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 company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total value of $790,500.00. Following the transaction, the director now owns 48,915 shares of the company’s stock, valued at $515,564.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Upwork Stock Performance

Shares of NASDAQ:UPWK opened at $10.71 on Friday. The business’s fifty day moving average price is $10.30 and its two-hundred day moving average price is $11.08. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $16.36. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 30.60 and a beta of 1.54. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The firm had revenue of $193.13 million for the quarter, compared to analysts’ expectations of $193.05 million. During the same period in the prior year, the business posted ($0.03) earnings per share. The business’s revenue was up 14.5% compared to the same quarter last year. As a group, analysts predict that Upwork Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on UPWK. UBS Group cut their price target on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group cut their price target on Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Royal Bank of Canada cut their price target on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Piper Sandler lowered their price objective on Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Finally, Canaccord Genuity Group lowered their price objective on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $15.70.

Institutional Trading of Upwork

A number of large investors have recently bought and sold shares of UPWK. Victory Capital Management Inc. grew its position in Upwork by 24.2% in the fourth quarter. Victory Capital Management Inc. now owns 16,200 shares of the company’s stock valued at $241,000 after acquiring an additional 3,156 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Upwork by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 977,073 shares of the company’s stock worth $14,529,000 after purchasing an additional 20,703 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Upwork during the fourth quarter worth $771,000. Quadrant Capital Group LLC grew 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 worth $30,000 after purchasing an additional 803 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Upwork during the fourth quarter worth $11,486,000. 77.71% of the stock is currently owned by institutional investors.

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.