Credit Suisse AG Sells 163,997 Shares of Upwork Inc. (NASDAQ:UPWK)

Posted by Defense World Staff on Feb 24th, 2023

Credit Suisse AG trimmed its stake in Upwork Inc. (NASDAQ:UPWK – Get Rating) by 19.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 678,010 shares of the company’s stock after selling 163,997 shares during the period. Credit Suisse AG owned 0.52% of Upwork worth $9,234,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Baillie Gifford & Co. raised its position in shares of Upwork by 7.1% in the 2nd quarter. Baillie Gifford & Co. now owns 6,890,971 shares of the company’s stock worth $142,505,000 after acquiring an additional 457,423 shares in the last quarter. ATOMVEST Ltd bought a new position in shares of Upwork in the 2nd quarter worth $51,719,000. FMR LLC increased its position in Upwork by 1.0% during the 2nd quarter. FMR LLC now owns 2,376,577 shares of the company’s stock valued at $49,148,000 after buying an additional 23,317 shares in the last quarter. State Street Corp increased its position in Upwork by 1.9% during the 1st quarter. State Street Corp now owns 2,350,936 shares of the company’s stock valued at $54,636,000 after buying an additional 44,681 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in Upwork by 8.3% during the 2nd quarter. Federated Hermes Inc. now owns 2,274,638 shares of the company’s stock valued at $47,040,000 after buying an additional 174,378 shares in the last quarter. 74.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

UPWK has been the topic of several recent analyst reports. Citigroup initiated coverage on Upwork in a research report on Tuesday, December 13th. They set a “neutral” rating on the stock. JMP Securities reduced their target price on Upwork from $33.00 to $18.00 and set a “market outperform” rating on the stock in a research report on Thursday, October 27th. Piper Sandler reduced their target price on Upwork from $20.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday, January 6th. The Goldman Sachs Group reduced their target price on Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Friday, February 17th. Finally, Royal Bank of Canada dropped their price target on Upwork from $21.00 to $15.00 in a research note on Thursday, October 27th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.09.

Upwork Stock Performance

Upwork stock opened at $11.55 on Friday. Upwork Inc. has a fifty-two week low of $9.79 and a fifty-two week high of $25.74. The company has a current ratio of 3.76, a quick ratio of 3.76 and a debt-to-equity ratio of 2.27. The business’s 50-day simple moving average is $12.00 and its two-hundred day simple moving average is $13.67.

Insider Transactions at Upwork

In other news, CEO Hayden Brown sold 30,677 shares of the company’s stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $10.71, for a total value of $328,550.67. Following the sale, the chief executive officer now owns 903,857 shares in the company, valued at $9,680,308.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Hayden Brown sold 30,677 shares of the company’s stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $10.71, for a total value of $328,550.67. Following the sale, the chief executive officer now owns 903,857 shares in the company, valued at $9,680,308.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eric Gilpin sold 11,331 shares of the stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $11.47, for a total value of $129,966.57. Following the transaction, the insider now owns 51,188 shares in the company, valued at approximately $587,126.36. The disclosure for this sale can be found here. Insiders have sold 65,300 shares of company stock worth $725,227 over the last quarter. 8.90% of the stock is currently owned by insiders.

About Upwork

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Upwork, Inc operates an online marketplace that enables businesses to find, hire, and pay freelancers for short-term and longer-term projects. Its marketplace offerings include Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll. The company was founded by Odysseas Tsatalos and Efstratios Karamanlakis in December 2013 and is headquartered in San Francisco, CA.

Credit Suisse AG Sells 163,997 Shares of Upwork Inc. (NASDAQ:UPWK)

Analyst Ratings Changes

Upwork Stock Performance

Insider Transactions at Upwork

About Upwork

Further Reading

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