Upwork Inc. (NASDAQ:UPWK) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 30.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,663 shares of the company’s stock after selling 5,164 shares during the quarter. Principal Financial Group Inc.’s holdings in Upwork were worth $122,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Plato Investment Management Ltd purchased a new position in Upwork in the second quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Upwork during the second quarter worth about $29,000. Quarry LP grew its position in Upwork by 104.2% during the second quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after buying an additional 2,220 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Upwork during the 2nd quarter valued at approximately $54,000. Finally, CWM LLC grew its holdings in shares of Upwork by 71.9% in the 3rd quarter. CWM LLC now owns 5,896 shares of the company’s stock worth $62,000 after acquiring an additional 2,467 shares during the period. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Upwork Price Performance

Shares of NASDAQ:UPWK opened at $16.83 on Wednesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18. The stock’s 50 day moving average price is $12.43 and its 200 day moving average price is $11.25. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $17.79. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 26.51 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 earnings per share 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 business had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. During the same period last year, the company posted $0.12 EPS. The company’s revenue was up 10.3% compared to the same quarter last year. Equities research analysts anticipate that Upwork Inc. will post 0.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Piper Sandler restated an “overweight” rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Royal Bank of Canada reduced their price objective on Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Citigroup dropped their price objective on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. Canaccord Genuity Group lifted their price target on shares of Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Roth Mkm boosted their price objective on shares of Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Insider Buying and Selling at Upwork

In other Upwork news, CAO Olivier Marie sold 9,153 shares of Upwork stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.92, for a total value of $145,715.76. Following the transaction, the chief accounting officer now directly owns 1,294 shares of the company’s stock, valued at $20,600.48. The trade was a 87.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hayden Brown sold 20,000 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $10.01, for a total transaction of $200,200.00. Following the completion of the sale, the chief executive officer now owns 1,170,561 shares in the company, valued at approximately $11,717,315.61. The trade was a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 199,808 shares of company stock worth $2,501,163 over the last 90 days. 7.60% of the stock is currently owned by corporate insiders.

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.