Upwork Inc. (NASDAQ:UPWK) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Upwork has a consensus “Hold” rating from 13 analysts: 10 recommend holding and three recommend buying. The average 12-month price target is $15.50.
• Several brokerages recently reduced their targets, including Citigroup and UBS Group to $10, while Needham lowered its target to $15 but maintained a “Buy” rating.
• Upwork shares opened at $9.53, near the lower end of their 52-week range, while insiders sold 34,471 shares worth approximately $281,446 over the past 90 days, primarily to cover tax obligations on vested equity awards.

Upwork Inc. (NASDAQ:UPWK - Get Free Report) has been given an average rating of "Hold" by the thirteen ratings firms that are presently covering the stock, Marketbeat.com reports. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $15.50.

UPWK has been the topic of a number of recent research reports. Citigroup cut their target price on Upwork from $17.00 to $10.00 and set a "neutral" rating on the stock in a report on Thursday, May 21st. UBS Group lowered shares of Upwork from a "buy" rating to a "neutral" rating and decreased their price target for the company from $20.00 to $10.00 in a research note on Friday, May 8th. Wall Street Zen downgraded shares of Upwork from a "buy" rating to a "hold" rating in a report on Saturday, May 9th. Needham & Company LLC dropped their price objective on shares of Upwork from $25.00 to $15.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Finally, Weiss Ratings cut Upwork from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, May 12th.

Upwork Stock Performance

Shares of Upwork stock opened at $9.53 on Thursday. The stock has a market capitalization of $1.18 billion, a PE ratio of 11.77 and a beta of 0.99. Upwork has a 52 week low of $7.44 and a 52 week high of $22.84. The stock has a 50 day moving average price of $8.75 and a two-hundred day moving average price of $11.80.

Insiders Place Their Bets

In other news, CEO Hayden Brown sold 23,468 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $8.15, for a total value of $191,264.20. Following the completion of the sale, the chief executive officer owned 797,495 shares in the company, valued at $6,499,584.25. This represents a 2.86% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, CFO Erica Gessert sold 9,169 shares of the firm's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $8.15, for a total transaction of $74,727.35. Following the transaction, the chief financial officer directly owned 341,609 shares in the company, valued at $2,784,113.35. The trade was a 2.61% decrease in their ownership of the stock. 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 34,471 shares of company stock worth $281,446 over the last ninety days. Insiders own 4.90% of the company's stock.

Institutional Investors Weigh In On Upwork

A number of institutional investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB raised its holdings in shares of Upwork by 2.2% in the 4th quarter. Handelsbanken Fonder AB now owns 32,200 shares of the company's stock worth $638,000 after purchasing an additional 700 shares during the period. Straightline Group LLC grew its holdings in Upwork by 2.4% during the fourth quarter. Straightline Group LLC now owns 39,222 shares of the company's stock valued at $777,000 after purchasing an additional 920 shares during the period. Raymond James Financial Inc. grew its holdings in Upwork by 4.0% during the third quarter. Raymond James Financial Inc. now owns 24,004 shares of the company's stock valued at $446,000 after purchasing an additional 928 shares during the period. Maridea Wealth Management LLC increased its position in Upwork by 11.0% in the first quarter. Maridea Wealth Management LLC now owns 11,621 shares of the company's stock worth $127,000 after buying an additional 1,152 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in Upwork by 594.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company's stock worth $27,000 after buying an additional 1,165 shares during the last quarter. 77.71% of the stock is owned by institutional investors.

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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