US Bancorp DE Sells 26,754 Shares of Upwork Inc. (NASDAQ:UPWK)

US Bancorp DE cut its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 49.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,134 shares of the company’s stock after selling 26,754 shares during the quarter. US Bancorp DE’s holdings in Upwork were worth $284,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Plato Investment Management Ltd purchased a new position in shares of Upwork during the second quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Upwork during the second quarter valued at about $29,000. Quarry LP grew its position in shares of Upwork by 104.2% during the second quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after purchasing an additional 2,220 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Upwork during the first quarter valued at about $49,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Upwork during the second quarter valued at about $54,000. 77.71% of the stock is owned by institutional investors.

Upwork Stock Performance

Upwork stock opened at $15.72 on Thursday. The company has a 50 day moving average price of $11.50 and a 200-day moving average price of $11.08. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The company has a market capitalization of $2.10 billion, a PE ratio of 24.95 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The firm had revenue of $193.78 million during the quarter, compared to the consensus estimate of $185.55 million. During the same quarter in the previous year, the firm posted $0.12 earnings per share. The company’s revenue was up 10.3% on a year-over-year basis. As a group, equities analysts forecast that Upwork Inc. will post 0.51 earnings per share for the current year.

Insider Activity

In related news, CAO Olivier Marie sold 9,153 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $15.92, for a total value of $145,715.76. Following the completion of the transaction, the chief accounting officer now owns 1,294 shares of the company’s stock, valued at $20,600.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Erica Gessert sold 4,491 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $47,469.87. Following the completion of the transaction, the chief financial officer now owns 111,255 shares of the company’s stock, valued at $1,175,965.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Olivier Marie sold 9,153 shares of Upwork stock in a transaction on Friday, November 8th. The stock was sold at an average price of $15.92, for a total transaction of $145,715.76. Following the completion of the transaction, the chief accounting officer now directly owns 1,294 shares in the company, valued at $20,600.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 206,078 shares of company stock valued at $2,267,715. Corporate insiders own 7.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Canaccord Genuity Group raised their price objective on Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Citigroup cut their price objective on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. Royal Bank of Canada dropped their price target on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. BTIG Research lifted their price target on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, JMP Securities lifted their price target on Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Upwork currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

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.