Upwork Inc. (NASDAQ:UPWK) Shares Sold by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. lessened its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 46.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,852 shares of the company's stock after selling 26,501 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in Upwork were worth $403,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Rhumbline Advisers raised its position in Upwork by 2.5% in the 1st quarter. Rhumbline Advisers now owns 182,660 shares of the company's stock worth $2,384,000 after purchasing an additional 4,458 shares during the period. GAMMA Investing LLC lifted its position in shares of Upwork by 1,235.1% during the first quarter. GAMMA Investing LLC now owns 4,072 shares of the company's stock valued at $53,000 after buying an additional 3,767 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new stake in Upwork in the fourth quarter valued at approximately $2,013,000. Cache Advisors LLC purchased a new position in Upwork during the 4th quarter worth $1,324,000. Finally, PharVision Advisers LLC purchased a new position in shares of Upwork in the 4th quarter valued at approximately $345,000. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Upwork news, Director Thomas Layton sold 250,000 shares of Upwork stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $17.47, for a total value of $4,367,500.00. Following the completion of the sale, the director now owns 1,867,769 shares in the company, valued at $32,629,924.43. The trade was a 11.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dave Bottoms sold 2,130 shares of the business's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $16.66, for a total transaction of $35,485.80. Following the completion of the sale, the insider now owns 1,620 shares of the company's stock, valued at approximately $26,989.20. The trade was a 56.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 496,440 shares of company stock valued at $8,511,502 in the last ninety days. Insiders own 7.60% of the company's stock.

Upwork Price Performance

Shares of UPWK stock traded down $0.24 during midday trading on Wednesday, reaching $13.32. 1,466,489 shares of the company traded hands, compared to its average volume of 2,263,729. The firm's 50 day simple moving average is $14.74 and its two-hundred day simple moving average is $15.19. The firm has a market cap of $1.75 billion, a PE ratio of 7.97 and a beta of 1.44. The company has a debt-to-equity ratio of 0.60, a current ratio of 3.41 and a quick ratio of 3.41. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.09. The business had revenue of $192.71 million during the quarter, compared to the consensus estimate of $188.49 million. Upwork had a return on equity of 48.38% and a net margin of 30.46%. The business's revenue was up .9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.22 EPS. On average, equities research analysts expect that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on UPWK. Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 price target on shares of Upwork in a research report on Tuesday, May 6th. Citigroup reaffirmed an "outperform" rating on shares of Upwork in a research note on Friday, May 16th. Scotiabank assumed coverage on shares of Upwork in a research report on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 target price on the stock. BTIG Research downgraded shares of Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Finally, Jefferies Financial Group lowered their price objective on Upwork from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Upwork currently has a consensus rating of "Moderate Buy" and an average price target of $18.67.

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.