Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown Sells 8,997 Shares

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 8,997 shares of Upwork stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $17.12, for a total value of $154,028.64. Following the completion of the transaction, the chief executive officer now owns 1,238,156 shares in the company, valued at $21,197,230.72. This trade represents a 0.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, December 16th, Hayden Brown sold 20,000 shares of Upwork stock. The shares were sold at an average price of $16.84, for a total transaction of $336,800.00.
• On Wednesday, November 27th, Hayden Brown sold 15,000 shares of Upwork stock. The stock was sold at an average price of $17.00, for a total transaction of $255,000.00.
• On Monday, November 18th, Hayden Brown sold 30,672 shares of Upwork stock. The shares were 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 stock was sold at an average price of $15.85, for a total value of $158,500.00.

Upwork Stock Up 1.2 %

UPWK stock opened at $16.44 on Friday. 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 firm’s fifty day simple moving average is $14.77 and its 200-day simple moving average is $11.95. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $18.14. The company 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 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 the consensus estimate of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period last year, the firm earned $0.12 EPS. As a group, equities research analysts forecast that Upwork Inc. will post 0.65 earnings per share for the current year.

Analysts Set New Price Targets

UPWK has been the subject of a number of recent analyst reports. JMP Securities raised their price objective on Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Citigroup raised their price target on Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. UBS Group upped their price objective on shares of Upwork from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Canaccord Genuity Group lifted their target price on shares of Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Piper Sandler restated an “overweight” rating and set a $18.00 price target (up previously from $13.00) on shares of Upwork in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.36.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. acquired a new stake in shares of Upwork during the 2nd quarter worth approximately $2,111,000. Bristlecone Advisors LLC boosted its holdings in Upwork by 89.1% during the second quarter. Bristlecone Advisors LLC now owns 23,231 shares of the company’s stock worth $250,000 after buying an additional 10,945 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Upwork during the second quarter valued at $54,000. Legato Capital Management LLC purchased a new position in Upwork in the second quarter valued at $575,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Upwork in the second quarter valued at $29,000. 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.