Upwork Inc. (NASDAQ:UPWK) CFO Sells $56,373.56 in Stock

Upwork Inc. (NASDAQ:UPWK – Get Rating) CFO Jeff Mccombs sold 3,508 shares of the business’s stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $16.07, for a total value of $56,373.56. Following the transaction, the chief financial officer now owns 13,428 shares in the company, valued at approximately $215,787.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

UPWK stock traded up $0.26 during midday trading on Friday, hitting $18.33. The company’s stock had a trading volume of 1,730,955 shares, compared to its average volume of 1,673,502. The company has a market cap of $2.38 billion, a PE ratio of -32.16 and a beta of 1.84. Upwork Inc. has a 12 month low of $14.85 and a 12 month high of $64.49. The company has a current ratio of 3.61, a quick ratio of 3.61 and a debt-to-equity ratio of 2.25. The firm’s 50-day moving average is $20.81 and its 200-day moving average is $28.09.

Upwork (NASDAQ:UPWK – Get Rating) last announced its earnings results on Wednesday, April 27th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.10. The business had revenue of $141.34 million during the quarter, compared to analyst estimates of $133.70 million. Upwork had a negative net margin of 13.79% and a negative return on equity of 27.03%. During the same period in the previous year, the business earned ($0.06) EPS. Analysts expect that Upwork Inc. will post -0.79 earnings per share for the current year.

A number of brokerages recently issued reports on UPWK. Needham & Company LLC reduced their price target on Upwork from $42.00 to $33.00 in a report on Thursday, April 28th. Zacks Investment Research upgraded Upwork from a “sell” rating to a “hold” rating in a report on Friday, April 29th. JMP Securities reduced their price target on Upwork from $55.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, February 11th. Piper Sandler cut their price objective on Upwork from $40.00 to $30.00 in a research report on Tuesday, March 8th. Finally, BTIG Research cut their price objective on Upwork from $44.00 to $34.00 and set a “buy” rating on the stock in a research report on Monday, April 18th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $41.67.

Institutional investors and hedge funds have recently made changes to their positions in the business. Rockefeller Capital Management L.P. raised its stake in Upwork by 101.6% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company’s stock valued at $33,000 after buying an additional 378 shares during the last quarter. Zullo Investment Group Inc. purchased a new stake in Upwork during the 4th quarter valued at $27,000. Lindbrook Capital LLC purchased a new stake in Upwork during the 4th quarter valued at $52,000. National Bank of Canada FI purchased a new stake in shares of Upwork in the 4th quarter worth $57,000. Finally, Pacer Advisors Inc. purchased a new stake in shares of Upwork in the 4th quarter worth $64,000. Institutional investors and hedge funds own 73.43% of the company’s stock.

About Upwork (Get Rating)

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 sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development.

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