Insider Selling: Upwork (NASDAQ:UPWK) CFO Sells $74,727.35 in Stock

Upwork Inc. (NASDAQ:UPWK) 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 completion of the transaction, the chief financial officer owned 341,609 shares of the company’s stock, valued at $2,784,113.35. The trade was a 2.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Upwork Stock Up 4.7%

Upwork stock traded up $0.37 on Tuesday, hitting $8.21. The company’s stock had a trading volume of 3,519,523 shares, compared to its average volume of 3,893,765. Upwork Inc. has a one year low of $7.44 and a one year high of $22.84. The firm has a market cap of $1.01 billion, a P/E ratio of 10.14 and a beta of 1.01. The company has a fifty day moving average price of $9.35 and a 200-day moving average price of $14.02.

Institutional Trading of Upwork

Several hedge funds have recently modified their holdings of UPWK. Handelsbanken Fonder AB boosted its holdings in shares of Upwork by 2.2% in the 4th quarter. Handelsbanken Fonder AB now owns 32,200 shares of the company’s stock worth $638,000 after acquiring an additional 700 shares in the last quarter. Straightline Group LLC increased its holdings in Upwork by 2.4% during the 4th quarter. Straightline Group LLC now owns 39,222 shares of the company’s stock valued at $777,000 after purchasing an additional 920 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Upwork by 4.0% during the 3rd quarter. Raymond James Financial Inc. now owns 24,004 shares of the company’s stock valued at $446,000 after purchasing an additional 928 shares in the last quarter. Maridea Wealth Management LLC raised its position in Upwork by 11.0% in the 1st quarter. Maridea Wealth Management LLC now owns 11,621 shares of the company’s stock valued at $127,000 after purchasing an additional 1,152 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Upwork by 594.4% during the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock worth $27,000 after purchasing an additional 1,165 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company’s stock.

Wall Street Analyst Weigh In

UPWK has been the subject of several recent research reports. Citizens Jmp lowered shares of Upwork from an “outperform” rating to a “market perform” rating in a research report on Friday, May 8th. UBS Group lowered Upwork from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $20.00 to $10.00 in a research note on Friday, May 8th. Needham & Company LLC cut their target price on Upwork from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Roth Mkm lowered Upwork from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research note on Friday, May 8th. Finally, Wall Street Zen lowered Upwork from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Three equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Upwork currently has an average rating of “Hold” and an average price target of $15.50.

About Upwork

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.