HighTower Advisors LLC Sells 65,811 Shares of Upwork Inc. (NASDAQ:UPWK)

HighTower Advisors LLC reduced its stake in Upwork Inc. (NASDAQ:UPWK - Free Report) by 85.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,036 shares of the company's stock after selling 65,811 shares during the period. HighTower Advisors LLC's holdings in Upwork were worth $115,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in UPWK. Divisadero Street Capital Management LP increased its holdings in Upwork by 32.9% in the 2nd quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company's stock valued at $35,700,000 after buying an additional 822,518 shares during the period. Verition Fund Management LLC bought a new position in Upwork in the third quarter valued at approximately $8,369,000. Acadian Asset Management LLC raised its position in Upwork by 71.0% during the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company's stock valued at $17,572,000 after purchasing an additional 679,028 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Upwork by 27.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company's stock worth $19,424,000 after purchasing an additional 389,006 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of Upwork in the 2nd quarter valued at $4,120,000. Institutional investors and hedge funds own 77.71% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Roth Mkm boosted their price target on Upwork from $13.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Canaccord Genuity Group boosted their target price on Upwork from $15.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Piper Sandler reissued an "overweight" rating and issued a $18.00 target price (up previously from $13.00) on shares of Upwork in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price target on shares of Upwork from $21.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Finally, UBS Group increased their price objective on shares of Upwork from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $18.36.

Insider Buying and Selling at Upwork

In other news, Director Elizabeth A. Nelson sold 75,000 shares of the business's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $17.37, for a total value of $1,302,750.00. Following the transaction, the director now directly owns 48,915 shares of the company's stock, valued at $849,653.55. The trade was a 60.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Dave Bottoms sold 5,360 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.11, for a total value of $91,709.60. Following the sale, the vice president now directly owns 9,642 shares of the company's stock, valued at $164,974.62. This represents a 35.73 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 213,813 shares of company stock valued at $3,525,935. 7.60% of the stock is currently owned by company insiders.

Upwork Trading Down 0.4 %

Shares of NASDAQ:UPWK traded down $0.06 during mid-day trading on Friday, reaching $16.94. 1,033,884 shares of the company's stock were exchanged, compared to its average volume of 2,150,927. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of 26.89 and a beta of 1.58. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14. The business's fifty day moving average price is $15.40 and its 200-day moving average price is $12.16. 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 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm had revenue of $193.78 million for the quarter, compared to the consensus estimate of $185.55 million. During the same period in the previous year, the business earned $0.12 EPS. The business's quarterly revenue was up 10.3% compared to the same quarter last year. On average, research analysts predict that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Upwork Company 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.