704,083 Shares in Upwork Inc. $UPWK Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 704,083 Upwork shares worth approximately $5.9 million, representing about 0.56% of the company. Several other institutional investors also initiated positions, with institutions collectively owning 77.71% of Upwork.
• Analyst sentiment remains cautious: Upwork has a consensus “Hold” rating, with three Buys, nine Holds, and one Sell. Several firms recently lowered their price targets, while the average target stands at $13.05.
• Upwork reported quarterly EPS of $0.41, beating estimates of $0.34, on revenue of $191.66 million, though revenue declined 1.7% year over year. The stock opened at $8.15 and is trading near its 52-week low of $7.44 versus a high of $22.84.

Bank of America Corp DE bought a new stake in Upwork Inc. (NASDAQ:UPWK - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 704,083 shares of the company's stock, valued at approximately $5,886,000. Bank of America Corp DE owned about 0.56% of Upwork at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in UPWK. Freestone Grove Partners LP bought a new position in Upwork during the second quarter worth about $1,825,000. Man Group plc bought a new stake in Upwork in the 2nd quarter valued at about $5,260,000. Jupiter Topco LLC acquired a new position in shares of Upwork during the 2nd quarter worth approximately $493,000. Canada Pension Plan Investment Board acquired a new position in shares of Upwork during the 2nd quarter worth approximately $391,000. Finally, Legal & General Group Plc bought a new position in shares of Upwork during the second quarter worth approximately $2,349,000. Institutional investors own 77.71% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on UPWK. UBS Group dropped their price target on shares of Upwork from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Friday, August 14th. Needham & Company LLC reduced their price target on Upwork from $15.00 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday, August 11th. The Goldman Sachs Group set a $11.50 price objective on Upwork in a research note on Tuesday, August 11th. Royal Bank Of Canada dropped their price objective on Upwork from $9.00 to $8.00 and set a "sector perform" rating for the company in a report on Tuesday, August 11th. Finally, Canaccord Genuity Group decreased their price target on Upwork from $10.00 to $9.00 and set a "hold" rating on the stock in a research report on Wednesday, August 12th. Three research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $13.05.

Insider Activity at Upwork

In related news, CFO Erica Gessert sold 9,336 shares of the business's stock in a transaction on Friday, September 18th. The stock was sold at an average price of $8.45, for a total transaction of $78,889.20. Following the sale, the chief financial officer owned 373,586 shares in the company, valued at $3,156,801.70. The trade was a 2.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Hayden Brown sold 23,893 shares of the company's stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $8.45, for a total value of $201,895.85. Following the completion of the transaction, the chief executive officer directly owned 793,593 shares of the company's stock, valued at approximately $6,705,860.85. The trade was a 2.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 178,867 shares of company stock valued at $1,509,806 in the last 90 days. 4.90% of the stock is owned by corporate insiders.

Upwork Stock Performance

UPWK opened at $8.15 on Monday. The company has a market cap of $1.02 billion, a P/E ratio of 10.58 and a beta of 1.01. The company's 50 day moving average is $8.84 and its 200-day moving average is $9.42. Upwork Inc. has a 1-year low of $7.44 and a 1-year high of $22.84.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.07. The business had revenue of $191.66 million during the quarter. Upwork had a net margin of 12.94% and a return on equity of 16.70%. Upwork's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 earnings per share. Upwork has set its FY 2026 guidance at 1.380-1.430 EPS and its Q3 2026 guidance at 0.310-0.330 EPS.

Upwork Profile

Upwork Inc operates a global online work marketplace that connects businesses with independent professionals and agencies. The platform supports a wide range of services, including software development, design and creative work, marketing, writing and translation, consulting, customer support, and administrative services.

Through its marketplace, Upwork enables businesses to find talent, post projects, manage engagements, collaborate remotely, and process payments. The company also offers solutions designed for larger organizations, including tools for sourcing, onboarding, managing, and paying independent professionals at scale.

Upwork was formed through the 2014 merger of Elance and oDesk and adopted the Upwork name in 2015.

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