PALO ALTO, Calif.— Upwork Inc. (NASDAQ:UPWK), the $2.23 billion market cap freelance platform company with impressive 76.72% gross profit margins and a "GREAT" financial health rating according to InvestingPro, has seen its President and CEO Hayden Brown make notable transactions involving the company's common stock, according to a recent SEC filing.
On December 16, Brown sold 20,000 shares at an average price of $16.84, totaling approximately $336,886. Additionally, on December 18, she sold another 8,997 shares at an average price of $17.12, amounting to roughly $154,061. These sales were executed under a Rule 10b5-1 trading plan. The stock has shown remarkable strength with a 67% gain over the past six months, though InvestingPro analysis indicates it's currently trading below its Fair Value. For deeper insights, investors can access 16 additional ProTips and comprehensive analysis through InvestingPro's detailed research report.
The transactions also included the acquisition of 17,733 shares through the vesting of restricted stock units, which were sold to cover tax obligations, as mandated by Upwork's equity incentive plans. Following these transactions, Brown holds 1,238,156 shares directly in the company, which maintains strong liquidity with its current ratio of 3.18.
In other recent news, Upwork Inc. reported a 10% increase in its Q3 2024 revenue, reaching $193.8 million, alongside a record net income of $27.8 million. The company has also announced strategic organizational changes, including a 21% reduction in its workforce, aiming to save $60 million annually. Despite a challenging macroeconomic environment, both Upwork's marketplace and managed services experienced growth. The company's marketplace revenue rose by 12% to $167.3 million, while managed services revenue grew by 5%.
Upwork has also announced its plans to acquire AI-native search company Objective, aiming to enhance its AI capabilities. On the analyst front, the company's Q4 2024 revenue is forecasted to be between $178 million and $183 million, with an adjusted EBITDA of $38 million to $42 million. Finally, Upwork's full-year revenue is projected to be between $756 million and $761 million, indicating a 10% growth. These are among the recent developments for the company.
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