Hayden Brown Sells 9,444 Shares of Upwork Inc. (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 9,444 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $99,823.08. Following the completion of the transaction, the chief executive officer now owns 1,178,850 shares in the company, valued at $12,460,444.50. 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, September 16th, Hayden Brown sold 20,000 shares of Upwork stock. The shares were sold at an average price of $10.01, for a total transaction 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 Upwork stock opened at $10.77 on Friday. The business has a 50-day simple moving average of $10.31 and a 200-day simple moving average of $11.11. The company has a market cap of $1.43 billion, a PE ratio of 30.77 and a beta of 1.54. Upwork Inc. has a one year low of $8.43 and a one year high of $16.36. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.23 by $0.03. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The company had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. During the same quarter in the previous year, the business posted ($0.03) EPS. The firm’s revenue was up 14.5% on a year-over-year basis. On average, equities research analysts forecast that Upwork Inc. will post 0.51 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Upwork

A number of institutional investors and hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. raised its stake in Upwork by 239.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock valued at $33,491,000 after buying an additional 1,589,693 shares in the last quarter. Divisadero Street Capital Management LP increased its holdings in shares of Upwork by 32.9% in 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 acquiring an additional 822,518 shares during the last quarter. Norges Bank purchased a new position in shares of Upwork in the 4th quarter valued at about $11,486,000. Vanguard Group Inc. raised its position in shares of Upwork by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after acquiring an additional 770,088 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its stake in Upwork by 71.0% during the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock worth $17,572,000 after purchasing an additional 679,028 shares during the last quarter. Institutional investors and hedge funds 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.