Upwork Inc. (NASDAQ:UPWK) Shares Sold by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. lowered its position in Upwork Inc. (NASDAQ:UPWK) by 12.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 57,353 shares of the company’s stock after selling 8,137 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Upwork were worth $938,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Plato Investment Management Ltd purchased a new stake in Upwork in the 2nd quarter valued at $27,000. Quarry LP raised its holdings in shares of Upwork by 104.2% in the second quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after buying an additional 2,220 shares during the last quarter. KBC Group NV grew its holdings in shares of Upwork by 45.4% during the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after buying an additional 1,497 shares during the last quarter. CWM LLC increased its position in Upwork by 71.9% in the 3rd quarter. CWM LLC now owns 5,896 shares of the company’s stock valued at $62,000 after acquiring an additional 2,467 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Upwork during the 2nd quarter valued at approximately $104,000. 77.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on UPWK. Piper Sandler reiterated an “overweight” rating and issued a $18.00 target price (up from $13.00) on shares of Upwork in a research note on Thursday, November 7th. Citigroup boosted their price objective on shares of Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, November 29th. Canaccord Genuity Group raised their target price on shares of Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Roth Mkm lifted their target price on shares of Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group increased their price target on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Upwork has a consensus rating of “Moderate Buy” and a consensus price target of $18.36.

Insider Activity at Upwork

In other Upwork news, CFO Erica Gessert sold 4,279 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $17.11, for a total value of $73,213.69. Following the sale, the chief financial officer now owns 133,093 shares of the company’s stock, valued at $2,277,221.23. This represents a 3.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Elizabeth A. Nelson sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.37, for a total transaction of $1,302,750.00. Following the transaction, the director now directly owns 48,915 shares of the company’s stock, valued at approximately $849,653.55. This trade represents a 60.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 213,813 shares of company stock valued at $3,525,935. Insiders own 7.60% of the company’s stock.

Upwork Price Performance

UPWK stock opened at $15.81 on Tuesday. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 25.10 and a beta of 1.59. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87. The firm has a 50 day moving average of $16.27 and a 200-day moving average of $12.63. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $18.14.

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

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.