Upwork Inc. (NASDAQ:UPWK) Shares Acquired by ProShare Advisors LLC

ProShare Advisors LLC grew its position in Upwork Inc. (NASDAQ:UPWK) by 49.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,518 shares of the company’s stock after purchasing an additional 11,035 shares during the period. ProShare Advisors LLC’s holdings in Upwork were worth $360,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Plato Investment Management Ltd purchased a new stake in shares of Upwork during the 2nd quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Upwork during the 2nd quarter worth approximately $29,000. Headlands Technologies LLC purchased a new stake in Upwork during the 1st quarter worth approximately $49,000. Essex Investment Management Co. LLC increased its holdings in Upwork by 56.2% during the 1st quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock worth $58,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Upwork during the 2nd quarter worth approximately $54,000. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Upwork

In other Upwork news, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the transaction, the vice president now owns 5,818 shares in the company, valued at approximately $57,074.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Upwork news, CEO Hayden Brown sold 9,444 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $99,823.08. Following the completion of the transaction, the chief executive officer now owns 1,178,850 shares in the company, valued at approximately $12,460,444.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total value of $57,074.58. Following the completion of the sale, the vice president now directly owns 5,818 shares in the company, valued at approximately $57,074.58. The disclosure for this sale can be found here. Insiders sold 176,785 shares of company stock worth $1,800,489 in the last 90 days. 7.60% of the stock is currently owned by company insiders.

Upwork Trading Down 0.3 %

NASDAQ:UPWK opened at $10.27 on Thursday. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $16.36. The firm has a market capitalization of $1.37 billion, a P/E ratio of 29.34 and a beta of 1.54. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00. The business has a 50 day simple moving average of $10.14 and a 200 day simple moving average of $10.97.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The business had revenue of $193.13 million during the quarter, compared to analyst estimates of $193.05 million. During the same quarter in the previous year, the firm posted ($0.03) EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. Equities research analysts predict that Upwork Inc. will post 0.51 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on UPWK. Piper Sandler dropped their price objective on Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Royal Bank of Canada dropped their price objective on Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. Canaccord Genuity Group decreased their target price on Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. 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, August 8th. Finally, Citigroup decreased their target price on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.27.

Upwork 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.