Upwork Inc. (NASDAQ:UPWK) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Upwork Inc. (NASDAQ:UPWK) have been assigned a consensus rating of “Moderate Buy” from the thirteen brokerages that are covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $22.60.

A number of equities research analysts recently commented on the stock. Jefferies Financial Group increased their target price on shares of Upwork from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Upwork in a research report on Wednesday, January 21st. Scotiabank decreased their price objective on Upwork from $17.00 to $15.00 and set a “sector perform” rating for the company in a report on Tuesday, February 10th. Zacks Research cut Upwork from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Finally, The Goldman Sachs Group restated a “buy” rating and set a $27.00 target price on shares of Upwork in a research note on Tuesday, February 10th.

Upwork Stock Performance

Shares of UPWK stock remained flat at $10.94 during mid-day trading on Friday. 1,906,869 shares of the company’s stock traded hands, compared to its average volume of 3,269,180. Upwork has a 1-year low of $10.52 and a 1-year high of $22.84. The stock has a market capitalization of $1.43 billion, a PE ratio of 13.02 and a beta of 1.18. The stock’s 50-day moving average price is $14.25 and its two-hundred day moving average price is $17.20.

Upwork announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 18th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to reacquire up to 18% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Upwork

In other news, insider Dave Bottoms sold 7,000 shares of the business’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $11.49, for a total transaction of $80,430.00. Following the sale, the insider owned 2,678 shares in the company, valued at approximately $30,770.22. The trade was a 72.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hayden Brown sold 23,745 shares of the company’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $12.31, for a total transaction of $292,300.95. Following the transaction, the chief executive officer owned 798,732 shares in the company, valued at approximately $9,832,390.92. This trade represents a 2.89% decrease in their position. The SEC filing for this sale provides additional information. Over 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 hedge funds and other institutional investors have recently made changes to their positions in UPWK. Accredited Wealth Management LLC grew its holdings in shares of Upwork by 5,280.0% during the third quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock valued at $25,000 after buying an additional 1,320 shares during the last quarter. Farther Finance Advisors LLC raised its stake in Upwork by 594.4% in 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 last quarter. Clearstead Advisors LLC raised 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 during the last quarter. Fifth Third Bancorp lifted its position in Upwork by 2,405.7% during the 3rd quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock worth $33,000 after acquiring an additional 1,684 shares during the period. Finally, GAMMA Investing LLC grew its stake in Upwork by 379.2% during the 4th quarter. GAMMA Investing LLC now owns 1,840 shares of the company’s stock valued at $36,000 after purchasing an additional 1,456 shares during the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

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.