Dave Bottoms Sells 1,009 Shares of Upwork Inc. (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) insider Dave Bottoms sold 1,009 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $17.14, for a total value of $17,294.26. Following the completion of the transaction, the insider now directly owns 1,620 shares in the company, valued at $27,766.80. The trade was a 38.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Dave Bottoms also recently made the following trade(s):

• On Monday, May 19th, Dave Bottoms sold 2,130 shares of Upwork stock. The shares were sold at an average price of $16.66, for a total value of $35,485.80.
• On Tuesday, March 18th, Dave Bottoms sold 5,411 shares of Upwork stock. The shares were sold at an average price of $13.07, for a total value of $70,721.77.
• On Tuesday, February 18th, Dave Bottoms sold 1,543 shares of Upwork stock. The shares were sold at an average price of $16.15, for a total value of $24,919.45.

Upwork Stock Down 0.5%

NASDAQ UPWK opened at $16.46 on Wednesday. The business has a fifty day moving average price of $13.87 and a two-hundred day moving average price of $15.25. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $18.14. The stock has a market capitalization of $2.17 billion, a PE ratio of 10.76 and a beta of 1.52.

Upwork (NASDAQ:UPWK) last released its earnings results on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.09. Upwork had a return on equity of 50.83% and a net margin of 28.02%. The firm had revenue of $192.71 million during the quarter, compared to analysts’ expectations of $188.49 million. During the same period in the prior year, the company earned $0.22 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. Equities analysts expect that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Upwork

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its stake in Upwork by 51.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company’s stock worth $253,405,000 after purchasing an additional 5,289,493 shares during the last quarter. LSV Asset Management lifted its stake in shares of Upwork by 364.5% in the 1st quarter. LSV Asset Management now owns 5,351,406 shares of the company’s stock valued at $69,836,000 after acquiring an additional 4,199,244 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of Upwork by 41.1% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,660,511 shares of the company’s stock valued at $60,820,000 after acquiring an additional 1,357,476 shares during the last quarter. Dorsey Asset Management LLC lifted its stake in shares of Upwork by 15.0% in the 4th quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company’s stock valued at $49,788,000 after acquiring an additional 397,997 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Upwork by 50.5% in the 1st quarter. Invesco Ltd. now owns 2,630,379 shares of the company’s stock valued at $34,326,000 after acquiring an additional 882,059 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Citigroup reiterated an “outperform” rating on shares of Upwork in a research note on Friday. Scotiabank assumed coverage on Upwork in a research note on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 price target for the company. UBS Group boosted their price target on Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price target on shares of Upwork in a research note on Tuesday, May 6th. Finally, Jefferies Financial Group cut their price target on Upwork from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.67.

About Upwork

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.