Upwork (NASDAQ:UPWK – Get Free Report) had its price target reduced by research analysts at Citigroup from $17.00 to $10.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 17.99% from the company’s previous close.
Other analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Upwork from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. UBS Group downgraded Upwork from a “buy” rating to a “neutral” rating and cut their target price for the stock from $20.00 to $10.00 in a research note on Friday, May 8th. 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 report on Friday, May 8th. Canaccord Genuity Group downgraded Upwork from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $22.00 to $10.00 in a research report on Friday, May 8th. Finally, Royal Bank Of Canada lowered their price target on shares of Upwork from $20.00 to $9.00 and set a “sector perform” rating for the company in a report on Monday, May 11th. Three equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, Upwork has an average rating of “Hold” and a consensus price target of $15.50.
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Upwork Stock Performance
Upwork declared that its Board of Directors has authorized a share buyback program on Wednesday, February 18th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to buy up to 18% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Insiders Place Their Bets
In related news, CEO Hayden Brown sold 23,745 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $12.31, for a total value of $292,300.95. Following the transaction, the chief executive officer owned 798,732 shares of the company’s stock, valued at $9,832,390.92. This trade represents a 2.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Erica Gessert sold 9,278 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $12.31, for a total transaction of $114,212.18. Following the transaction, the chief financial officer directly owned 307,240 shares in the company, valued at approximately $3,782,124.40. This trade represents a 2.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 53,080 shares of company stock valued at $647,675 over the last ninety days. 7.50% of the stock is owned by insiders.
Hedge Funds Weigh In On Upwork
Large investors have recently made changes to their positions in the business. 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 boosted its position 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 purchasing an additional 1,165 shares in the last quarter. Clearstead Advisors LLC grew 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 buying an additional 1,278 shares during the period. Fifth Third Bancorp raised its position in shares of Upwork by 2,405.7% in the third 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 boosted its position in Upwork by 379.2% during the fourth quarter. GAMMA Investing LLC now owns 1,840 shares of the company’s stock worth $36,000 after purchasing an additional 1,456 shares in the last quarter. 77.71% of the stock is owned by institutional investors and hedge funds.
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.
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