Mutual of America Capital Management LLC Sells 60,292 Shares of Upwork Inc. (NASDAQ:UPWK)

Mutual of America Capital Management LLC reduced its position in Upwork Inc. (NASDAQ:UPWKGet Rating) by 45.2% during the first quarter, Holdings Channel reports. The institutional investor owned 73,106 shares of the company’s stock after selling 60,292 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Upwork were worth $1,699,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. National Bank of Canada FI bought a new stake in shares of Upwork in the 4th quarter valued at about $57,000. Pacer Advisors Inc. acquired a new stake in Upwork in the 4th quarter worth approximately $64,000. Daiwa Securities Group Inc. acquired a new stake in Upwork in the 4th quarter worth approximately $89,000. Point72 Hong Kong Ltd acquired a new stake in Upwork in the 4th quarter worth approximately $105,000. Finally, NN Investment Partners Holdings N.V. acquired a new stake in Upwork in the 4th quarter worth approximately $137,000. 73.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Eric Gilpin sold 5,509 shares of the business’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $16.07, for a total value of $88,529.63. Following the completion of the sale, the insider now owns 25,833 shares of the company’s stock, valued at approximately $415,136.31. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Upwork news, CFO Jeff Mccombs sold 3,508 shares of Upwork stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $16.07, for a total transaction of $56,373.56. Following the sale, the chief financial officer now owns 13,428 shares of the company’s stock, valued at approximately $215,787.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Eric Gilpin sold 5,509 shares of Upwork stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $16.07, for a total transaction of $88,529.63. Following the sale, the insider now directly owns 25,833 shares in the company, valued at approximately $415,136.31. The disclosure for this sale can be found here. In the last quarter, insiders sold 53,112 shares of company stock valued at $973,229. 8.90% of the stock is owned by corporate insiders.

Upwork Price Performance

NASDAQ:UPWK opened at $18.56 on Friday. The company has a debt-to-equity ratio of 2.25, a current ratio of 3.61 and a quick ratio of 3.61. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of -32.56 and a beta of 1.64. The company has a 50 day moving average price of $20.25 and a 200-day moving average price of $21.88. Upwork Inc. has a 1-year low of $14.85 and a 1-year high of $61.90.

Upwork (NASDAQ:UPWKGet Rating) last posted its earnings results on Wednesday, July 27th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.06. The firm had revenue of $156.90 million during the quarter, compared to analyst estimates of $147.78 million. Upwork had a negative net margin of 13.79% and a negative return on equity of 27.03%. The business’s quarterly revenue was up 26.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.13) EPS. Equities research analysts forecast that Upwork Inc. will post -0.78 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on UPWK. Royal Bank of Canada began coverage on shares of Upwork in a research note on Monday, May 23rd. They issued a “sector perform” rating and a $21.00 target price for the company. Jefferies Financial Group lowered their target price on shares of Upwork from $24.00 to $20.00 in a research note on Tuesday, May 31st. MKM Partners lowered their target price on shares of Upwork from $36.00 to $31.00 in a research note on Monday, April 25th. JMP Securities decreased their price objective on shares of Upwork from $45.00 to $33.00 and set a “market outperform” rating for the company in a research note on Thursday. Finally, BTIG Research decreased their price objective on shares of Upwork from $34.00 to $30.00 in a research note on Monday, July 11th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $36.14.

About Upwork

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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.

Further Reading

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Institutional Ownership by Quarter for Upwork (NASDAQ:UPWK)

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