Insider Selling: Upwork (NASDAQ:UPWK) Insider Sells $234,779.40 in Stock

Upwork Inc. (NASDAQ:UPWK) insider Dave Bottoms sold 17,013 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total value of $234,779.40. Following the transaction, the insider directly owned 15,994 shares of the company’s stock, valued at approximately $220,717.20. The trade was a 51.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Dave Bottoms also recently made the following trade(s):

• On Thursday, February 19th, Dave Bottoms sold 15,649 shares of Upwork stock. The stock was sold at an average price of $13.51, for a total value of $211,417.99.
• On Friday, December 19th, Dave Bottoms sold 9,622 shares of Upwork stock. The shares were sold at an average price of $20.66, for a total value of $198,790.52.
• On Thursday, December 18th, Dave Bottoms sold 11,285 shares of Upwork stock. The stock was sold at an average price of $20.59, for a total value of $232,358.15.

Upwork Stock Down 3.0%

Upwork stock traded down $0.41 during midday trading on Thursday, hitting $13.32. The company’s stock had a trading volume of 4,225,658 shares, compared to its average volume of 4,808,437. Upwork Inc. has a 12 month low of $11.13 and a 12 month high of $22.84. The company has a market capitalization of $1.74 billion, a PE ratio of 15.86 and a beta of 1.06. The stock’s 50-day moving average price is $19.21 and its 200-day moving average price is $17.71.

Upwork announced that its board has approved a share repurchase program on Wednesday, February 18th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 18% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on UPWK shares. Citizens Jmp restated a “market outperform” rating and set a $27.00 target price on shares of Upwork in a report on Wednesday, November 19th. Wall Street Zen lowered Upwork from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. UBS Group decreased their target price on Upwork from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Roth Mkm boosted their target price on Upwork from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Finally, Jefferies Financial Group increased their price target on Upwork from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $22.60.

Institutional Trading of Upwork

A number of hedge funds have recently modified their holdings of UPWK. Accredited Wealth Management LLC boosted its position in shares of Upwork by 5,280.0% in the third quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock worth $25,000 after buying an additional 1,320 shares during the period. Clearstead Advisors LLC lifted its stake in Upwork by 998.4% in the 3rd quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock worth $26,000 after acquiring an additional 1,278 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Upwork by 594.4% during the 4th quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock worth $27,000 after acquiring an additional 1,165 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in Upwork during the 2nd quarter worth about $30,000. Finally, Fifth Third Bancorp grew its stake in Upwork by 2,405.7% during the 3rd quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock valued at $33,000 after acquiring an additional 1,684 shares in the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Upwork Company Profile

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.