Upwork (NASDAQ:UPWK) Sets New 12-Month Low – What’s Next?

Upwork Inc. (NASDAQ:UPWK)’s share price reached a new 52-week low during trading on Friday . The stock traded as low as $11.09 and last traded at $11.2650, with a volume of 2164828 shares. The stock had previously closed at $11.35.

Analysts Set New Price Targets

A number of research firms recently weighed in on UPWK. Canaccord Genuity Group set a $22.00 price objective on shares of Upwork in a research report on Tuesday, February 10th. Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of Upwork in a research note on Tuesday, February 10th. Roth Mkm lifted their target price on shares of Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Jefferies Financial Group boosted their price target 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. Finally, Royal Bank Of Canada cut their price target on shares of Upwork from $24.00 to $20.00 and set a “sector perform” rating for the company in a report on Tuesday, February 10th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.60.

Upwork Stock Down 0.7%

The stock has a fifty day moving average of $16.06 and a two-hundred day moving average of $17.55. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of 13.42 and a beta of 1.07.

Upwork announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 18th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 18% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Upwork

In related news, CEO Hayden Brown sold 123,152 shares of the business’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 $1,699,497.60. Following the sale, the chief executive officer owned 776,067 shares of the company’s stock, valued at approximately $10,709,724.60. The trade was a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Erica Gessert sold 26,292 shares of the company’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $362,829.60. Following the transaction, the chief financial officer owned 298,386 shares in the company, valued at $4,117,726.80. The trade was a 8.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 182,106 shares of company stock valued at $2,508,525 in the last ninety days. 7.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Upwork

A number of institutional investors and hedge funds have recently modified their holdings of the company. Handelsbanken Fonder AB increased its stake in Upwork by 2.2% in the 4th quarter. Handelsbanken Fonder AB now owns 32,200 shares of the company’s stock valued at $638,000 after purchasing an additional 700 shares in the last quarter. Straightline Group LLC boosted its position in Upwork by 2.4% during the fourth quarter. Straightline Group LLC now owns 39,222 shares of the company’s stock worth $777,000 after purchasing an additional 920 shares in the last quarter. Raymond James Financial Inc. grew its holdings in Upwork by 4.0% in 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 last quarter. Farther Finance Advisors LLC grew its holdings in Upwork by 594.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock valued at $27,000 after purchasing an additional 1,165 shares during the last quarter. Finally, Clearstead Advisors LLC increased its position in shares of Upwork by 998.4% in the third quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock valued at $26,000 after buying an additional 1,278 shares in the last quarter. Institutional investors and hedge funds own 77.71% of the company’s stock.

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.