Upwork Inc. (NASDAQ:UPWK) Shares Sold by ATOMVEST Ltd

ATOMVEST Ltd lowered its holdings in Upwork Inc. (NASDAQ:UPWK) by 83.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 311,016 shares of the company’s stock after selling 1,520,500 shares during the quarter. Upwork comprises about 7.1% of ATOMVEST Ltd’s investment portfolio, making the stock its 4th largest position. ATOMVEST Ltd owned 0.23% of Upwork worth $5,085,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of UPWK. Quarry LP grew its holdings in shares of Upwork by 42.6% in the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock valued at $65,000 after acquiring an additional 1,851 shares in the last quarter. Nkcfo LLC acquired a new position in Upwork during the fourth quarter worth about $82,000. SBI Securities Co. Ltd. bought a new position in Upwork in the fourth quarter valued at about $84,000. Financial Management Professionals Inc. bought a new stake in shares of Upwork in the fourth quarter worth $97,000. Finally, KBC Group NV increased its position in shares of Upwork by 39.6% during the fourth quarter. KBC Group NV now owns 6,690 shares of the company’s stock worth $109,000 after buying an additional 1,899 shares during the period. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Price Performance

NASDAQ:UPWK opened at $13.80 on Tuesday. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 9.02 and a beta of 1.61. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39. The business has a 50 day simple moving average of $15.35 and a 200-day simple moving average of $14.36. Upwork Inc. has a 1 year low of $8.43 and a 1 year high of $18.14.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. Equities analysts forecast that Upwork Inc. will post 0.84 EPS for the current year.

Insider Transactions at Upwork

In related news, CEO Hayden Brown sold 9,075 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total value of $118,610.25. Following the completion of the sale, the chief executive officer now owns 1,223,741 shares in the company, valued at approximately $15,994,294.87. The trade was a 0.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Erica Gessert sold 4,316 shares of the company’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total value of $56,410.12. Following the completion of the sale, the chief financial officer now owns 160,945 shares of the company’s stock, valued at $2,103,551.15. This represents a 2.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 193,365 shares of company stock worth $3,050,760. 7.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Scotiabank initiated coverage on shares of Upwork in a report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 target price on the stock. Royal Bank of Canada upped their price target on shares of Upwork from $16.00 to $18.00 and gave the stock a “sector perform” rating in a report on Thursday, February 13th. Needham & Company LLC increased their price target on shares of Upwork from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Citigroup upped their price target on shares of Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, November 29th. Finally, Roth Mkm decreased their target price on Upwork from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $18.58.

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.