SAN FRANCISCO—Marie Olivier, the Chief Accounting Officer at Upwork Inc. (NASDAQ:UPWK), recently disclosed the sale of company stock valued at approximately $39,372, according to a recent SEC filing. The transactions took place on November 18 and 19, 2024.
On November 18, Olivier sold 978 shares at a weighted average price of $15.13 per share, totaling $14,795. The following day, she sold an additional 1,649 shares at an average price of $14.90 per share, bringing in $24,577.
These sales were part of a pre-arranged trading plan under Rule 10b5-1, which allows insiders to set up a trading plan for selling stocks they own. The transactions were executed to cover tax withholding obligations related to the vesting of restricted stock units (RSUs).
Following these transactions, Olivier holds 1,294 shares of Upwork's common stock directly.
In other recent news, Upwork Inc. has reported robust growth for Q3 2024, despite facing market challenges. The online freelancing platform disclosed a 10% year-over-year increase in revenue, reaching $193.8 million, and a record net income of $27.8 million. In strategic moves, the company revealed a 21% reduction in headcount, aiming for annual savings of $60 million. The company's marketplace and managed services sectors also experienced growth, with marketplace revenue up 12% and managed services revenue growing 5%.
In other developments, Upwork launched Business Plus to cater to larger clients, signed 42 Enterprise deals, and plans to acquire AI-native search company Objective. The company's Q4 2024 revenue is forecasted between $178 million and $183 million, with an adjusted EBITDA of $38 million to $42 million. Despite anticipating a slight decrease in take rates and continued macroeconomic pressures, Upwork's active client base increased by 2% and the marketplace take rate achieved a record high of 18.3%. These recent developments showcase Upwork's strategic adaptation to market challenges while maintaining a focus on growth and operational efficiency.
InvestingPro Insights
While Marie Olivier's recent stock sale was primarily to cover tax obligations, Upwork Inc. (NASDAQ:UPWK) has been showing some positive financial indicators that investors might find interesting. According to InvestingPro data, Upwork's revenue for the last twelve months as of Q3 2024 stood at $761.78 million, with a notable revenue growth of 14.27% over the same period.
One of the InvestingPro Tips highlights that Upwork's management has been aggressively buying back shares, which could be seen as a sign of confidence in the company's future prospects. This aligns with the company's strong financial position, as another tip points out that Upwork holds more cash than debt on its balance sheet.
The company's gross profit margin is particularly impressive at 76.72%, which is reflected in another InvestingPro Tip mentioning Upwork's impressive gross profit margins. This strong profitability metric could be contributing to the positive sentiment around the stock, as evidenced by the 48.96% price return over the past month.
For investors looking for a more comprehensive analysis, InvestingPro offers 14 additional tips for Upwork, providing a deeper understanding of the company's financial health and market position.
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