Upwork Inc. (NASDAQ:UPWK) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts have a consensus recommendation of Moderate Buy (7 buys, 6 holds) with an average 12‑month price target of $22.60, versus the stock's recent open around $11.19.
• Upwork's board authorized a $300 million stock buyback, permitting repurchases of up to 18% of outstanding shares, a common signal management views the stock as undervalued.
• Insiders have been net sellers recently — CEO Hayden Brown sold 123,152 shares and insiders sold 235,186 shares worth about $3.16 million over the last three months, leaving insiders with 7.5% ownership.

Upwork Inc. (NASDAQ:UPWK - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the thirteen research firms that are presently covering the company, Marketbeat.com reports. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $22.60.

Several equities analysts have recently weighed in on the company. UBS Group decreased their target price on Upwork from $26.00 to $23.00 and set a "buy" rating on the stock in a research report on Tuesday, February 10th. Scotiabank dropped their price target 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. Citigroup reduced their price objective on Upwork from $19.00 to $17.00 and set a "neutral" rating for the company in a research note on Tuesday, February 10th. Royal Bank Of Canada decreased their price objective on Upwork from $24.00 to $20.00 and set a "sector perform" rating on the stock in a report on Tuesday, February 10th. Finally, Jefferies Financial Group lifted their target price on shares of Upwork from $22.00 to $27.00 and gave the stock a "buy" rating in a research note on Monday, January 5th.

Upwork Trading Down 1.2%

UPWK stock opened at $11.19 on Friday. Upwork has a 12-month low of $11.03 and a 12-month high of $22.84. The business's 50-day moving average is $15.17 and its 200 day moving average is $17.38. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 13.32 and a beta of 1.07.

Upwork declared that its board has authorized a stock buyback program on Wednesday, February 18th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 18% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other Upwork news, insider Dave Bottoms sold 17,013 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total value of $234,779.40. Following the completion of the sale, the insider owned 15,994 shares in the company, valued at approximately $220,717.20. This represents a 51.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 completion of the transaction, the chief executive officer directly owned 776,067 shares in the company, valued at $10,709,724.60. This trade represents a 13.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 235,186 shares of company stock worth $3,156,199. 7.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Upwork

A number of large investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its position in Upwork by 68.9% during the first quarter. Royal Bank of Canada now owns 191,587 shares of the company's stock worth $2,501,000 after buying an additional 78,123 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Upwork by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,466 shares of the company's stock valued at $972,000 after buying an additional 3,599 shares in the last quarter. Millennium Management LLC increased its stake in shares of Upwork by 364.0% in the 1st quarter. Millennium Management LLC now owns 789,638 shares of the company's stock worth $10,305,000 after acquiring an additional 619,459 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Upwork by 10.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 338,680 shares of the company's stock worth $4,420,000 after acquiring an additional 31,378 shares during the last quarter. Finally, Creative Planning raised its holdings in shares of Upwork by 16.9% during the 2nd quarter. Creative Planning now owns 29,239 shares of the company's stock worth $393,000 after acquiring an additional 4,230 shares during the period. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Upwork Company 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.

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