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Erica Gessert, Chief Financial Officer of Upwork Inc. (NASDAQ:UPWK), recently reported the sale of 4,316 shares of the company’s common stock. The shares were sold on March 18 at an average price of $13.0688 per share, totaling approximately $56,404. This transaction was executed to cover tax withholding obligations related to the vesting of restricted stock units (RSUs). The sale occurs as Upwork maintains strong financial health, with InvestingPro data showing impressive gross profit margins of 77% and a healthy current ratio of 3.39x. Following this sale, Gessert holds 160,945 shares of Upwork’s common stock.
Additionally, Gessert acquired 8,433 shares of common stock through the conversion of RSUs. The RSUs were acquired at no cost as part of her compensation package, which vests quarterly over four years. The vesting began on June 18, 2024, and is contingent on her continued employment with Upwork.
In other recent news, Upwork Inc. announced robust fourth-quarter results that exceeded expectations in gross services volume, take rate, and margins, leading UBS to increase its price target to $19 while maintaining a Neutral rating. Needham also raised its target to $19, maintaining a Buy rating, and highlighted Upwork’s strategic focus on artificial intelligence and enterprise solutions as key drivers for future growth. Jefferies expressed optimism by raising its price target to $21, citing strong fourth-quarter performance and projected EBITDA margin growth from 10.6% in 2023 to 25% by the midpoint of fiscal year 2025. JMP Securities reiterated a Market Outperform rating with an $18 target, emphasizing Upwork’s strategies to drive revenue growth despite macroeconomic headwinds. Meanwhile, Goldman Sachs increased its price target to $25, maintaining a Buy rating, based on expectations of Upwork’s growth potential in a changing work environment and its commitment to innovation and profitable growth. These developments reflect confidence in Upwork’s financial trajectory and market positioning. Analysts noted that Upwork’s continued focus on cost optimization and strategic initiatives are expected to enhance profitability and cash generation. Investors are closely monitoring Upwork’s performance as it navigates economic challenges while aiming for long-term success.
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