Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown Sells 15,000 Shares

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 15,000 shares of Upwork stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $17.00, for a total value of $255,000.00. Following the sale, the chief executive officer now owns 1,181,221 shares of the company’s stock, valued at approximately $20,080,757. This trade represents a 1.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• 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 value of $158,500.00.
• On Wednesday, September 18th, Hayden Brown sold 9,444 shares of Upwork stock. The shares were 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 Stock Performance

NASDAQ:UPWK traded up $0.35 during mid-day trading on Monday, hitting $17.32. The stock had a trading volume of 3,362,356 shares, compared to its average volume of 2,188,354. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 26.94 and a beta of 1.49. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $17.79. The company’s 50 day simple moving average is $12.93 and its 200 day simple moving average is $11.38.

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

Wall Street Analysts Forecast Growth

UPWK has been the subject of a number of research analyst reports. 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. Roth Mkm lifted their target price on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Canaccord Genuity Group lifted their price objective on Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Citigroup boosted their price target on Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday. Finally, UBS Group lowered their price objective on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $17.73.

Hedge Funds Weigh In On Upwork

A number of hedge funds have recently modified their holdings of UPWK. Plato Investment Management Ltd bought a new stake in Upwork in the second quarter valued at $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Upwork during the second quarter worth about $29,000. Quarry LP boosted its stake in 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 acquiring an additional 2,220 shares during the last quarter. KBC Group NV lifted its stake 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 bought a new stake in Upwork during the 2nd quarter worth approximately $54,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

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.