Upwork Inc. (NASDAQ:UPWK) Shares Sold by Olympiad Research LP

Olympiad Research LP trimmed its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 42.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,474 shares of the company’s stock after selling 8,393 shares during the quarter. Olympiad Research LP’s holdings in Upwork were worth $188,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. KBC Group NV boosted its position in shares of Upwork by 45.4% during the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after acquiring an additional 1,497 shares in the last quarter. CWM LLC boosted its position in shares of Upwork by 71.9% during the 3rd quarter. CWM LLC now owns 5,896 shares of the company’s stock worth $62,000 after acquiring an additional 2,467 shares in the last quarter. Quarry LP boosted its position in shares of Upwork by 42.6% during the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock worth $65,000 after acquiring an additional 1,851 shares in the last quarter. Nkcfo LLC acquired a new position in shares of Upwork during the 4th quarter worth about $82,000. Finally, Financial Management Professionals Inc. acquired a new position in shares of Upwork during the 4th quarter worth about $97,000. 77.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (up from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Needham & Company LLC upped their price objective on Upwork from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Citigroup upped their price objective on Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. Canaccord Genuity Group raised their price target on Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group lifted their price target on Upwork from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.91.

Insider Activity at Upwork

In related news, VP Dave Bottoms sold 5,360 shares of Upwork stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $17.11, for a total value of $91,709.60. Following the transaction, the vice president now directly owns 9,642 shares in the company, valued at $164,974.62. This trade represents a 35.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Elizabeth A. Nelson sold 75,000 shares of Upwork stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $17.37, for a total transaction of $1,302,750.00. Following the completion of the transaction, the director now owns 48,915 shares in the company, valued at approximately $849,653.55. This trade represents a 60.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 243,187 shares of company stock worth $4,172,213 in the last three months. Insiders own 7.60% of the company’s stock.

Upwork Stock Performance

Shares of Upwork stock opened at $15.63 on Monday. The firm’s fifty day simple moving average is $16.30 and its 200-day simple moving average is $13.69. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 10.22 and a beta of 1.57. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $18.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. As a group, equities analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current year.

About Upwork

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.