Hayden Brown Sells 30,672 Shares of Upwork Inc. (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 30,672 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.13, for a total value of $464,067.36. Following the sale, the chief executive officer now owns 1,196,221 shares of the company’s stock, valued at approximately $18,098,823.73. The trade was a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Hayden Brown also recently made the following trade(s):

• On Friday, November 8th, Hayden Brown sold 10,000 shares of Upwork stock. The stock was sold at an average price of $15.85, for a total transaction of $158,500.00.
• On Wednesday, September 18th, Hayden Brown sold 9,444 shares of Upwork stock. The stock was sold at an average price of $10.57, for a total value of $99,823.08.
• On Monday, September 16th, Hayden Brown sold 20,000 shares of Upwork stock. The shares were sold at an average price of $10.01, for a total value of $200,200.00.

Upwork Price Performance

NASDAQ UPWK opened at $14.97 on Thursday. The company has a market cap of $2.00 billion, a PE ratio of 23.76 and a beta of 1.49. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The firm’s 50-day simple moving average is $12.06 and its two-hundred day simple moving average is $11.18. Upwork Inc. has a 52 week low of $8.43 and a 52 week high of $17.79.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm 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 earned $0.12 earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. Research analysts predict that Upwork Inc. will post 0.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on UPWK. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (up from $13.00) on shares of Upwork in a research report on Thursday, November 7th. BTIG Research increased their price target on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group raised their target price on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. JMP Securities upped their price objective on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Finally, Royal Bank of Canada dropped their target price on Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Institutional Trading of Upwork

Several institutional investors and hedge funds have recently bought and sold shares of UPWK. Plato Investment Management Ltd bought a new stake in shares of Upwork during the 2nd quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Upwork in the 2nd quarter worth approximately $29,000. Quarry LP increased its holdings in shares of Upwork by 104.2% in the 2nd 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 last quarter. KBC Group NV raised its position in shares of Upwork by 45.4% during the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after buying an additional 1,497 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in Upwork in the second quarter worth $54,000. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

About Upwork

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.