Upwork’s chief accounting officer Marie Olivier sells $66,979 in inventory

Marie Olivier, Chief Accounting Officer at Upwork Inc. (NASDAQ:UPWK), a $2.19 billion market cap firm displaying nice monetary well being in line with InvestingPro evaluation, just lately executed a number of inventory transactions, in line with a submitting with the Securities and Change Fee. On December 18 and 19, Olivier offered a complete of 4,049 shares of Upwork’s frequent inventory. The gross sales had been carried out at costs starting from $16.15 to $18.04 per share, amounting to an mixture worth of roughly $66,979. The inventory has proven spectacular momentum with a 57% achieve over the previous six months, and InvestingPro’s Honest Worth evaluation suggests the inventory is at the moment undervalued.

These transactions had been a part of a Rule 10b5-1 plan, a prearranged buying and selling plan that enables executives to promote a predetermined variety of shares at a specified time. The gross sales had been executed to cowl tax withholding obligations associated to the vesting of restricted inventory items (RSUs).

Following these transactions, Olivier retains possession of 1,294 shares of Upwork inventory.

In different latest information, Upwork Inc. reported a ten% improve in its third-quarter income, reaching $193.8 million, and a file internet revenue of $27.8 million. Canaccord Genuity maintained a Purchase ranking on Upwork shares and upgraded the value goal to $20.00 from $18.00, reflecting confidence within the firm’s progress prospects throughout the freelancing sector. The corporate additionally introduced a 21% discount in headcount, aiming to save lots of $60 million yearly. Upwork’s strategic investments in synthetic intelligence (AI), together with the launch of an AI Companies hub and partnerships with AI instrument suppliers, are anticipated to drive future progress. The corporate additionally plans to amass the AI-native search firm Goal to boost AI capabilities. As well as, Upwork’s adjusted EBITDA margin for the fiscal 12 months 2024 is projected to extend roughly 10 proportion factors year-over-year. These are latest developments that replicate Upwork’s strategic adaptation to market challenges whereas specializing in progress and operational effectivity.

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