Insider Selling: Upwork Inc. (NASDAQ:UPWK) CEO Sells $158,500.00 in Stock

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 10,000 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $15.85, for a total transaction of $158,500.00. Following the completion of the transaction, the chief executive officer now owns 1,168,850 shares in the company, valued at $18,526,272.50. This represents a 0.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• 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.
• On Monday, August 19th, Hayden Brown sold 31,506 shares of Upwork stock. The shares were sold at an average price of $9.65, for a total value of $304,032.90.

Upwork Trading Down 1.3 %

Shares of NASDAQ:UPWK opened at $14.91 on Friday. Upwork Inc. has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. 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 company has a market cap of $1.99 billion, a PE ratio of 23.67 and a beta of 1.49. The company’s 50-day moving average price is $11.71 and its 200 day moving average price is $11.13.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, beating 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 company had revenue of $193.78 million for the quarter, compared to analysts’ expectations of $185.55 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. Sell-side analysts anticipate that Upwork Inc. will post 0.65 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Plato Investment Management Ltd bought a new stake in shares of Upwork during the second quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Upwork during the 2nd quarter worth about $29,000. Quarry LP lifted its stake 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 acquiring an additional 2,220 shares during the period. Headlands Technologies LLC bought a new position in shares of Upwork in the first quarter valued at approximately $49,000. Finally, KBC Group NV increased its stake in shares of Upwork by 45.4% during the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after acquiring an additional 1,497 shares during the period. Institutional investors own 77.71% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. BTIG Research upped their price target on shares of Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, November 7th. The Goldman Sachs Group increased their price target on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and issued a $18.00 price objective (up from $13.00) on shares of Upwork in a report on Thursday, November 7th. Canaccord Genuity Group upped their price objective on Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada decreased their target price on Upwork from $15.00 to $11.00 and set a “sector perform” 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. Based on data from MarketBeat.com, Upwork currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

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.