Harbor Capital Advisors Inc. Sells 26,501 Shares of Upwork Inc. (NASDAQ:UPWK)

Harbor Capital Advisors Inc. decreased its stake in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) by 46.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. 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 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of UPWK. Susquehanna Fundamental Investments LLC bought a new position in shares of Upwork during the 4th quarter valued at about $806,000. Bayesian Capital Management LP bought a new position in Upwork during the fourth quarter valued at approximately $1,019,000. Dorsey Asset Management LLC grew its holdings in Upwork by 15.0% during the 4th quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company's stock valued at $49,788,000 after buying an additional 397,997 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Upwork by 385.2% in the 4th quarter. Ameriprise Financial Inc. now owns 232,128 shares of the company's stock worth $3,795,000 after acquiring an additional 184,289 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Upwork during the 4th quarter worth approximately $419,000. 77.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on UPWK shares. Wall Street Zen raised shares of Upwork from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Needham & Company LLC restated a "buy" rating and set a $19.00 target price on shares of Upwork in a research report on Tuesday, May 6th. Citigroup reiterated an "outperform" rating on shares of Upwork in a research report on Friday, May 16th. BTIG Research downgraded Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $18.00 price objective on shares of Upwork in a research note on Monday, June 2nd. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Upwork has an average rating of "Moderate Buy" and a consensus price target of $18.67.

Upwork Price Performance

Upwork stock opened at $13.83 on Friday. 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 stock has a market cap of $1.82 billion, a price-to-earnings ratio of 9.04 and a beta of 1.44. The firm has a 50-day moving average of $14.69 and a two-hundred day moving average of $15.24. 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 issued its earnings results on Monday, May 5th. The company reported $0.34 earnings per share 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 analysts' expectations of $188.49 million. Upwork had a return on equity of 50.83% and a net margin of 28.02%. The business's revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.22 EPS. On average, research analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current year.

Insider Activity

In related news, Director Thomas Layton sold 250,000 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.47, for a total transaction of $4,367,500.00. Following the transaction, the director now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dave Bottoms sold 5,411 shares of the stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total value of $70,721.77. Following the completion of the sale, the insider now owns 9,593 shares of the company's stock, valued at approximately $125,380.51. This trade represents a 36.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 516,702 shares of company stock worth $8,776,326. Corporate insiders own 7.50% of the company's stock.

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.

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