Dave Bottoms, the GM VP II, Marketplace at Upwork , Inc. (NASDAQ:UPWK), executed significant stock transactions on December 18 and 19, 2024, according to a recent SEC filing. Bottoms sold a total of 15,002 shares of Upwork's common stock over two days, generating proceeds of approximately $248,162. The transactions come as Upwork, currently valued at $2.2 billion, shows strong financial health according to InvestingPro analysis, with impressive gross profit margins of 77%.
On December 18, Bottoms sold 5,360 shares at an average price of $17.11, totaling $91,691. The following day, December 19, he sold an additional 9,642 shares at an average price of $16.23, amounting to $156,471. These transactions were part of a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell company stock, thus helping them avoid accusations of insider trading. The stock has shown strong momentum, gaining nearly 57% over the past six months, while analysts maintain a consensus buy rating with a high price target of $24.
Additionally, the transactions included the acquisition of 8,979 and 6,023 shares through the vesting of restricted stock units (RSUs) on December 18, though these acquisitions were valued at zero dollars per share as part of the company's equity incentive plan. For deeper insights into Upwork's financial health, valuation, and more exclusive analysis, visit InvestingPro, where you'll find 15+ additional ProTips and comprehensive research reports.
In other recent news, Upwork Inc. reported a 10% increase in its third-quarter revenue, reaching $193.8 million, and a record net income of $27.8 million. Canaccord Genuity maintained a Buy rating on Upwork's shares, raising the price target from $18 to $20, reflecting confidence in the company's growth prospects. Upwork's strategic investments in artificial intelligence (AI) were highlighted as key drivers for future growth, with the company launching an AI Services hub and forming partnerships with AI tool providers. The company's adjusted EBITDA margin for the fiscal year 2024 is projected to increase approximately 10 percentage points year-over-year, supported by recent workforce reductions and statements from the company regarding the optimization of growth investments. Upwork also announced strategic organizational changes, including a 21% reduction in headcount, aimed at saving $60 million annually. Furthermore, Upwork revealed plans to acquire the AI-native search company Objective to enhance AI capabilities. Upwork forecasts Q4 2024 revenue between $178 million and $183 million. These are recent developments that reflect Upwork's strategic adaption to market challenges while focusing on growth and operational efficiency.
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