Upwork’s chief accounting officer sells $32,898 in stock

Marie Olivier, the Chief Accounting Officer of Upwork Inc. (NASDAQ:UPWK), recently executed several stock transactions as part of a pre-established trading plan. According to a Form 4 filing with the Securities and Exchange Commission, Olivier sold a total of 2,962 shares of Upwork’s common stock over three days, with sales ranging in price from $16.48 to $17.7085 per share. The transactions, completed between February 14 and February 19, 2025, amounted to a total value of $32,898. The sales come as Upwork’s stock has shown remarkable strength, with an 86% gain over the past six months and trading near its 52-week high of $18.14.InvestingPro analysis shows Upwork maintains excellent financial health with impressive gross margins of 77% and strong liquidity metrics.

On February 14, Olivier sold 335 shares at $16.48 each. Further sales occurred on February 18, when 1,081 shares were sold at a weighted average price of $16.1525, and on February 19, when 1,546 shares were sold at a weighted average price of $17.7085.

In addition to these sales, Olivier also acquired 2,627 shares through the vesting of restricted stock units (RSUs) on February 18. These RSUs were converted at no cost, as each unit represents a contingent right to receive one share of Upwork’s common stock.

The sales were part of a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying or selling stock to avoid potential conflicts of interest. The transactions were also necessary to cover tax withholding obligations associated with the vesting of the RSUs. Following these transactions, Olivier holds 2,840 shares of Upwork’s common stock.

In other recent news, Upwork Inc. reported impressive fourth-quarter 2024 earnings, exceeding Wall Street forecasts with an earnings per share (EPS) of $0.30 against a predicted $0.26 and revenue of $191.5 million, surpassing the expected $181.2 million. This strong performance has been a key factor in several analyst firms adjusting their outlooks. UBS, Needham, Jefferies, and Goldman Sachs all raised their price targets for Upwork, reflecting confidence in the company’s financial trajectory. UBS and Needham both set a new price target of $19, with UBS maintaining a Neutral rating and Needham reiterating a Buy rating. Jefferies increased its target to $21, while Goldman Sachs set a higher target at $25, both retaining a Buy rating.

The analysts’ upgrades were driven by Upwork’s ability to surpass expectations in gross services volume and margins, despite a challenging macroeconomic environment. The company’s strategic focus on artificial intelligence and enterprise solutions is seen as a pivotal factor for its long-term growth, as highlighted by Needham and Goldman Sachs. Jefferies noted the promising trends in client spending, indicating potential for future revenue expansion. Furthermore, Upwork’s 2025 guidance suggests a cautious revenue outlook, but analysts remain optimistic about growth prospects beyond 2025. The company’s investment in AI and strategic initiatives is expected to enhance profitability and market positioning.

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