Upwork Inc (NASDAQ:UPWK) major shareholder Steven M. Spurlock sold 30,454 shares of Upwork stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $15.00, for a total value of $456,810.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
NASDAQ:UPWK traded down $0.17 during trading hours on Tuesday, reaching $14.71. The company had a trading volume of 724,891 shares, compared to its average volume of 850,303. Upwork Inc has a 1-year low of $14.08 and a 1-year high of $25.00. The firm has a market cap of $1.66 billion and a PE ratio of -38.71. The business’s 50 day moving average price is $16.05 and its 200-day moving average price is $18.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.77 and a quick ratio of 1.77.
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, beating the Zacks’ consensus estimate of ($0.05) by $0.03. Upwork had a negative return on equity of 7.62% and a negative net margin of 7.09%. The company had revenue of $74.26 million during the quarter, compared to the consensus estimate of $73.14 million. During the same period in the previous year, the company posted $0.06 earnings per share. Upwork’s revenue for the quarter was up 18.5% on a year-over-year basis. On average, analysts expect that Upwork Inc will post -0.15 earnings per share for the current fiscal year.
A number of large investors have recently made changes to their positions in UPWK. Marshall Wace North America L.P. purchased a new stake in shares of Upwork during the first quarter worth approximately $38,000. Point72 Hong Kong Ltd acquired a new position in shares of Upwork in the 2nd quarter valued at $44,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Upwork in the 2nd quarter valued at $63,000. Royal Bank of Canada lifted its stake in shares of Upwork by 349.8% in the 2nd quarter. Royal Bank of Canada now owns 4,071 shares of the company’s stock valued at $65,000 after purchasing an additional 3,166 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Upwork in the 4th quarter valued at $94,000. 38.06% of the stock is owned by institutional investors.
A number of equities research analysts recently commented on UPWK shares. Zacks Investment Research raised Upwork from a “sell” rating to a “hold” rating in a report on Saturday, July 13th. Jefferies Financial Group raised Upwork from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a report on Wednesday, June 26th. Royal Bank of Canada reaffirmed a “buy” rating and set a $25.00 target price on shares of Upwork in a report on Sunday, August 11th. Finally, Cantor Fitzgerald initiated coverage on Upwork in a report on Tuesday, June 18th. They issued an “overweight” rating for the company. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $23.00.
Upwork Company Profile
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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