Upwork (NASDAQ:UPWK) CEO Sells $825,600.00 in Stock

Key Points

• Upwork CEO Hayden Brown sold 60,000 shares of the company stock for $825,600, reducing his ownership by 5.20% to about 1.09 million shares valued at approximately $15 million.
• Following the sale, Upwork's stock price experienced a 0.9% decline to $13.86, with a current market cap of approximately $1.84 billion.
• Upwork reported earnings per share of $0.35 for its recent quarter, exceeding analysts' expectations of $0.26, and a revenue increase of 0.9% year-over-year.

Upwork Inc. (NASDAQ:UPWK - Get Free Report) CEO Hayden Brown sold 60,000 shares of Upwork stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $13.76, for a total transaction of $825,600.00. Following the completion of the transaction, the chief executive officer directly owned 1,093,485 shares in the company, valued at approximately $15,046,353.60. The trade was a 5.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Monday, August 18th, Hayden Brown sold 25,577 shares of Upwork stock. The shares were sold at an average price of $13.84, for a total transaction of $353,985.68.
• On Wednesday, June 18th, Hayden Brown sold 23,716 shares of Upwork stock. The shares were sold at an average price of $13.51, for a total transaction of $320,403.16.

Upwork Stock Down 0.9%

Shares of UPWK stock traded down $0.13 during trading on Tuesday, reaching $13.86. The company's stock had a trading volume of 1,661,470 shares, compared to its average volume of 2,483,827. The business has a fifty day moving average price of $13.33 and a 200-day moving average price of $14.14. The company has a quick ratio of 3.36, a current ratio of 3.36 and a debt-to-equity ratio of 0.59. The company has a market cap of $1.84 billion, a price-to-earnings ratio of 7.97 and a beta of 1.38. Upwork Inc. has a one year low of $8.90 and a one year high of $18.14.

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

Institutional Investors Weigh In On Upwork

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas grew its stake in Upwork by 12.8% in the first quarter. Teacher Retirement System of Texas now owns 115,205 shares of the company's stock worth $1,503,000 after purchasing an additional 13,044 shares during the period. Bayesian Capital Management LP purchased a new stake in Upwork in the fourth quarter worth $1,019,000. Susquehanna Fundamental Investments LLC purchased a new stake in Upwork in the fourth quarter worth $806,000. Dorsey Asset Management LLC boosted its holdings in Upwork by 15.0% in 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 in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in Upwork by 385.2% in the fourth quarter. Ameriprise Financial Inc. now owns 232,128 shares of the company's stock worth $3,795,000 after acquiring an additional 184,289 shares in the last quarter. 77.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

UPWK has been the topic of a number of recent analyst reports. Royal Bank Of Canada restated a "sector perform" rating and set a $18.00 target price on shares of Upwork in a report on Monday, June 2nd. Citigroup restated an "outperform" rating on shares of Upwork in a report on Friday, May 16th. Wall Street Zen downgraded shares of Upwork from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. 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. Finally, JMP Securities boosted their target price on shares of Upwork from $18.00 to $20.00 and gave the stock a "market outperform" rating in a report on Friday, May 16th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.67.

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.

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