Pacer Advisors Inc. Has $7.97 Million Position in Upwork Inc. $UPWK

Pacer Advisors Inc. boosted its holdings in Upwork Inc. (NASDAQ:UPWK) by 7,074.5% during the first quarter, Holdings Channel reports. The fund owned 726,780 shares of the company’s stock after purchasing an additional 716,650 shares during the period. Pacer Advisors Inc.’s holdings in Upwork were worth $7,966,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of Upwork by 68.9% in the first quarter. Royal Bank of Canada now owns 191,587 shares of the company’s stock valued at $2,501,000 after purchasing an additional 78,123 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Upwork by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,466 shares of the company’s stock worth $972,000 after buying an additional 3,599 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Upwork by 364.0% during the 1st quarter. Millennium Management LLC now owns 789,638 shares of the company’s stock worth $10,305,000 after buying an additional 619,459 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Upwork by 10.2% during 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 buying an additional 31,378 shares during the last quarter. Finally, Creative Planning boosted 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 buying an additional 4,230 shares during the period. Institutional investors and hedge funds own 77.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on UPWK. Weiss Ratings lowered shares of Upwork from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, July 29th. Canaccord Genuity Group downgraded shares of Upwork from a “buy” rating to a “hold” rating and cut their price objective for the stock from $22.00 to $10.00 in a research report on Friday, May 8th. Scotiabank reduced their price objective on Upwork from $15.00 to $10.00 and set a “sector perform” rating for the company in a report on Friday, May 8th. Citigroup reduced their price objective on Upwork from $17.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, May 21st. Finally, Citizens Jmp downgraded Upwork from an “outperform” rating to a “market perform” rating in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.50.

Upwork Stock Down 0.9%

Shares of Upwork stock opened at $9.59 on Thursday. Upwork Inc. has a twelve month low of $7.44 and a twelve month high of $22.84. The company has a 50-day simple moving average of $8.82 and a two-hundred day simple moving average of $11.42. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 11.84 and a beta of 0.99.

Insider Buying and Selling

In other news, CFO Erica Gessert sold 9,169 shares of Upwork stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $8.15, for a total value of $74,727.35. Following the completion of the sale, the chief financial officer directly owned 341,609 shares in the company, valued at approximately $2,784,113.35. The trade was a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Hayden Brown sold 23,468 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $6,499,584.25. This trade represents a 2.86% 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. In the last 90 days, insiders have sold 34,471 shares of company stock worth $281,446. Company insiders own 4.90% 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.