Upwork Inc (NASDAQ:UPWK) major shareholder Bruce Dunlevie sold 48,708 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $14.82, for a total transaction of $721,852.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.
Shares of NASDAQ UPWK opened at $15.00 on Friday. The company has a 50 day simple moving average of $16.13 and a 200-day simple moving average of $18.16. The company has a market capitalization of $1.66 billion and a P/E ratio of -39.47. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.74 and a quick ratio of 1.74. Upwork Inc has a 1 year low of $14.08 and a 1 year high of $25.00.
Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.03. The business had revenue of $74.26 million during the quarter, compared to the consensus estimate of $73.14 million. Upwork had a negative net margin of 7.09% and a negative return on equity of 8.95%. The business’s revenue was up 18.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.06 EPS. As a group, research analysts expect that Upwork Inc will post -0.15 EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Upwork during the 4th quarter valued at $16,901,000. Bank of New York Mellon Corp purchased a new position in shares of Upwork during the 4th quarter valued at $612,000. Northern Trust Corp purchased a new position in shares of Upwork during the 4th quarter valued at $4,842,000. Bank of America Corp DE purchased a new position in shares of Upwork during the 4th quarter valued at $94,000. Finally, MetLife Investment Advisors LLC purchased a new position in shares of Upwork during the 4th quarter valued at $172,000. Institutional investors and hedge funds own 35.56% of the company’s stock.
A number of research analysts have weighed in on UPWK shares. Cantor Fitzgerald started coverage on shares of Upwork in a research note on Tuesday, June 18th. They issued an “overweight” rating on the stock. Jefferies Financial Group raised shares of Upwork from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Wednesday, June 26th. Royal Bank of Canada reissued a “buy” rating and issued a $25.00 target price on shares of Upwork in a research note on Sunday, August 11th. Finally, Zacks Investment Research raised shares of Upwork from a “sell” rating to a “hold” rating in a research note on Saturday, July 13th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $23.00.
Upwork Inc operates an online marketplace that enables businesses (clients) to find and work with various independent professionals and agencies (freelancers). The company's platform provides access to talent with approximately 5,000 skills across approximately 70 categories, including content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and Web development.
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