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

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 8,997 shares of Upwork stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $17.12, for a total transaction of $154,028.64. Following the transaction, the chief executive officer now directly owns 1,238,156 shares in the company, valued at $21,197,230.72. This represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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 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.

Upwork Stock Performance

NASDAQ:UPWK opened at $16.24 on Friday. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $18.14. The business’s fifty day moving average is $14.65 and its 200 day moving average is $11.92. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 25.78 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The firm had revenue of $193.78 million for the quarter, compared to the consensus estimate of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.12 earnings per share. Research analysts predict that Upwork Inc. will post 0.65 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on UPWK shares. BTIG Research boosted their price objective on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their price objective on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Citigroup boosted their target price on shares of Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, November 29th. 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. Finally, Roth Mkm lifted their price target on shares of Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. 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, Upwork currently has an average rating of “Moderate Buy” and an average price target of $18.36.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of UPWK. KBC Group NV raised its position in shares of Upwork by 45.4% in the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after buying an additional 1,497 shares in the last quarter. Quarry LP increased its stake in Upwork by 42.6% in the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock worth $65,000 after acquiring an additional 1,851 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Upwork by 0.6% in the 2nd quarter. Federated Hermes Inc. now owns 318,659 shares of the company’s stock valued at $3,426,000 after acquiring an additional 1,996 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Upwork by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock valued at $718,000 after acquiring an additional 2,063 shares during the last quarter. Finally, Citizens Financial Group Inc. RI grew its holdings in shares of Upwork by 18.4% during the third quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company’s stock worth $143,000 after purchasing an additional 2,129 shares in the last quarter. 77.71% of the stock is owned by institutional investors.

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.