Insider Selling: Upwork Inc. (NASDAQ:UPWK) CAO Sells 972 Shares of Stock

Upwork Inc. (NASDAQ:UPWK) CAO Olivier Marie sold 972 shares of the company’s stock in a transaction on Monday, May 19th. The shares were sold at an average price of $16.79, for a total value of $16,319.88. Following the completion of the transaction, the chief accounting officer now owns 2,949 shares of the company’s stock, valued at $49,513.71. This trade represents a 24.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Olivier Marie also recently made the following trade(s):

• On Thursday, May 15th, Olivier Marie sold 3,105 shares of Upwork stock. The shares were sold at an average price of $17.14, for a total value of $53,219.70.
• On Tuesday, March 18th, Olivier Marie sold 1,460 shares of Upwork stock. The shares were sold at an average price of $13.07, for a total value of $19,082.20.
• On Tuesday, February 18th, Olivier Marie sold 1,081 shares of Upwork stock. The shares were sold at an average price of $16.15, for a total value of $17,458.15.

Upwork Price Performance

Shares of NASDAQ:UPWK traded down $0.69 on Monday, hitting $16.55. The company’s stock had a trading volume of 2,542,203 shares, compared to its average volume of 2,259,151. The company has a 50-day simple moving average of $13.78 and a 200 day simple moving average of $15.25. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14. The company has a market capitalization of $2.18 billion, a PE ratio of 10.82 and a beta of 1.52. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on UPWK. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 price target on shares of Upwork in a research report on Tuesday, May 6th. BTIG Research cut Upwork from a “buy” rating to a “neutral” rating in a research report on Friday, April 4th. Jefferies Financial Group dropped their price target on Upwork from $21.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 price target on shares of Upwork in a research report on Tuesday, May 6th. Finally, Roth Mkm dropped their price target on Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Upwork presently has an average rating of “Moderate Buy” and an average price target of $18.67.

Hedge Funds Weigh In On Upwork

Several institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in Upwork by 51.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company’s stock worth $253,405,000 after acquiring an additional 5,289,493 shares during the last quarter. LSV Asset Management lifted its stake in shares of Upwork by 364.5% in the 1st 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 period. T. Rowe Price Investment Management Inc. lifted its stake in shares of Upwork by 41.1% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,660,511 shares of the company’s stock valued at $60,820,000 after purchasing an additional 1,357,476 shares during the period. Dorsey Asset Management LLC lifted its stake in shares of Upwork by 15.0% in the 4th quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company’s stock valued at $49,788,000 after purchasing an additional 397,997 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Upwork by 50.5% in the 1st quarter. Invesco Ltd. now owns 2,630,379 shares of the company’s stock valued at $34,326,000 after purchasing an additional 882,059 shares during the period. 77.71% of the stock is currently owned by institutional investors.

Upwork Company Profile

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.