Insider Selling: Upwork Inc. (NASDAQ:UPWK) CEO Sells 20,000 Shares of Stock

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 20,000 shares of Upwork stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $16.84, for a total value of $336,800.00. Following the completion of the transaction, the chief executive officer now owns 1,229,420 shares in the company, valued at $20,703,432.80. The trade was a 1.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Wednesday, December 18th, Hayden Brown sold 8,997 shares of Upwork stock. The shares were sold at an average price of $17.12, for a total value of $154,028.64.
• On Wednesday, November 27th, Hayden Brown sold 15,000 shares of Upwork stock. The shares were sold at an average price of $17.00, for a total value of $255,000.00.
• On Monday, November 18th, Hayden Brown sold 30,672 shares of Upwork stock. The stock was sold at an average price of $15.13, for a total transaction of $464,067.36.
• On Friday, November 8th, Hayden Brown sold 10,000 shares of Upwork stock. The shares were sold at an average price of $15.85, for a total transaction of $158,500.00.

Upwork Stock Performance

Upwork stock opened at $16.44 on Friday. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $18.14. 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 has a fifty day moving average price of $14.77 and a two-hundred day moving average price of $11.95. The firm has a market capitalization of $2.20 billion, a P/E ratio of 26.10 and a beta of 1.58.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. The firm had revenue of $193.78 million during the quarter, compared to the consensus estimate of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period last year, the firm posted $0.12 EPS. As a group, analysts anticipate that Upwork Inc. will post 0.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on UPWK shares. Citigroup upped their price objective on shares of Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. Roth Mkm upped their price target on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price objective on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group boosted their price objective on Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, BTIG Research raised their target price on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.36.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Plato Investment Management Ltd acquired a new stake in Upwork during the 2nd quarter valued at $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Upwork in the second quarter valued at $29,000. Quarry LP raised its holdings in shares of Upwork by 104.2% in the second quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after buying an additional 2,220 shares during the last quarter. KBC Group NV lifted its position in Upwork by 45.4% during the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after buying an additional 1,497 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in Upwork during the 2nd quarter worth about $54,000. 77.71% of the stock is owned by institutional investors and hedge funds.

Upwork Company 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.