95,183 Shares in Upwork Inc. $UPWK Purchased by Segall Bryant & Hamill LLC

Key Points

• Segall Bryant & Hamill acquired 95,183 shares of Upwork (NASDAQ:UPWK) in Q3, a position worth about $1.77 million, and institutional investors now own roughly 77.71% of the company.
• Upwork's Board approved a $300 million stock buyback program that could repurchase up to 18% of shares, a move management says signals the stock may be undervalued.
• Insiders sold a total of 235,204 shares (≈$3.6M) last quarter, including CEO Hayden Brown selling 123,152 shares, while analysts hold a consensus "Moderate Buy" rating with an average price target of $22.60.

Segall Bryant & Hamill LLC acquired a new position in Upwork Inc. (NASDAQ:UPWK - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 95,183 shares of the company's stock, valued at approximately $1,768,000. Segall Bryant & Hamill LLC owned 0.07% of Upwork at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Financial Gravity Companies Inc. acquired a new stake in shares of Upwork during the 2nd quarter worth about $5,118,000. Ruffer LLP acquired a new position in Upwork in the third quarter valued at about $2,716,000. Campbell & CO Investment Adviser LLC grew its stake in Upwork by 80.6% during the second quarter. Campbell & CO Investment Adviser LLC now owns 251,263 shares of the company's stock worth $3,377,000 after buying an additional 112,133 shares during the last quarter. Allianz Asset Management GmbH grew its stake in Upwork by 93.6% during the third quarter. Allianz Asset Management GmbH now owns 1,862,153 shares of the company's stock worth $34,580,000 after buying an additional 900,525 shares during the last quarter. Finally, Boston Partners increased its holdings in shares of Upwork by 61.6% during the second quarter. Boston Partners now owns 262,219 shares of the company's stock worth $3,524,000 after buying an additional 99,941 shares in the last quarter. Institutional investors and hedge funds own 77.71% of the company's stock.

Analyst Ratings Changes

UPWK has been the topic of several recent analyst reports. Canaccord Genuity Group set a $22.00 target price on Upwork in a report on Tuesday, February 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 price target on shares of Upwork in a report on Tuesday, February 10th. Jefferies Financial Group lifted their price objective on Upwork from $22.00 to $27.00 and gave the company a "buy" rating in a research report on Monday, January 5th. Weiss Ratings restated a "hold (c+)" rating on shares of Upwork in a report on Wednesday, January 21st. Finally, Royal Bank Of Canada lowered their target price on Upwork from $24.00 to $20.00 and set a "sector perform" rating for the company in a research note on Tuesday, February 10th. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $22.60.

Insider Activity at Upwork

In other Upwork news, insider Dave Bottoms sold 15,649 shares of the company's stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $13.51, for a total transaction of $211,417.99. Following the completion of the transaction, the insider owned 345 shares of the company's stock, valued at $4,660.95. This represents a 97.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hayden Brown sold 123,152 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $1,699,497.60. Following the transaction, the chief executive officer directly owned 776,067 shares of the company's stock, valued at $10,709,724.60. This represents a 13.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 235,204 shares of company stock worth $3,602,486 in the last quarter. Corporate insiders own 7.50% of the company's stock.

Upwork Price Performance

UPWK opened at $13.25 on Friday. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 15.77 and a beta of 1.07. The firm has a 50 day simple moving average of $17.49 and a 200 day simple moving average of $17.71. Upwork Inc. has a fifty-two week low of $11.13 and a fifty-two week high of $22.84.

Upwork declared that its Board of Directors has approved a stock buyback program on Wednesday, February 18th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 18% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

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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