Upwork CEO Hayden Brown sells $490,947 in inventory

PALO ALTO, Calif.— Upwork Inc. (NASDAQ:UPWK), the $2.23 billion market cap freelance platform firm with spectacular 76.72% gross revenue margins and a “GREAT” monetary well being ranking in response to InvestingPro, has seen its President and CEO Hayden Brown make notable transactions involving the corporate’s widespread inventory, in response to a latest SEC submitting.

On December 16, Brown offered 20,000 shares at a mean worth of $16.84, totaling roughly $336,886. Moreover, on December 18, she offered one other 8,997 shares at a mean worth of $17.12, amounting to roughly $154,061. These gross sales had been executed beneath a Rule 10b5-1 buying and selling plan. The inventory has proven exceptional energy with a 67% acquire over the previous six months, although InvestingPro evaluation signifies it is at the moment buying and selling under its Honest Worth. For deeper insights, traders can entry 16 further ProTips and complete evaluation by way of InvestingPro’s detailed analysis report.

The transactions additionally included the acquisition of 17,733 shares by way of the vesting of restricted inventory items, which had been offered to cowl tax obligations, as mandated by Upwork’s fairness incentive plans. Following these transactions, Brown holds 1,238,156 shares straight within the firm, which maintains robust liquidity with its present ratio of three.18.

In different latest information, Upwork Inc. reported a ten% improve in its Q3 2024 income, reaching $193.8 million, alongside a document internet earnings of $27.8 million. The corporate has additionally introduced strategic organizational adjustments, together with a 21% discount in its workforce, aiming to avoid wasting $60 million yearly. Regardless of a difficult macroeconomic atmosphere, each Upwork’s market and managed companies skilled development. The corporate’s market income rose by 12% to $167.3 million, whereas managed companies income grew by 5%.

Upwork has additionally introduced its plans to accumulate AI-native search firm Goal, aiming to boost its AI capabilities. On the analyst entrance, the corporate’s This autumn 2024 income is forecasted to be between $178 million and $183 million, with an adjusted EBITDA of $38 million to $42 million. Lastly, Upwork’s full-year income is projected to be between $756 million and $761 million, indicating a ten% development. These are among the many latest developments for the corporate.

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