Upwork Inc. (NASDAQ:UPWK – Get Free Report) CEO Hayden Brown sold 23,468 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $8.15, for a total transaction of $191,264.20. Following the sale, the chief executive officer owned 797,495 shares in the company, valued at $6,499,584.25. The trade was a 2.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Upwork Trading Up 0.1%
Shares of Upwork stock opened at $8.22 on Thursday. Upwork Inc. has a 12-month low of $7.44 and a 12-month high of $22.84. The stock has a market cap of $1.02 billion, a PE ratio of 10.15 and a beta of 1.01. The company has a 50-day moving average of $9.24 and a two-hundred day moving average of $13.86.
Analyst Ratings Changes
Several research firms have weighed in on UPWK. Royal Bank Of Canada lowered their target price on Upwork from $20.00 to $9.00 and set a “sector perform” rating on the stock in a report on Monday, May 11th. Weiss Ratings lowered shares of Upwork from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, May 12th. Canaccord Genuity Group cut shares of Upwork from a “buy” rating to a “hold” rating and lowered their price objective for the company from $22.00 to $10.00 in a research note on Friday, May 8th. UBS Group downgraded shares of Upwork from a “buy” rating to a “neutral” rating and dropped their target price for the company from $20.00 to $10.00 in a report on Friday, May 8th. Finally, Wall Street Zen cut shares of Upwork from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Three investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.50.
Institutional Investors Weigh In On Upwork
Hedge funds and other institutional investors have recently modified their holdings of the company. Invenomic Capital Management LP purchased a new stake in shares of Upwork in the third quarter valued at $24,782,000. Ancient Art L.P. lifted its position in Upwork by 13.1% during the third quarter. Ancient Art L.P. now owns 4,268,667 shares of the company’s stock worth $79,269,000 after buying an additional 494,759 shares during the period. Picton Mahoney Asset Management acquired a new stake in Upwork in the 3rd quarter worth about $1,648,000. Burney Co. acquired a new stake in Upwork in the 4th quarter worth about $3,342,000. Finally, State of Alaska Department of Revenue boosted its stake in Upwork by 1,566.8% in the 4th quarter. State of Alaska Department of Revenue now owns 105,258 shares of the company’s stock worth $2,085,000 after buying an additional 98,943 shares during the last quarter. 77.71% of the stock is currently owned by hedge funds and other institutional investors.
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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