Hayden Brown Sells 60,000 Shares of Upwork Inc. (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 60,000 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $17.16, for a total value of $1,029,600.00. Following the completion of the sale, the chief executive officer now owns 1,106,846 shares of the company’s stock, valued at approximately $18,993,477.36. This trade represents a 5.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Monday, May 19th, Hayden Brown sold 26,438 shares of Upwork stock. The shares were sold at an average price of $16.58, for a total value of $438,342.04.
• On Monday, May 12th, Hayden Brown sold 20,000 shares of Upwork stock. The stock was sold at an average price of $17.09, for a total value of $341,800.00.
• On Wednesday, May 7th, Hayden Brown sold 40,000 shares of Upwork stock. The stock was sold at an average price of $15.92, for a total value of $636,800.00.
• On Tuesday, March 18th, Hayden Brown sold 9,075 shares of Upwork stock. The stock was sold at an average price of $13.07, for a total value of $118,610.25.
• 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 shares were sold at an average price of $16.15, for a total value of $341,120.30.

Upwork Stock Performance

Shares of UPWK stock opened at $16.46 on Wednesday. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of 10.76 and a beta of 1.52. Upwork Inc. has a 1-year low of $8.43 and a 1-year high of $18.14. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. The stock’s fifty day simple moving average is $13.87 and its 200-day simple moving average is $15.25.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Monday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.09. Upwork had a return on equity of 50.83% and a net margin of 28.02%. The firm had revenue of $192.71 million during the quarter, compared to analysts’ expectations of $188.49 million. During the same quarter last year, the firm earned $0.22 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, sell-side analysts predict that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Institutional Trading of Upwork

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Upwork by 51.8% in the fourth 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 lifted its position in shares of Upwork by 364.5% in the first quarter. LSV Asset Management now owns 5,351,406 shares of the company’s stock worth $69,836,000 after buying an additional 4,199,244 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of Upwork by 41.1% in 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 buying an additional 1,357,476 shares during the last quarter. Dorsey Asset Management LLC lifted its position in shares of 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 buying an additional 397,997 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Upwork by 50.5% in the first quarter. Invesco Ltd. now owns 2,630,379 shares of the company’s stock worth $34,326,000 after buying an additional 882,059 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company’s stock.

Wall Street Analyst Weigh In

UPWK has been the topic of several research analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 price target on shares of Upwork in a research report on Tuesday, May 6th. BTIG Research cut Upwork from a “buy” rating to a “neutral” rating in a report on Friday, April 4th. Roth Mkm decreased their target price on Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. JMP Securities lifted their target price on Upwork from $18.00 to $20.00 and gave the stock a “market outperform” rating in a report on Friday, May 16th. Finally, Scotiabank started coverage on Upwork in a report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 target price on the stock. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Upwork currently has an average 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.