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In a recent transaction, Hayden Brown, the President and CEO of Upwork Inc. (NASDAQ:UPWK), sold a significant portion of the company’s common stock. On February 18, 2025, Brown sold 21,122 shares at a weighted average price of $16.15, totaling approximately $341,128. This sale was executed to cover tax withholding obligations related to the vesting of restricted stock units (RSUs). The transaction comes as Upwork demonstrates strong financial health, with InvestingPro data showing impressive gross profit margins of 77% and a solid balance sheet with more cash than debt.
The RSUs, which represent a contingent right to receive one share of Upwork’s common stock per unit, were part of a series of transactions involving the exercise of these units. The sales were conducted as part of the company’s equity incentive plans, mandating a "sell to cover" transaction rather than a discretionary trade by Brown. The stock has shown strong momentum, with a remarkable 73% price return over the past six months.
Despite the sale, Brown continues to hold a substantial number of shares in the company, with 1,275,083 shares owned directly following the transaction. The transactions reflect Brown’s ongoing engagement with Upwork’s equity compensation framework while maintaining a significant stake in the company’s future. According to InvestingPro analysis, Upwork appears slightly undervalued at current levels, with 12 additional exclusive insights available to subscribers through the platform’s comprehensive Pro Research Report.
In other recent news, Upwork Inc. reported strong fourth-quarter 2024 earnings, with an earnings per share (EPS) of $0.30, surpassing Wall Street’s forecast of $0.26. The company’s revenue also exceeded expectations, reaching $191.5 million against the anticipated $181.2 million. Following these results, several firms adjusted their price targets for Upwork. UBS raised its target to $19 while maintaining a Neutral rating, citing the company’s robust financial performance and potential for future guidance adjustments. Needham increased its target to $19 and reiterated a Buy rating, highlighting Upwork’s strategic focus on artificial intelligence and enterprise solutions. Jefferies set its target at $21, maintaining a Buy rating based on the company’s improved EBITDA margins and potential for client spending growth. Goldman Sachs raised its target to $25, emphasizing Upwork’s growth prospects in a changing work environment. These recent developments reflect the positive sentiment among analysts regarding Upwork’s financial trajectory and strategic initiatives.
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