Upwork (NASDAQ:UPWK) Downgraded to Market Perform Rating by Citizens Jmp

Citizens Jmp downgraded shares of Upwork (NASDAQ:UPWK) from an outperform rating to a market perform rating in a report issued on Friday, MarketBeat Ratings reports.

UPWK has been the topic of several other reports. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $10.00 price objective (down from $22.00) on shares of Upwork in a research report on Friday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Upwork in a research report on Wednesday, January 21st. Needham & Company LLC cut their price target on shares of Upwork from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday. Roth Mkm cut shares of Upwork from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Friday. Finally, Zacks Research cut shares of Upwork from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Three investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, Upwork currently has an average rating of “Hold” and an average price target of $17.30.

Upwork Stock Down 16.9%

Shares of UPWK stock opened at $8.82 on Friday. Upwork has a 12-month low of $7.44 and a 12-month high of $22.84. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 10.89 and a beta of 1.07. The firm has a fifty day moving average of $11.51 and a 200-day moving average of $16.02.

Upwork declared that its Board of Directors has approved a share buyback plan on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 18% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at Upwork

In other Upwork news, insider Dave Bottoms sold 17,013 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total transaction of $234,779.40. Following the transaction, the insider owned 15,994 shares in the company, valued at $220,717.20. This represents a 51.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hayden Brown sold 123,152 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $1,699,497.60. Following the transaction, the chief executive officer owned 776,067 shares in the company, valued at approximately $10,709,724.60. The trade was a 13.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 235,186 shares of company stock worth $3,156,199. Insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in UPWK. Price T Rowe Associates Inc. MD grew its position in shares of Upwork by 44.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,231,377 shares of the company’s stock worth $381,166,000 after purchasing an additional 5,893,970 shares in the last quarter. Boston Partners lifted its holdings in shares of Upwork by 785.7% during the 3rd quarter. Boston Partners now owns 2,322,575 shares of the company’s stock worth $42,962,000 after acquiring an additional 2,060,356 shares during the period. Summit Partners Public Asset Management LLC bought a new stake in shares of Upwork during the 4th quarter worth approximately $40,136,000. Invenomic Capital Management LP bought a new stake in shares of Upwork during the 3rd quarter worth approximately $24,782,000. Finally, Allianz Asset Management GmbH lifted its holdings in shares of Upwork by 93.6% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,862,153 shares of the company’s stock worth $34,580,000 after acquiring an additional 900,525 shares during the period. Institutional investors and hedge funds own 77.71% of the company’s stock.

Key Stories Impacting Upwork

Here are the key news stories impacting Upwork this week:

• Positive Sentiment: Upwork reported Q1 revenue growth of 1.4% year over year and raised its full-year adjusted EBITDA guidance, which suggests the company is still focused on profitability. Upwork Reports First Quarter 2026 Financial Results
• Neutral Sentiment: Several Wall Street firms still maintain bullish views despite cutting targets, including Needham keeping a Buy rating but lowering its target to $15, reflecting continued long-term confidence but less optimism on near-term growth.
• Neutral Sentiment: Upwork’s Q1 EPS beat some expectations, but revenue was roughly in line with estimates, leaving investors focused more on the outlook than the headline bottom-line result. Upwork earnings report
• Negative Sentiment: Management’s Q2 revenue guidance came in well below Wall Street expectations, raising concerns that growth is slowing more than expected.
• Negative Sentiment: FY 2026 revenue guidance also missed consensus, reinforcing worries that the company’s top-line outlook is weaker than analysts had hoped.
• Negative Sentiment: Citizens JMP and Roth MKM both downgraded the stock, while Needham cut its price target sharply, adding to the pressure on shares.
• Negative Sentiment: Post-earnings reports also highlighted softer profitability metrics and restructuring plans, which may be weighing on sentiment toward UPWK.

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.