Erica Gessert Sells 9,169 Shares of Upwork (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) CFO Erica Gessert sold 9,169 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $8.15, for a total transaction of $74,727.35. Following the transaction, the chief financial officer owned 341,609 shares in the company, valued at approximately $2,784,113.35. The trade was a 2.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Upwork Stock Up 0.1%

NASDAQ UPWK opened at $8.22 on Thursday. The company has a market cap of $1.02 billion, a PE ratio of 10.15 and a beta of 1.01. Upwork Inc. has a 52 week low of $7.44 and a 52 week high of $22.84. The firm’s 50-day simple moving average is $9.24 and its two-hundred day simple moving average is $13.86.

Institutional Trading of Upwork

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its position in shares of Upwork by 68.9% in the 1st quarter. Royal Bank of Canada now owns 191,587 shares of the company’s stock worth $2,501,000 after purchasing an additional 78,123 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Upwork by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,466 shares of the company’s stock valued at $972,000 after buying an additional 3,599 shares in the last quarter. Millennium Management LLC raised its stake in Upwork by 364.0% during the first quarter. Millennium Management LLC now owns 789,638 shares of the company’s stock valued at $10,305,000 after buying an additional 619,459 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Upwork by 10.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 338,680 shares of the company’s stock valued at $4,420,000 after buying an additional 31,378 shares during the last quarter. Finally, Creative Planning boosted its holdings in Upwork by 16.9% in the second quarter. Creative Planning now owns 29,239 shares of the company’s stock worth $393,000 after acquiring an additional 4,230 shares in the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Analyst Ratings Changes

UPWK has been the subject of several analyst reports. Citigroup cut their price objective on shares of Upwork from $17.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, May 21st. Citizens Jmp cut shares of Upwork from an “outperform” rating to a “market perform” rating in a report on Friday, May 8th. UBS Group downgraded Upwork from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $20.00 to $10.00 in a research report on Friday, May 8th. Canaccord Genuity Group lowered Upwork from a “buy” rating to a “hold” rating and cut their price target for the stock from $22.00 to $10.00 in a report on Friday, May 8th. Finally, Needham & Company LLC reduced their price target on Upwork from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $15.50.

Upwork Company Profile

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.