50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Upwork CFO Erica Gessert sells $73,198 in company stock

Published 21/12/2024, 00:04
UPWK
-

Erica Gessert, Chief Financial Officer of Upwork Inc. (NASDAQ:UPWK), a $2.19 billion market cap company currently trading near its 52-week high of $18.14, reported a significant transaction involving the company's common stock. According to a recent SEC filing, Gessert sold 4,279 shares of Upwork, generating approximately $73,198. The shares were sold at a weighted average price of $17.1064, with individual transaction prices ranging from $16.36 to $18.04. InvestingPro analysis shows the stock has delivered an impressive 57% return over the past six months.

The filing also detailed that the sale was not a discretionary trade but rather a mandated transaction to cover tax withholding obligations related to the vesting of restricted stock units (RSUs). On the same day, Gessert acquired 8,433 shares through the vesting of these RSUs, which are contingent rights to receive common stock. Following these transactions, Gessert holds 133,093 shares in the company. According to InvestingPro, Upwork maintains impressive gross profit margins of 77% and shows strong financial health metrics. Subscribers can access 15 additional ProTips and a comprehensive Pro Research Report for deeper insights into Upwork's valuation and growth prospects.

In other recent news, Upwork Inc. has seen significant growth despite market challenges, with a 10% increase in its third-quarter revenue to $193.8 million and a record net income of $27.8 million. The company also announced strategic organizational changes, including a 21% reduction in headcount, aiming to save $60 million annually. Canaccord Genuity maintained a Buy rating on Upwork shares and increased the price target to $20.00 from $18.00, reflecting confidence in the company's growth prospects within the freelancing sector. Upwork's investments in artificial intelligence (AI) and strategic partnerships with AI tool providers are expected to contribute to future growth. The company's adjusted EBITDA margin for the fiscal year 2024 is projected to increase approximately 10 percentage points year-over-year. Upwork also revealed plans to acquire the AI-native search company Objective to enhance AI capabilities. Furthermore, the company launched Upwork Business Plus to cater to larger clients and signed 42 Enterprise deals in Q3. These are recent developments in Upwork's strategic adaptation to market challenges while focusing on growth and operational efficiency.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.