Upwork Inc. (NASDAQ:UPWK) CFO Erica Gessert Sells 4,279 Shares

Upwork Inc. (NASDAQ:UPWK) CFO Erica Gessert sold 4,279 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.11, for a total transaction of $73,213.69. Following the completion of the transaction, the chief financial officer now owns 133,093 shares in the company, valued at approximately $2,277,221.23. This trade represents a 3.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Erica Gessert also recently made the following trade(s):

• On Monday, November 18th, Erica Gessert sold 19,816 shares of Upwork stock. The stock was sold at an average price of $15.13, for a total transaction of $299,816.08.

Upwork Trading Up 1.2 %

NASDAQ:UPWK opened at $16.44 on Friday. The company’s 50-day simple moving average is $14.77 and its 200 day simple moving average is $11.95. Upwork Inc. has a one year low of $8.43 and a one year high of $18.14. The firm has a market capitalization of $2.20 billion, a P/E ratio of 26.10 and a beta of 1.58. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18.

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

Hedge Funds Weigh In On Upwork

Large investors have recently modified their holdings of the stock. Canada Pension Plan Investment Board increased its stake in Upwork by 186.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company’s stock valued at $3,299,000 after purchasing an additional 199,900 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Upwork in the third quarter worth approximately $858,000. Victory Capital Management Inc. raised its holdings in shares of Upwork by 133.5% during the third quarter. Victory Capital Management Inc. now owns 116,899 shares of the company’s stock valued at $1,222,000 after purchasing an additional 66,842 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Upwork during the second quarter valued at approximately $1,637,000. Finally, BNP Paribas Financial Markets boosted its holdings in Upwork by 40.9% in the third quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company’s stock worth $2,630,000 after purchasing an additional 73,104 shares during the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (up from $13.00) on shares of Upwork in a report on Thursday, November 7th. JMP Securities upped their price objective on Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Canaccord Genuity Group increased their price objective on Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group boosted their target price on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, BTIG Research increased their price target on shares of Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Upwork has an average rating of “Moderate Buy” and a consensus target price of $18.36.

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.