SG Americas Securities LLC Sells 127,788 Shares of Upwork Inc. $UPWK

SG Americas Securities LLC trimmed its position in Upwork Inc. (NASDAQ:UPWK) by 78.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 34,468 shares of the company’s stock after selling 127,788 shares during the period. SG Americas Securities LLC’s holdings in Upwork were worth $378,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its position in shares of Upwork by 594.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock valued at $27,000 after acquiring an additional 1,165 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Upwork by 379.2% during the fourth quarter. GAMMA Investing LLC now owns 1,840 shares of the company’s stock worth $36,000 after purchasing an additional 1,456 shares during the period. Rockefeller Capital Management L.P. grew its stake in shares of Upwork by 434.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,881 shares of the company’s stock worth $37,000 after purchasing an additional 1,529 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Upwork in the fourth quarter worth about $42,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Upwork by 19,361.1% in the second quarter. EverSource Wealth Advisors LLC now owns 3,503 shares of the company’s stock worth $47,000 after purchasing an additional 3,485 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Upwork

In other news, CEO Hayden Brown sold 23,468 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $8.15, for a total value of $191,264.20. Following the completion of the transaction, the chief executive officer owned 797,495 shares in the company, valued at $6,499,584.25. The trade was a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Erica Gessert sold 9,169 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $8.15, for a total value of $74,727.35. Following the transaction, the chief financial officer directly owned 341,609 shares in the company, valued at approximately $2,784,113.35. The trade was a 2.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 33,913 shares of company stock worth $276,391. Company insiders own 4.90% of the company’s stock.

Upwork Stock Up 1.4%

UPWK stock opened at $8.68 on Friday. The business has a 50 day moving average of $8.74 and a 200 day moving average of $12.92. Upwork Inc. has a twelve month low of $7.44 and a twelve month high of $22.84. The firm has a market cap of $1.07 billion, a PE ratio of 10.72 and a beta of 0.99.

Wall Street Analysts Forecast Growth

UPWK has been the subject of a number of recent analyst reports. Canaccord Genuity Group downgraded Upwork from a “buy” rating to a “hold” rating and decreased their target price for the company from $22.00 to $10.00 in a report on Friday, May 8th. Scotiabank reduced their price objective on shares of Upwork from $15.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. Needham & Company LLC decreased their price objective on shares of Upwork from $25.00 to $15.00 and set a “buy” rating for the company in a report on Friday, May 8th. Royal Bank Of Canada dropped their target price on shares of Upwork from $20.00 to $9.00 and set a “sector perform” rating for the company in a research report on Monday, May 11th. Finally, Roth Capital lowered shares of Upwork from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research note on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.50.

Upwork Profile

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.