Sanctuary Advisors LLC Buys 138,581 Shares of Upwork Inc. $UPWK

Sanctuary Advisors LLC increased its stake in Upwork Inc. (NASDAQ:UPWK) by 1,374.4% in the first quarter, Holdings Channel.com reports. The firm owned 148,664 shares of the company’s stock after purchasing an additional 138,581 shares during the quarter. Sanctuary Advisors LLC’s holdings in Upwork were worth $1,629,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its holdings in shares of Upwork by 594.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock valued at $27,000 after purchasing an additional 1,165 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Upwork by 379.2% during the fourth quarter. GAMMA Investing LLC now owns 1,840 shares of the company’s stock worth $36,000 after buying an additional 1,456 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Upwork by 434.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,881 shares of the company’s stock worth $37,000 after buying an additional 1,529 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Upwork in the 4th quarter valued at approximately $42,000. Finally, EverSource Wealth Advisors LLC raised its position in Upwork by 19,361.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,503 shares of the company’s stock valued at $47,000 after buying an additional 3,485 shares during the last quarter. Institutional investors own 77.71% of the company’s stock.

Insider Activity at Upwork

In other news, CFO Erica Gessert sold 9,169 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $8.15, for a total value of $74,727.35. Following the completion of the sale, the chief financial officer owned 341,609 shares of the company’s stock, valued at approximately $2,784,113.35. This represents a 2.61% decrease in their position. 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. Also, CEO Hayden Brown sold 23,468 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $8.15, for a total transaction of $191,264.20. Following the completion of the transaction, the chief executive officer directly owned 797,495 shares of the company’s stock, valued at $6,499,584.25. This represents a 2.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 33,913 shares of company stock valued at $276,391. 4.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on UPWK shares. Roth Capital downgraded Upwork from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Friday, May 8th. Royal Bank Of Canada lowered their price objective on shares of Upwork from $20.00 to $9.00 and set a “sector perform” rating on the stock in a report on Monday, May 11th. Citizens Jmp lowered shares of Upwork from an “outperform” rating to a “market perform” rating in a research report on Friday, May 8th. Weiss Ratings cut shares of Upwork from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 12th. Finally, Canaccord Genuity Group downgraded shares of Upwork from a “buy” rating to a “hold” rating and decreased their target price for the company from $22.00 to $10.00 in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Upwork currently has a consensus rating of “Hold” and a consensus target price of $15.50.

Upwork Stock Performance

Shares of NASDAQ UPWK opened at $8.96 on Thursday. The stock has a 50 day moving average price of $8.67 and a 200 day moving average price of $12.20. The stock has a market capitalization of $1.11 billion, a PE ratio of 11.06 and a beta of 0.99. Upwork Inc. has a 52 week low of $7.44 and a 52 week high of $22.84.

Upwork Company Profile

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.