Upwork (NASDAQ:UPWK) Insider Dave Bottoms Sells 1,748 Shares

Upwork Inc. (NASDAQ:UPWK) insider Dave Bottoms sold 1,748 shares of Upwork stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $18.13, for a total transaction of $31,691.24. Following the completion of the sale, the insider owned 345 shares in the company, valued at approximately $6,254.85. This trade represents a 83.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Tuesday, November 18th, Dave Bottoms sold 2,002 shares of Upwork stock. The shares were sold at an average price of $16.72, for a total transaction of $33,473.44.
• On Monday, November 17th, Dave Bottoms sold 561 shares of Upwork stock. The stock was sold at an average price of $16.45, for a total transaction of $9,228.45.
• On Friday, September 19th, Dave Bottoms sold 10,014 shares of Upwork stock. The shares were sold at an average price of $19.96, for a total value of $199,879.44.
• On Thursday, September 18th, Dave Bottoms sold 10,894 shares of Upwork stock. The shares were sold at an average price of $19.16, for a total value of $208,729.04.

Upwork Trading Up 0.2%

Upwork stock traded up $0.05 on Thursday, hitting $18.21. 921,709 shares of the stock traded hands, compared to its average volume of 2,659,670. The business’s fifty day simple moving average is $17.37 and its 200 day simple moving average is $15.48. The firm has a market cap of $2.38 billion, a P/E ratio of 10.43 and a beta of 1.57. Upwork Inc. has a 1 year low of $11.13 and a 1 year high of $20.54.

Upwork (NASDAQ:UPWK) last announced its earnings results on Monday, November 3rd. The company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). Upwork had a net margin of 31.63% and a return on equity of 41.05%. The business had revenue of $201.73 million for the quarter, compared to the consensus estimate of $193.33 million. During the same period in the prior year, the business posted $0.30 EPS. Upwork’s revenue for the quarter was up 4.1% on a year-over-year basis. Upwork has set its FY 2025 guidance at 1.350-1.370 EPS. Q4 2025 guidance at 0.310-0.330 EPS. As a group, analysts predict that Upwork Inc. will post 0.84 earnings per share for the current year.

Upwork announced that its Board of Directors has approved a stock buyback plan on Wednesday, September 3rd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 4.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Upwork

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UPWK. LSV Asset Management raised its position in Upwork by 22.1% in the second quarter. LSV Asset Management now owns 6,534,575 shares of the company’s stock worth $87,825,000 after acquiring an additional 1,183,169 shares during the period. T. Rowe Price Investment Management Inc. increased 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 worth $60,820,000 after purchasing an additional 1,357,476 shares in the last quarter. Ancient Art L.P. raised its holdings in Upwork by 13.1% in the 3rd quarter. Ancient Art L.P. now owns 4,268,667 shares of the company’s stock worth $79,269,000 after purchasing an additional 494,759 shares during the period. Invesco Ltd. lifted its position in Upwork by 5.2% during the third quarter. Invesco Ltd. now owns 3,009,334 shares of the company’s stock valued at $55,883,000 after purchasing an additional 147,852 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Upwork by 2.6% during the third quarter. Dimensional Fund Advisors LP now owns 2,828,735 shares of the company’s stock valued at $52,534,000 after purchasing an additional 71,130 shares during the period. 77.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Scotiabank raised their price target on shares of Upwork from $15.00 to $17.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 4th. The Goldman Sachs Group boosted their price target on Upwork from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday. Citizens Jmp reiterated a “market outperform” rating and issued a $27.00 price objective on shares of Upwork in a report on Wednesday. BTIG Research reiterated a “neutral” rating on shares of Upwork in a research note on Wednesday. Finally, Roth Capital reissued a “buy” rating and set a $22.00 price objective (up from $19.00) on shares of Upwork in a report on Wednesday, November 5th. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Upwork has an average rating of “Moderate Buy” and a consensus price target of $22.92.

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.