Insider Selling: Upwork (NASDAQ:UPWK) CEO Sells 123,152 Shares of Stock

Upwork Inc. (NASDAQ:UPWK) CEO Hayden Brown sold 123,152 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total transaction of $1,699,497.60. Following the completion of the sale, the chief executive officer owned 776,067 shares of the company’s stock, valued at $10,709,724.60. This trade represents a 13.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Thursday, December 18th, Hayden Brown sold 23,147 shares of Upwork stock. The stock was sold at an average price of $20.59, for a total transaction of $476,596.73.
• On Tuesday, November 25th, Hayden Brown sold 75,000 shares of Upwork stock. The shares were sold at an average price of $19.78, for a total transaction of $1,483,500.00.
• On Wednesday, November 26th, Hayden Brown sold 275,000 shares of Upwork stock. The shares were sold at an average price of $19.43, for a total transaction of $5,343,250.00.
• On Friday, November 21st, Hayden Brown sold 60,000 shares of Upwork stock. The stock was sold at an average price of $18.20, for a total value of $1,092,000.00.

Upwork Stock Performance

Shares of UPWK stock traded down $0.41 during trading hours on Thursday, reaching $13.32. The company had a trading volume of 4,225,658 shares, compared to its average volume of 4,808,437. The stock has a fifty day moving average of $19.21 and a 200-day moving average of $17.71. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of 15.86 and a beta of 1.06. Upwork Inc. has a 12-month low of $11.13 and a 12-month high of $22.84.

Upwork announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 18% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Upwork

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position in shares of Upwork by 68.9% during the first quarter. Royal Bank of Canada now owns 191,587 shares of the company’s stock worth $2,501,000 after buying an additional 78,123 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Upwork by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,466 shares of the company’s stock valued at $972,000 after buying an additional 3,599 shares during the period. Millennium Management LLC lifted its stake in Upwork by 364.0% during the 1st quarter. Millennium Management LLC now owns 789,638 shares of the company’s stock worth $10,305,000 after acquiring an additional 619,459 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Upwork by 10.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 338,680 shares of the company’s stock worth $4,420,000 after acquiring an additional 31,378 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Upwork during the 2nd quarter valued at about $211,000. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on UPWK. Royal Bank Of Canada lowered their price target on shares of Upwork from $24.00 to $20.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 10th. Citizens Jmp reissued a “market outperform” rating and issued a $27.00 price target on shares of Upwork in a research note on Wednesday, November 19th. Canaccord Genuity Group set a $22.00 price target on shares of Upwork in a report on Tuesday, February 10th. Roth Mkm upped their price objective on Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Finally, UBS Group lowered their price objective on Upwork from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.60.

About Upwork

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.