Insider Selling: Upwork Inc. (NASDAQ:UPWK) CEO Sells 9,444 Shares of Stock

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 9,444 shares of Upwork stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $99,823.08. Following the completion of the sale, the chief executive officer now owns 1,178,850 shares of the company’s stock, valued at $12,460,444.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Monday, September 16th, Hayden Brown sold 20,000 shares of Upwork stock. The stock was 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 stock was sold at an average price of $9.65, for a total value of $304,032.90.

Upwork Stock Performance

Shares of UPWK stock traded down $0.01 during trading hours on Wednesday, reaching $10.44. 2,056,574 shares of the company traded hands, compared to its average volume of 2,135,409. Upwork Inc. has a 12-month low of $8.43 and a 12-month high of $16.36. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00. The company has a market cap of $1.38 billion, a P/E ratio of 30.29 and a beta of 1.54. The firm has a 50-day moving average price of $10.33 and a 200 day moving average price of $11.12.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The firm had revenue of $193.13 million for the quarter, compared to analysts’ expectations of $193.05 million. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.03) EPS. As a group, sell-side analysts predict that Upwork Inc. will post 0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on UPWK shares. Royal Bank of Canada reduced their price objective on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Piper Sandler dropped their target price on Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Roth Mkm dropped their target price on Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Canaccord Genuity Group dropped their target price on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, UBS Group dropped their target price on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $15.70.

Institutional Trading of Upwork

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Upwork by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after purchasing an additional 770,088 shares during the period. Divisadero Street Capital Management LP raised its stake 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 valued at $35,700,000 after purchasing an additional 822,518 shares during the period. Goldman Sachs Group Inc. raised its stake in Upwork by 239.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock valued at $33,491,000 after purchasing an additional 1,589,693 shares during the period. Dimensional Fund Advisors LP raised its stake in Upwork by 27.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock valued at $19,424,000 after purchasing an additional 389,006 shares during the period. Finally, Acadian Asset Management LLC raised its stake in Upwork by 71.0% during the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after purchasing an additional 679,028 shares during the period. Institutional investors own 77.71% of the company’s stock.

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.