Upwork (NASDAQ:UPWK) Insider Sells $142,488.25 in Stock

Upwork Inc. (NASDAQ:UPWK) insider Dave Bottoms sold 11,575 shares of Upwork stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $12.31, for a total value of $142,488.25. Following the transaction, the insider directly owned 9,678 shares in the company, valued at approximately $119,136.18. The trade was a 54.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Thursday, March 19th, Dave Bottoms sold 7,000 shares of Upwork stock. The shares were sold at an average price of $11.49, for a total transaction of $80,430.00.
• On Thursday, February 19th, Dave Bottoms sold 15,649 shares of Upwork stock. The shares were sold at an average price of $13.51, for a total transaction of $211,417.99.
• On Wednesday, February 18th, Dave Bottoms sold 17,013 shares of Upwork stock. The stock was sold at an average price of $13.80, for a total transaction of $234,779.40.

Upwork Trading Down 0.7%

UPWK stock traded down $0.08 on Friday, hitting $11.27. 5,362,986 shares of the company’s stock traded hands, compared to its average volume of 3,698,783. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of 13.42 and a beta of 1.07. Upwork Inc. has a 1-year low of $11.09 and a 1-year high of $22.84. The stock has a fifty day moving average of $16.06 and a 200-day moving average of $17.55.

Upwork declared that its board has initiated a stock 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on UPWK shares. Wall Street Zen raised Upwork from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. 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. UBS Group decreased their price target on Upwork from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of Upwork in a research note on Tuesday, February 10th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Upwork in a report on Wednesday, January 21st. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Upwork presently has an average rating of “Moderate Buy” and a consensus target price of $22.60.

Hedge Funds Weigh In On Upwork

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in Upwork by 68.9% during the 1st quarter. Royal Bank of Canada now owns 191,587 shares of the company’s stock valued at $2,501,000 after purchasing an additional 78,123 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Upwork by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,466 shares of the company’s stock worth $972,000 after buying an additional 3,599 shares during the period. Millennium Management LLC grew its holdings in shares of Upwork by 364.0% during the first quarter. Millennium Management LLC now owns 789,638 shares of the company’s stock valued at $10,305,000 after buying an additional 619,459 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Upwork by 10.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 338,680 shares of the company’s stock valued at $4,420,000 after buying an additional 31,378 shares in the last quarter. Finally, Creative Planning raised its position in Upwork by 16.9% during the second quarter. Creative Planning now owns 29,239 shares of the company’s stock valued at $393,000 after buying an additional 4,230 shares during the period. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

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.