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Erica Gessert, the Chief Financial Officer of Upwork Inc. (NASDAQ:UPWK), recently executed a significant stock transaction, according to a recent SEC filing. The company, currently trading near its 52-week high of $18.14, has demonstrated strong financial health with an impressive 77% gross profit margin and maintains more cash than debt on its balance sheet, according to InvestingPro data. On February 18, Gessert sold 13,765 shares of Upwork’s common stock, generating proceeds of approximately $222,310. The shares were sold at a weighted average price of $16.1504, with individual sale prices ranging from $15.79 to $16.49. This transaction comes as the stock has shown remarkable momentum, posting a 73% gain over the past six months.
The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) and was not a discretionary trade. Alongside this, Gessert acquired 37,500 shares through the vesting of RSUs, which were converted into common stock at no cost. Following these transactions, Gessert’s direct ownership stands at 156,828 shares. InvestingPro analysis suggests the stock is currently undervalued, with 12 additional exclusive insights available to subscribers, including detailed management ownership trends and comprehensive financial health metrics.
In other recent news, Upwork Inc. reported strong financial results for the fourth quarter of 2024, surpassing Wall Street expectations. The company achieved earnings per share of $0.30, exceeding the forecasted $0.26, and reported revenue of $191.5 million, beating the anticipated $181.2 million. Following these results, several firms have adjusted their price targets for Upwork. UBS increased its price target to $19, maintaining a Neutral rating, while Needham raised its target to the same level but reiterated a Buy rating. Jefferies also adjusted its target to $21 with a continued Buy rating, and Goldman Sachs set a target of $25, maintaining a positive outlook. Analysts have highlighted Upwork’s strategic focus on artificial intelligence, enterprise solutions, and monetization as key drivers for future growth. Despite a challenging macroeconomic environment, Upwork’s strategic initiatives and strong execution have positioned the company for long-term success.
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