State of Alaska Department of Revenue Grows Stock Position in Upwork Inc. $UPWK

Key Points

• State of Alaska Department of Revenue grew its Upwork stake 1,566.8% in Q4 to 105,258 shares worth $2.09 million, and institutional investors now own about 77.71% of the company.
• Upwork's Board approved a $300 million share repurchase program that could buy back up to 18% of outstanding shares, signaling management believes the stock may be undervalued.
• Company insiders have been net sellers — including CEO Hayden Brown's sale of 123,152 shares — while analysts are mixed but the consensus rating is a “Moderate Buy” with a $22.60 average price target.

State of Alaska Department of Revenue grew its holdings in Upwork Inc. (NASDAQ:UPWK - Free Report) by 1,566.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 105,258 shares of the company's stock after acquiring an additional 98,943 shares during the period. State of Alaska Department of Revenue owned 0.08% of Upwork worth $2,085,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Accredited Wealth Management LLC raised its stake in Upwork by 5,280.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company's stock worth $25,000 after acquiring an additional 1,320 shares during the period. Clearstead Advisors LLC increased its holdings in Upwork by 998.4% in the 3rd quarter. Clearstead Advisors LLC now owns 1,406 shares of the company's stock valued at $26,000 after acquiring an additional 1,278 shares during the last quarter. Fifth Third Bancorp increased its holdings 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 purchasing an additional 1,684 shares during the last quarter. GAMMA Investing LLC increased its stake in Upwork by 379.2% in the 4th quarter. GAMMA Investing LLC now owns 1,840 shares of the company's stock worth $36,000 after acquiring an additional 1,456 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Upwork by 19,361.1% in the second quarter. EverSource Wealth Advisors LLC now owns 3,503 shares of the company's stock worth $47,000 after purchasing an additional 3,485 shares during the last quarter. Institutional investors own 77.71% of the company's stock.

Insider Buying and Selling at Upwork

In other Upwork news, CEO Hayden Brown sold 123,152 shares of the company'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 sale, the chief executive officer owned 776,067 shares in the company, valued at approximately $10,709,724.60. This represents a 13.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Dave Bottoms sold 17,013 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $234,779.40. Following the sale, the insider directly owned 15,994 shares in the company, valued at $220,717.20. This trade represents a 51.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 235,186 shares of company stock worth $3,156,199. Insiders own 7.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on UPWK shares. Zacks Research cut Upwork from a "strong-buy" rating to a "hold" rating in a research note on Monday, February 2nd. Royal Bank Of Canada reduced their price target on shares of Upwork from $24.00 to $20.00 and set a "sector perform" rating on the stock in a research note on Tuesday, February 10th. Scotiabank decreased their target price on Upwork from $17.00 to $15.00 and set a "sector perform" rating for the company in a research report on Tuesday, February 10th. Canaccord Genuity Group set a $22.00 price target on shares of Upwork in a report on Tuesday, February 10th. Finally, Wall Street Zen raised Upwork from a "hold" rating to a "buy" rating in a research report on Saturday, February 21st. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, Upwork has an average rating of "Moderate Buy" and a consensus price target of $22.60.

Upwork Price Performance

Shares of Upwork stock opened at $11.27 on Friday. The stock has a market cap of $1.47 billion, a PE ratio of 13.42 and a beta of 1.18. The firm has a fifty day moving average price of $12.30 and a 200 day moving average price of $16.58. Upwork Inc. has a 1 year low of $10.27 and a 1 year high of $22.84.

Upwork declared that its Board of Directors has initiated a share repurchase plan on Wednesday, February 18th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to buy up to 18% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors 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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