Upwork (NASDAQ:UPWK) Shares Down 6%

Upwork Inc. (NASDAQ:UPWK) traded down 6% during mid-day trading on Monday . The stock traded as low as $8.77 and last traded at $8.77. 789,696 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 2,059,588 shares. The stock had previously closed at $9.33.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on UPWK. UBS Group decreased their target price on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Upwork in a report on Wednesday, May 15th. The Goldman Sachs Group decreased their target price on Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday. Canaccord Genuity Group dropped their price target on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $19.00 price target on shares of Upwork in a research note on Wednesday, May 15th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.30.

Upwork Stock Down 4.0 %

The firm’s 50 day simple moving average is $10.87 and its 200-day simple moving average is $11.91. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 25.20 and a beta of 1.57.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The company had revenue of $193.13 million during the quarter, compared to the consensus estimate of $193.05 million. During the same quarter in the prior year, the firm posted ($0.03) EPS. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. Equities analysts expect that Upwork Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at Upwork

In other news, CFO Erica Gessert sold 4,537 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $10.22, for a total value of $46,368.14. Following the sale, the chief financial officer now directly owns 90,166 shares in the company, valued at approximately $921,496.52. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Olivier Marie sold 3,106 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $12.13, for a total value of $37,675.78. Following the transaction, the chief accounting officer now directly owns 7,565 shares of the company’s stock, valued at approximately $91,763.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Erica Gessert sold 4,537 shares of Upwork stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $10.22, for a total value of $46,368.14. Following the completion of the sale, the chief financial officer now owns 90,166 shares of the company’s stock, valued at $921,496.52. The disclosure for this sale can be found here. In the last three months, insiders sold 192,496 shares of company stock worth $2,231,891. 7.60% of the stock is owned by company insiders.

Institutional Trading of Upwork

Several hedge funds have recently modified their holdings of UPWK. Goldman Sachs Group Inc. grew its holdings in Upwork by 239.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock worth $33,491,000 after purchasing an additional 1,589,693 shares during the period. Norges Bank acquired a new stake in shares of Upwork in the 4th quarter valued at about $11,486,000. Vanguard Group Inc. increased its position in Upwork by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after buying an additional 770,088 shares in the last quarter. Acadian Asset Management LLC raised its stake in Upwork by 71.0% during the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock worth $17,572,000 after buying an additional 679,028 shares during the period. Finally, Invenomic Capital Management LP boosted its holdings in Upwork by 132.5% in the first quarter. Invenomic Capital Management LP now owns 964,641 shares of the company’s stock worth $11,826,000 after acquiring an additional 549,733 shares in the last quarter. Institutional investors own 77.71% of the company’s stock.

Upwork Company Profile

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.