Hayden Brown Sells 60,000 Shares of Upwork Inc. (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $14.20, for a total transaction of $852,000.00. Following the sale, the chief executive officer now owns 1,215,083 shares of the company’s stock, valued at approximately $17,254,178.60. This represents a 4.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Tuesday, February 18th, Hayden Brown sold 21,122 shares of Upwork stock. The shares were sold at an average price of $16.15, for a total transaction of $341,120.30.
• 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 Monday, December 16th, Hayden Brown sold 20,000 shares of Upwork stock. The stock was sold at an average price of $16.84, for a total value of $336,800.00.

Upwork Price Performance

UPWK opened at $12.34 on Friday. The company has a market capitalization of $1.67 billion, a P/E ratio of 8.07 and a beta of 1.61. The company has a 50-day moving average of $15.80 and a 200-day moving average of $14.13. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. Equities analysts expect that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on UPWK. Jefferies Financial Group increased their target price on Upwork from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, January 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $18.00 price objective on shares of Upwork in a research report on Thursday, January 30th. Royal Bank of Canada boosted their target price on shares of Upwork from $16.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 13th. Needham & Company LLC raised their price target on shares of Upwork from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, UBS Group boosted their price objective on shares of Upwork from $18.00 to $19.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Upwork currently has an average rating of “Moderate Buy” and a consensus target price of $18.58.

Institutional Investors Weigh In On Upwork

Institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in Upwork by 51.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company’s stock worth $253,405,000 after purchasing an additional 5,289,493 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of Upwork by 86.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,303,035 shares of the company’s stock worth $54,005,000 after buying an additional 1,534,078 shares during the last quarter. Dorsey Asset Management LLC lifted its position in shares of Upwork by 15.0% in the 4th quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company’s stock worth $49,788,000 after buying an additional 397,997 shares during the last quarter. Two Sigma Investments LP boosted its holdings in shares of Upwork by 49.2% in the 4th quarter. Two Sigma Investments LP now owns 2,436,680 shares of the company’s stock valued at $39,840,000 after buying an additional 803,929 shares during the period. Finally, Invenomic Capital Management LP grew its position in shares of Upwork by 12.5% during the 3rd quarter. Invenomic Capital Management LP now owns 2,334,612 shares of the company’s stock valued at $24,397,000 after buying an additional 260,274 shares during the last quarter. 77.71% of the stock is currently owned by 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.