. JMP Securities raised their target price on shares of Upwork from $16.00 to $17.00 and gave the company a “market outperform” rating in a research report on Thursday, February 15th. UBS Group raised their target price on shares of Upwork from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, February 15th. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Upwork in a research note on Thursday, May 2nd. The Goldman Sachs Group raised their target price on shares of Upwork from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Thursday, February 15th. Finally, Royal Bank of Canada dropped their price objective on shares of Upwork from $18.00 to $15.00 and set a “sector perform” rating for the company in a research note on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.30.

Institutional Trading of Upwork

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quadrant Capital Group LLC raised its holdings in shares of Upwork by 67.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock valued at $30,000 after acquiring an additional 803 shares in the last quarter. Daiwa Securities Group Inc. purchased a new stake in Upwork in the fourth quarter worth $33,000. Headlands Technologies LLC purchased a new stake in Upwork in the first quarter worth $49,000. Essex Investment Management Co. LLC grew its stake in Upwork by 56.2% in the first quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock worth $58,000 after purchasing an additional 1,700 shares during the period. Finally, Sherbrooke Park Advisers LLC purchased a new stake in Upwork in the third quarter worth $135,000. Institutional investors 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.