Upwork Inc. (NASDAQ:UPWK) Shares Sold by Millennium Management LLC

Millennium Management LLC lowered its stake in Upwork Inc. (NASDAQ:UPWK - Free Report) by 33.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 170,179 shares of the company's stock after selling 85,351 shares during the period. Millennium Management LLC owned approximately 0.13% of Upwork worth $2,782,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. KBC Group NV increased its position in shares of Upwork by 39.6% during the fourth quarter. KBC Group NV now owns 6,690 shares of the company's stock worth $109,000 after acquiring an additional 1,899 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Upwork by 3.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 67,716 shares of the company's stock valued at $1,107,000 after purchasing an additional 2,148 shares during the period. Rhumbline Advisers grew its stake in Upwork by 1.4% in the fourth quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock worth $2,914,000 after purchasing an additional 2,387 shares in the last quarter. King Luther Capital Management Corp increased its holdings in Upwork by 1.0% during the 4th quarter. King Luther Capital Management Corp now owns 263,802 shares of the company's stock worth $4,313,000 after purchasing an additional 2,636 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Upwork by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,867 shares of the company's stock worth $1,159,000 after purchasing an additional 2,695 shares during the period. 77.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Upwork

In related news, insider Dave Bottoms sold 5,411 shares of the firm's stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $70,721.77. Following the sale, the insider now directly owns 9,593 shares of the company's stock, valued at $125,380.51. This trade represents a 36.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas Layton sold 250,000 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $17.47, for a total value of $4,367,500.00. Following the completion of the transaction, the director now directly owns 1,867,769 shares of the company's stock, valued at $32,629,924.43. The trade was a 11.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 566,868 shares of company stock worth $9,478,580. Insiders own 7.60% of the company's stock.

Upwork Stock Performance

Shares of Upwork stock traded up $0.15 on Wednesday, reaching $15.25. 1,608,450 shares of the stock were exchanged, compared to its average volume of 2,254,538. The business has a 50 day moving average price of $14.36 and a two-hundred day moving average price of $15.29. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 9.97 and a beta of 1.44. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.09. The firm had revenue of $192.71 million for the quarter, compared to analyst estimates of $188.49 million. Upwork had a net margin of 28.02% and a return on equity of 50.83%. The business's quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 earnings per share. Analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

UPWK has been the topic of a number of recent research reports. Roth Mkm dropped their price target on Upwork from $20.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Needham & Company LLC reiterated a "buy" rating and set a $19.00 target price on shares of Upwork in a report on Tuesday, May 6th. JMP Securities boosted their price target on shares of Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a report on Friday, May 16th. UBS Group upped their price target on shares of Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Finally, Scotiabank started coverage on Upwork in a research report on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 target price on the stock. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.67.

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.