Upwork Inc. (NASDAQ:UPWK - Get Rating) shares hit a new 52-week low during trading on Thursday following insider selling activity. The company traded as low as $21.59 and last traded at $22.55, with a volume of 7023 shares traded. The stock had previously closed at $23.09.Specifically, insider Eric Gilpin sold 4,019 shares of the business's stock in a transaction that occurred on Friday, February 18th. The stock was sold at an average price of $24.41, for a total transaction of $98,103.79. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hayden Brown sold 1,170 shares of the business's stock in a transaction that occurred on Tuesday, January 18th. The stock was sold at an average price of $26.54, for a total value of $31,051.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,320 shares of company stock worth $1,508,326. Insiders own 9.20% of the company's stock.
A number of research analysts recently commented on the company. Piper Sandler assumed coverage on Upwork in a report on Wednesday, January 12th. They issued an "overweight" rating and a $40.00 price objective on the stock. JMP Securities decreased their price objective on Upwork from $55.00 to $48.00 and set an "outperform" rating on the stock in a report on Friday, February 11th. Zacks Investment Research cut Upwork from a "hold" rating to a "sell" rating in a report on Saturday, February 19th. Stifel Nicolaus decreased their price objective on Upwork from $40.00 to $34.00 and set a "buy" rating on the stock in a report on Friday, February 11th. Finally, TheStreet cut Upwork from a "c-" rating to a "d+" rating in a report on Wednesday, January 26th. One research analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $51.00.
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The business has a 50 day simple moving average of $28.41 and a 200 day simple moving average of $39.54. The company has a debt-to-equity ratio of 2.12, a current ratio of 3.89 and a quick ratio of 3.89. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of -98.16 and a beta of 1.87.
Upwork (NASDAQ:UPWK - Get Rating) last posted its quarterly earnings data on Thursday, February 10th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.17) by $0.12. Upwork had a negative return on equity of 11.12% and a negative net margin of 6.94%. The business had revenue of $136.86 million for the quarter, compared to analyst estimates of $131.79 million. During the same quarter in the prior year, the company earned $0.01 earnings per share. The company's revenue was up 28.9% on a year-over-year basis. On average, equities research analysts predict that Upwork Inc. will post -0.43 EPS for the current year.
Institutional investors have recently bought and sold shares of the company. Banque Cantonale Vaudoise purchased a new stake in shares of Upwork during the third quarter worth $27,000. Zullo Investment Group Inc. acquired a new stake in shares of Upwork during the fourth quarter worth about $27,000. IronBridge Private Wealth LLC acquired a new stake in shares of Upwork during the second quarter worth about $30,000. Rockefeller Capital Management L.P. boosted its stake in shares of Upwork by 101.6% during the third quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company's stock worth $33,000 after buying an additional 378 shares during the period. Finally, Marshall Wace North America L.P. acquired a new stake in shares of Upwork during the first quarter worth about $38,000. 69.44% of the stock is currently owned by institutional investors and hedge funds.
Upwork Company Profile (NASDAQ:UPWK)
Upwork, Inc operates an online marketplace that enables businesses to find, hire, and pay freelancers for short-term and longer-term projects. Its marketplace offerings include Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll. The company was founded by Odysseas Tsatalos and Efstratios Karamanlakis in December 2013 and is headquartered in San Francisco, CA.
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