Insider Selling: Upwork Inc. (NASDAQ:UPWK) CEO Sells $464,067.36 in Stock

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 30,672 shares of Upwork stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.13, for a total value of $464,067.36. Following the transaction, the chief executive officer now owns 1,196,221 shares in the company, valued at $18,098,823.73. This trade represents a 2.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• 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.
• 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 transaction 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 transaction of $200,200.00.

Upwork Stock Performance

UPWK opened at $16.02 on Friday. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $17.79. The business has a 50 day moving average of $12.18 and a 200-day moving average of $11.21. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of 25.43 and a beta of 1.49.

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. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The business had revenue of $193.78 million during the quarter, compared to the consensus estimate of $185.55 million. During the same quarter last year, the firm posted $0.12 EPS. The company’s quarterly revenue was up 10.3% on a year-over-year basis. On average, equities research analysts expect that Upwork Inc. will post 0.65 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of UPWK. Divisadero Street Capital Management LP lifted its holdings in Upwork by 32.9% during the 2nd quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock worth $35,700,000 after purchasing an additional 822,518 shares during the last quarter. Verition Fund Management LLC acquired a new stake in shares of Upwork during the third quarter worth $8,369,000. Vanguard Group Inc. lifted its holdings in shares of Upwork by 5.1% during the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after buying an additional 770,088 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Upwork by 71.0% in the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after acquiring an additional 679,028 shares during the period. Finally, Invenomic Capital Management LP grew its stake in shares of Upwork by 132.5% in the first quarter. Invenomic Capital Management LP now owns 964,641 shares of the company’s stock valued at $11,826,000 after acquiring an additional 549,733 shares in the last quarter. 77.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on UPWK. Citigroup dropped their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. BTIG Research lifted their target price on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their price target on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. UBS Group cut their price objective on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Finally, Canaccord Genuity Group lifted their price target on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.