Fmr LLC Has $76,000 Stake in Upwork Inc. (NASDAQ:UPWK)

Fmr LLC cut its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 95.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,264 shares of the company’s stock after selling 158,644 shares during the quarter. Fmr LLC’s holdings in Upwork were worth $76,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new stake in Upwork during the second quarter valued at $54,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Upwork in the 2nd quarter valued at about $29,000. Panagora Asset Management Inc. grew its stake in shares of Upwork by 7.9% in the 2nd quarter. Panagora Asset Management Inc. now owns 130,610 shares of the company’s stock valued at $1,404,000 after buying an additional 9,528 shares during the period. Versor Investments LP increased its position in Upwork by 417.9% in the 2nd quarter. Versor Investments LP now owns 69,400 shares of the company’s stock valued at $746,000 after buying an additional 56,001 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in Upwork by 3.4% in the second quarter. Rhumbline Advisers now owns 186,668 shares of the company’s stock worth $2,007,000 after acquiring an additional 6,132 shares in the last quarter. Institutional investors own 77.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on UPWK. UBS Group upped their target price on Upwork from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 4th. Citigroup upped their price objective on shares of Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. Canaccord Genuity Group lifted their price objective on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. BTIG Research upped their target price on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price target (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Upwork currently has an average rating of “Moderate Buy” and a consensus target price of $18.36.

Insider Buying and Selling

In other Upwork news, CEO Hayden Brown sold 8,997 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $17.12, for a total transaction of $154,028.64. Following the sale, the chief executive officer now directly owns 1,238,156 shares of the company’s stock, valued at $21,197,230.72. This represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Elizabeth A. Nelson sold 75,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $17.37, for a total transaction of $1,302,750.00. Following the transaction, the director now owns 48,915 shares of the company’s stock, valued at $849,653.55. This represents a 60.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 213,813 shares of company stock worth $3,525,935. Insiders own 7.60% of the company’s stock.

Upwork Price Performance

Shares of NASDAQ UPWK opened at $16.74 on Wednesday. The company has a market capitalization of $2.24 billion, a PE ratio of 26.57 and a beta of 1.58. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The stock’s 50 day moving average price is $15.14 and its 200-day moving average price is $12.09. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The business had revenue of $193.78 million for the quarter, compared to analysts’ expectations of $185.55 million. During the same quarter in the previous year, the firm earned $0.12 earnings per share. The business’s revenue was up 10.3% on a year-over-year basis. On average, equities analysts anticipate that Upwork Inc. will post 0.65 EPS for the current year.

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.