Upwork (NASDAQ:UPWK) CFO Sells $74,727.35 in Stock

Upwork Inc. (NASDAQ:UPWK) CFO Erica Gessert sold 9,169 shares of Upwork stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $8.15, for a total transaction of $74,727.35. Following the completion of the sale, the chief financial officer directly owned 341,609 shares in the company, valued at approximately $2,784,113.35. This represents a 2.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Upwork Stock Down 4.4%

UPWK opened at $7.86 on Friday. Upwork Inc. has a twelve month low of $7.44 and a twelve month high of $22.84. The company’s 50-day moving average price is $9.18 and its two-hundred day moving average price is $13.77. The stock has a market cap of $970.87 million, a price-to-earnings ratio of 9.70 and a beta of 1.01.

Hedge Funds Weigh In On Upwork

Large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Upwork by 44.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,231,377 shares of the company’s stock valued at $381,166,000 after purchasing an additional 5,893,970 shares during the period. Vanguard Group Inc. boosted its stake in Upwork by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 14,989,217 shares of the company’s stock worth $297,086,000 after purchasing an additional 322,455 shares during the period. LSV Asset Management grew its holdings in Upwork by 0.4% during the 4th quarter. LSV Asset Management now owns 6,537,275 shares of the company’s stock valued at $129,569,000 after buying an additional 23,900 shares in the last quarter. Ancient Art L.P. increased its position in shares of Upwork by 8.7% during the fourth quarter. Ancient Art L.P. now owns 4,640,814 shares of the company’s stock valued at $91,981,000 after buying an additional 372,147 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Upwork by 26.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,715,616 shares of the company’s stock valued at $40,720,000 after buying an additional 779,506 shares during the period. 77.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wall Street Zen lowered Upwork from a “buy” rating to a “hold” rating in a report on Saturday, May 9th. Citizens Jmp lowered Upwork from an “outperform” rating to a “market perform” rating in a report on Friday, May 8th. Roth Mkm cut Upwork from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research note on Friday, May 8th. Canaccord Genuity Group downgraded shares of Upwork from a “buy” rating to a “hold” rating and dropped their price objective for the company from $22.00 to $10.00 in a report on Friday, May 8th. Finally, Royal Bank Of Canada cut their target price on shares of Upwork from $20.00 to $9.00 and set a “sector perform” rating for the company in a research report on Monday, May 11th. Three research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.50.

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.