Upwork Inc (UPWK) Major Shareholder Globespan Management Associate Sells 2,000,000 Shares of Stock

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Upwork Inc (NASDAQ:UPWK) major shareholder Globespan Management Associate sold 2,000,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $18.00, for a total value of $36,000,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

NASDAQ UPWK opened at $19.57 on Thursday. Upwork Inc has a fifty-two week low of $15.68 and a fifty-two week high of $25.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.01 and a quick ratio of 2.01. The company has a market capitalization of $2.13 billion and a price-to-earnings ratio of -52.50.

Hedge funds have recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Upwork in the 4th quarter worth $34,000. Citigroup Inc. purchased a new position in shares of Upwork in the fourth quarter valued at about $60,000. Strs Ohio purchased a new stake in shares of Upwork in the fourth quarter worth about $61,000. Barclays PLC purchased a new stake in shares of Upwork in the fourth quarter worth about $93,000. Finally, Bank of America Corp DE bought a new stake in Upwork during the fourth quarter worth approximately $94,000. 35.67% of the stock is owned by institutional investors.

Separately, Zacks Investment Research downgraded Upwork from a “hold” rating to a “sell” rating in a report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Upwork presently has a consensus rating of “Hold” and a consensus target price of $22.20.

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About Upwork

Upwork Inc operates an online platform that connects businesses and freelancers. Its platform comprise freelancers in content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and web development categories. The company was formerly known as Elance-oDesk, Inc and changed its name to Upwork Inc in May 2015.

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