Upwork (NASDAQ:UPWK) CEO Sells $353,985.68 in Stock

Key Points

• Upwork CEO Hayden Brown sold 25,577 shares of company stock on August 18 for approximately $353,986, reducing his ownership by 2.24% to 1,118,291 shares valued at around $15.48 million.
• Upwork reported $0.35 earnings per share for the last quarter, exceeding analyst expectations of $0.26, with revenues of $194.94 million, up 0.9% from the previous year.
• Institutional investors own 77.71% of Upwork's stock, indicating strong confidence among large financial firms, with notable increases in holdings from several hedge funds.

Upwork Inc. (NASDAQ:UPWK - Get Free Report) CEO Hayden Brown sold 25,577 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $13.84, for a total transaction of $353,985.68. Following the sale, the chief executive officer directly owned 1,118,291 shares of the company's stock, valued at approximately $15,477,147.44. This trade represents a 2.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, August 15th, Hayden Brown sold 60,000 shares of Upwork stock. The stock was sold at an average price of $13.76, for a total transaction of $825,600.00.
• On Wednesday, June 18th, Hayden Brown sold 23,716 shares of Upwork stock. The stock was sold at an average price of $13.51, for a total transaction of $320,403.16.

Upwork Trading Down 0.9%

Shares of UPWK traded down $0.13 on Tuesday, reaching $13.86. 1,661,470 shares of the company's stock were exchanged, compared to its average volume of 2,483,827. The company has a current ratio of 3.36, a quick ratio of 3.36 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $1.84 billion, a P/E ratio of 7.97 and a beta of 1.38. The business has a 50 day moving average price of $13.33 and a two-hundred day moving average price of $14.14. Upwork Inc. has a 12 month low of $8.90 and a 12 month high of $18.14.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.09. The business had revenue of $194.94 million during the quarter, compared to the consensus estimate of $187.56 million. Upwork had a net margin of 31.75% and a return on equity of 44.83%. Upwork's revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.26 earnings per share. Research analysts anticipate that Upwork Inc. will post 0.84 earnings per share for the current year.

Institutional Trading of Upwork

A number of hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of Upwork by 51.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company's stock worth $253,405,000 after buying an additional 5,289,493 shares during the last quarter. LSV Asset Management increased its position in Upwork by 22.1% during the second quarter. LSV Asset Management now owns 6,534,575 shares of the company's stock worth $87,825,000 after acquiring an additional 1,183,169 shares during the period. T. Rowe Price Investment Management Inc. increased its position in Upwork by 41.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,660,511 shares of the company's stock worth $60,820,000 after acquiring an additional 1,357,476 shares during the period. Dorsey Asset Management LLC increased its position in Upwork by 15.0% during the fourth quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company's stock worth $49,788,000 after acquiring an additional 397,997 shares during the period. Finally, Invesco Ltd. increased its position in Upwork by 8.8% during the second quarter. Invesco Ltd. now owns 2,861,482 shares of the company's stock worth $38,458,000 after acquiring an additional 231,103 shares during the period. Institutional investors and hedge funds own 77.71% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on UPWK. JMP Securities upped their target price on shares of Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a research note on Friday, May 16th. Needham & Company LLC restated a "buy" rating and set a $19.00 target price on shares of Upwork in a report on Tuesday, May 6th. Citigroup restated an "outperform" rating on shares of Upwork in a report on Friday, May 16th. Wall Street Zen cut shares of Upwork from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $18.00 price target on shares of Upwork in a research note on Monday, June 2nd. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Upwork presently has an average rating of "Moderate Buy" and an average price target of $18.67.

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.

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