US Bancorp DE Cuts Stake in Upwork Inc. (NASDAQ:UPWK)

US Bancorp DE cut its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 49.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 27,134 shares of the company’s stock after selling 26,754 shares during the quarter. US Bancorp DE’s holdings in Upwork were worth $284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. ProShare Advisors LLC boosted its holdings in Upwork by 8.6% in the first quarter. ProShare Advisors LLC now owns 22,483 shares of the company’s stock valued at $276,000 after purchasing an additional 1,771 shares during the last quarter. Federated Hermes Inc. boosted its holdings in Upwork by 0.6% in the second quarter. Federated Hermes Inc. now owns 318,659 shares of the company’s stock valued at $3,426,000 after purchasing an additional 1,996 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Upwork by 3.2% in the second quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock valued at $718,000 after purchasing an additional 2,063 shares during the last quarter. Quarry LP raised its position in shares of Upwork by 104.2% in the second quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after acquiring an additional 2,220 shares during the period. Finally, CWM LLC raised its position in shares of Upwork by 71.9% in the third quarter. CWM LLC now owns 5,896 shares of the company’s stock worth $62,000 after acquiring an additional 2,467 shares during the period. 77.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Royal Bank of Canada decreased their price objective on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Piper Sandler reiterated an “overweight” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. JMP Securities upped their price target on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Finally, BTIG Research upped their price target on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Upwork has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Upwork Stock Performance

NASDAQ:UPWK opened at $15.72 on Thursday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18. The stock has a market capitalization of $2.10 billion, a P/E ratio of 24.95 and a beta of 1.49. The company has a 50 day moving average price of $11.50 and a 200 day moving average price of $11.08. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The company had revenue of $193.78 million for the quarter, compared to analyst estimates of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.12 EPS. Equities research analysts forecast that Upwork Inc. will post 0.51 EPS for the current year.

Insider Activity at Upwork

In other news, CAO Olivier Marie sold 9,153 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $15.92, for a total transaction of $145,715.76. Following the completion of the sale, the chief accounting officer now owns 1,294 shares in the company, valued at approximately $20,600.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Olivier Marie sold 9,153 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.92, for a total value of $145,715.76. Following the completion of the sale, the chief accounting officer now directly owns 1,294 shares of the company’s stock, valued at $20,600.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Erica Gessert sold 20,353 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $196,406.45. Following the completion of the sale, the chief financial officer now directly owns 107,313 shares of the company’s stock, valued at approximately $1,035,570.45. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 206,078 shares of company stock valued at $2,267,715 over the last quarter. 7.60% of the stock is owned by insiders.

Upwork Profile

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.