Picton Mahoney Asset Management Makes New Investment in Upwork Inc. $UPWK

Key Points

• Picton Mahoney Asset Management acquired a new stake of 88,764 Upwork shares in Q3, valued at about $1.65 million, and institutional investors now own roughly 77.71% of the company.
• Upwork's board authorized a $300 million share buyback, permitting repurchases of up to 18% of outstanding shares, a move typically signaling the board views the stock as undervalued.
• Company insiders sold material positions on Feb 18 — CFO Erica Gessert sold 26,292 shares and CEO Hayden Brown sold 123,152 shares — contributing to 235,204 insider-sold shares in the quarter (about $3.6 million), with insiders retaining 7.5% ownership.

Picton Mahoney Asset Management acquired a new stake in Upwork Inc. (NASDAQ:UPWK - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 88,764 shares of the company's stock, valued at approximately $1,648,000. Picton Mahoney Asset Management owned 0.07% of Upwork at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky acquired a new position in Upwork during the 3rd quarter valued at $880,000. Victory Capital Management Inc. increased its holdings in shares of Upwork by 26.0% during the 3rd quarter. Victory Capital Management Inc. now owns 179,613 shares of the company's stock worth $3,335,000 after purchasing an additional 37,010 shares during the period. Segall Bryant & Hamill LLC bought a new position in shares of Upwork during the 3rd quarter worth about $1,768,000. Accredited Wealth Management LLC raised its position 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. Finally, Aster Capital Management DIFC Ltd lifted its stake in shares of Upwork by 2,061.1% in the third quarter. Aster Capital Management DIFC Ltd now owns 11,497 shares of the company's stock valued at $213,000 after buying an additional 10,965 shares during the period. Institutional investors own 77.71% of the company's stock.

Upwork Price Performance

Shares of UPWK stock opened at $13.31 on Friday. The stock's fifty day simple moving average is $17.64 and its 200 day simple moving average is $17.72. Upwork Inc. has a one year low of $11.13 and a one year high of $22.84. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of 15.85 and a beta of 1.07.

Upwork announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 18th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to purchase up to 18% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Insider Transactions at Upwork

In other Upwork news, CFO Erica Gessert sold 26,292 shares of the company's stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total transaction of $362,829.60. Following the sale, the chief financial officer directly owned 298,386 shares of the company's stock, valued at approximately $4,117,726.80. This represents a 8.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hayden Brown sold 123,152 shares of the business'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 value of $1,699,497.60. Following the completion of the transaction, the chief executive officer directly owned 776,067 shares in the company, valued at $10,709,724.60. The trade was a 13.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 235,204 shares of company stock valued at $3,602,486. 7.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Needham & Company LLC restated a "buy" rating and set a $25.00 price target on shares of Upwork in a research note on Tuesday, February 10th. The Goldman Sachs Group reissued a "buy" rating and set a $27.00 price objective on shares of Upwork in a report on Tuesday, February 10th. BTIG Research restated a "neutral" rating on shares of Upwork in a research note on Wednesday, November 19th. UBS Group reduced their target price on Upwork from $26.00 to $23.00 and set a "buy" rating for the company in a research report on Tuesday, February 10th. Finally, Canaccord Genuity Group set a $22.00 price target on shares of Upwork in a research note on Tuesday, February 10th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Upwork currently has a consensus rating of "Moderate Buy" and an average price target of $22.60.

Upwork 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.