Upwork Inc. (NASDAQ:UPWK) Shares Sold by Baillie Gifford & Co.

Baillie Gifford & Co. reduced its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 9.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,292,305 shares of the company's stock after selling 324,706 shares during the period. Baillie Gifford & Co. owned 2.49% of Upwork worth $34,405,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in UPWK. Plato Investment Management Ltd bought a new position in shares of Upwork in the second quarter worth approximately $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Upwork in the 2nd quarter worth $29,000. Quarry LP boosted its holdings in Upwork by 104.2% in the 2nd quarter. Quarry LP now owns 4,350 shares of the company's stock worth $47,000 after buying an additional 2,220 shares during the period. Headlands Technologies LLC purchased a new stake in Upwork in the 1st quarter worth $49,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in Upwork during the second quarter valued at about $54,000. 77.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Upwork

In other news, CEO Hayden Brown sold 31,506 shares of the firm's stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the transaction, the chief executive officer now owns 1,190,561 shares of the company's stock, valued at approximately $11,488,913.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Hayden Brown sold 31,506 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $304,032.90. Following the sale, the chief executive officer now directly owns 1,190,561 shares in the company, valued at approximately $11,488,913.65. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Elizabeth A. Nelson sold 75,000 shares of Upwork stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total value of $790,500.00. Following the completion of the transaction, the director now owns 48,915 shares of the company's stock, valued at approximately $515,564.10. 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 a total of 176,417 shares of company stock valued at $1,796,843 over the last quarter. 7.60% of the stock is owned by company insiders.

Upwork Trading Down 0.1 %

Shares of NASDAQ UPWK traded down $0.01 during mid-day trading on Wednesday, reaching $15.72. 2,258,326 shares of the company's stock were exchanged, compared to its average volume of 2,178,651. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 25.10 and a beta of 1.49. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $17.79. The company's 50-day moving average is $11.38 and its 200-day moving average is $11.05. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The company had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. During the same quarter last year, the firm posted $0.12 earnings per share. Upwork's revenue was up 10.3% compared to the same quarter last year. Analysts expect that Upwork Inc. will post 0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Canaccord Genuity Group raised their price objective on Upwork from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. UBS Group dropped their target price on shares of Upwork from $12.00 to $11.00 and set a "neutral" rating for the company in a report on Thursday, August 8th. Citigroup decreased their price target on shares of Upwork from $13.00 to $11.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 25th. JMP Securities upped their price objective on shares of Upwork from $14.00 to $18.00 and gave the company a "market outperform" rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada cut their price objective on shares of Upwork from $15.00 to $11.00 and set a "sector perform" rating for the company in a report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $17.00.

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.