Insider Selling: Upwork Inc. (NASDAQ:UPWK) CEO Sells $118,610.25 in Stock

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 9,075 shares of the stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total value of $118,610.25. Following the sale, the chief executive officer now owns 1,223,741 shares in the company, valued at approximately $15,994,294.87. This represents a 0.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Friday, March 7th, Hayden Brown sold 60,000 shares of Upwork stock. The stock was sold at an average price of $14.20, for a total value of $852,000.00.
• On Tuesday, February 18th, Hayden Brown sold 21,122 shares of Upwork stock. The stock was sold at an average price of $16.15, for a total value of $341,120.30.

Upwork Trading Up 0.9 %

NASDAQ UPWK opened at $13.57 on Friday. The stock’s 50-day simple moving average is $15.39 and its two-hundred day simple moving average is $14.30. Upwork Inc. has a twelve month low of $8.43 and a twelve month high of $18.14. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 8.87 and a beta of 1.61.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. Research analysts forecast that Upwork Inc. will post 0.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. grew its stake in shares of Upwork by 133.5% during the third quarter. Victory Capital Management Inc. now owns 116,899 shares of the company’s stock valued at $1,222,000 after buying an additional 66,842 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Upwork by 40.9% during the third quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company’s stock valued at $2,630,000 after buying an additional 73,104 shares during the last quarter. Verition Fund Management LLC bought a new position in shares of Upwork during the third quarter valued at about $8,369,000. Point72 Asset Management L.P. grew its stake in shares of Upwork by 2,216.8% during the third quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company’s stock valued at $5,263,000 after buying an additional 481,942 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Upwork by 72.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 205,200 shares of the company’s stock valued at $2,144,000 after buying an additional 86,200 shares during the last quarter. 77.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Roth Mkm dropped their target price on Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. Citigroup increased their target price on Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. Scotiabank started coverage on Upwork in a research report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 price objective on the stock. JMP Securities reiterated a “market outperform” rating and issued a $18.00 price objective on shares of Upwork in a research report on Thursday, January 30th. Finally, Needham & Company LLC increased their price objective on Upwork from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Upwork presently has an average rating of “Moderate Buy” and an average target price of $18.58.

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.