Portolan Capital Management LLC Makes New $7.32 Million Investment in Upwork Inc. $UPWK

Portolan Capital Management LLC acquired a new stake in shares of Upwork Inc. (NASDAQ:UPWK) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 393,929 shares of the company’s stock, valued at approximately $7,315,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Accredited Wealth Management LLC boosted its stake 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 last quarter. Clearstead Advisors LLC raised its position in Upwork by 998.4% during the third quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock valued at $26,000 after acquiring an additional 1,278 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new position in Upwork during the second quarter valued at approximately $30,000. Fifth Third Bancorp lifted its holdings in Upwork by 2,405.7% in the third 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 during the period. Finally, EMC Capital Management acquired a new position in Upwork in the second quarter valued at approximately $45,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

Insider Buying and Selling at Upwork

In other Upwork news, CFO Erica Gessert sold 26,292 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 transaction of $362,829.60. Following the transaction, the chief financial officer directly owned 298,386 shares of the company’s stock, valued at $4,117,726.80. This trade represents a 8.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hayden Brown sold 123,152 shares of Upwork stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total transaction of $1,699,497.60. Following the completion of the sale, the chief executive officer owned 776,067 shares in the company, valued at approximately $10,709,724.60. This trade represents a 13.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 235,204 shares of company stock valued at $3,602,486 over the last ninety days. Corporate insiders own 7.50% of the company’s stock.

Upwork Stock Performance

Upwork stock opened at $12.21 on Friday. The stock has a market capitalization of $1.59 billion, a P/E ratio of 14.54 and a beta of 1.07. The company’s fifty day moving average price is $16.75 and its 200 day moving average price is $17.64. Upwork Inc. has a 1 year low of $11.13 and a 1 year high of $22.84.

Upwork announced that its board has initiated a stock buyback program on Wednesday, February 18th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 18% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

UPWK has been the topic of several recent research reports. Wall Street Zen upgraded Upwork from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Roth Mkm lifted their target price on shares of Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Upwork in a research note on Wednesday, January 21st. UBS Group lowered their price target on shares of Upwork from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Finally, Royal Bank Of Canada dropped their price target on shares of Upwork from $24.00 to $20.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 10th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $22.60.

About Upwork

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.