Upwork (NASDAQ:UPWK) CAO Sabrina Mekhalfa Sells 1,276 Shares

Upwork Inc. (NASDAQ:UPWK) CAO Sabrina Mekhalfa sold 1,276 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $8.15, for a total transaction of $10,399.40. Following the transaction, the chief accounting officer owned 4,396 shares of the company’s stock, valued at $35,827.40. This trade represents a 22.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Upwork Price Performance

Shares of NASDAQ UPWK opened at $8.21 on Wednesday. Upwork Inc. has a 12-month low of $7.44 and a 12-month high of $22.84. The company has a market capitalization of $1.01 billion, a PE ratio of 10.14 and a beta of 1.01. The firm’s 50-day moving average is $9.30 and its two-hundred day moving average is $13.94.

Institutional Investors Weigh In On Upwork

Hedge funds have recently made changes to their positions in the business. Accredited Wealth Management LLC grew its position in shares of Upwork by 5,280.0% in the third quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock valued at $25,000 after purchasing an additional 1,320 shares during the period. Farther Finance Advisors LLC grew its holdings in Upwork by 594.4% in the 4th quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock valued at $27,000 after buying an additional 1,165 shares during the period. Clearstead Advisors LLC increased its stake in shares of Upwork by 998.4% during the 3rd quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock valued at $26,000 after acquiring an additional 1,278 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Upwork by 2,405.7% during the 3rd quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock valued at $33,000 after acquiring an additional 1,684 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Upwork by 379.2% during the 4th quarter. GAMMA Investing LLC now owns 1,840 shares of the company’s stock worth $36,000 after acquiring an additional 1,456 shares during the period. Institutional investors and hedge funds own 77.71% of the company’s stock.

Analysts Set New Price Targets

UPWK has been the topic of a number of analyst reports. Roth Mkm cut Upwork from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a report on Friday, May 8th. Needham & Company LLC reduced their price objective on Upwork from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Wall Street Zen lowered Upwork from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings lowered Upwork from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 12th. Finally, Citigroup dropped their price objective on Upwork from $17.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, May 21st. Three investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $15.50.

About Upwork

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.