Erica Gessert Sells 19,816 Shares of Upwork Inc. (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) CFO Erica Gessert sold 19,816 shares of Upwork stock in a transaction on Monday, November 18th. The stock was sold at an average price of $15.13, for a total value of $299,816.08. Following the transaction, the chief financial officer now directly owns 128,939 shares of the company’s stock, valued at approximately $1,950,847.07. This represents a 13.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Wednesday, September 18th, Erica Gessert sold 4,491 shares of Upwork stock. The shares were sold at an average price of $10.57, for a total value of $47,469.87.

Upwork Stock Performance

NASDAQ:UPWK opened at $15.36 on Friday. The firm’s fifty day simple moving average is $12.06 and its 200 day simple moving average is $11.18. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $17.79. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of 24.41 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. The company had revenue of $193.78 million during the quarter, compared to the consensus estimate of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The company’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.12 earnings per share. As a group, equities research analysts expect that Upwork Inc. will post 0.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

UPWK has been the topic of a number of research reports. The Goldman Sachs Group increased their price objective on shares of Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and set a $18.00 price target (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. JMP Securities increased their price objective on Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. UBS Group lowered their price target on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, Citigroup decreased their price objective on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Upwork has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Institutional Investors Weigh In On Upwork

A number of large investors have recently added to or reduced their stakes in UPWK. KBC Group NV raised its position in shares of Upwork by 45.4% in the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after purchasing an additional 1,497 shares in the last quarter. ProShare Advisors LLC raised its holdings in Upwork by 8.6% in the first quarter. ProShare Advisors LLC now owns 22,483 shares of the company’s stock valued at $276,000 after acquiring an additional 1,771 shares in the last quarter. Quarry LP boosted its stake in Upwork by 42.6% during the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock valued at $65,000 after acquiring an additional 1,851 shares during the last quarter. Federated Hermes Inc. grew its holdings in Upwork by 0.6% during the 2nd quarter. Federated Hermes Inc. now owns 318,659 shares of the company’s stock worth $3,426,000 after acquiring an additional 1,996 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Upwork by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock worth $718,000 after purchasing an additional 2,063 shares during the last quarter. 77.71% of the stock is owned by institutional investors and hedge funds.

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.