Upwork (NASDAQ:UPWK) to Repurchase $300.00 million in Outstanding Stock

Upwork (NASDAQ:UPWK) declared that its Board of Directors has authorized a share buyback program on Wednesday, February 18th, RTT News reports. The company plans to repurchase $300.00 million in shares. This repurchase authorization allows the company to reacquire up to 18% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Upwork Price Performance

Shares of UPWK stock opened at $13.17 on Friday. The company has a market cap of $1.72 billion, a price-to-earnings ratio of 15.68 and a beta of 1.06. Upwork has a 1 year low of $11.13 and a 1 year high of $22.84. The firm has a fifty day moving average price of $19.03 and a 200-day moving average price of $17.72.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on UPWK. BTIG Research reaffirmed a “neutral” rating on shares of Upwork in a report on Wednesday, November 19th. Jefferies Financial Group raised their target price on shares of Upwork from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, January 5th. Citigroup decreased their target price on shares of Upwork from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, February 10th. The Goldman Sachs Group restated a “buy” rating and issued a $27.00 price target on shares of Upwork in a research note on Tuesday, February 10th. Finally, Citizens Jmp reiterated a “market outperform” rating and set a $27.00 price objective on shares of Upwork in a research report on Wednesday, November 19th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.60.

Insiders Place Their Bets

In related news, CFO Erica Gessert sold 26,292 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total value of $362,829.60. Following the completion of the sale, the chief financial officer directly owned 298,386 shares of the company’s stock, valued at approximately $4,117,726.80. This represents a 8.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 sale, the chief executive officer owned 776,067 shares in the company, valued at approximately $10,709,724.60. The trade was a 13.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 585,204 shares of company stock worth $10,429,236 over the last quarter. 7.50% of the stock is currently owned by corporate insiders.

Key Upwork News

Here are the key news stories impacting Upwork this week:

• Positive Sentiment: Board authorizes a flexible $300 million buyback (authorizes repurchases of roughly 18% of shares), a meaningful capital‑return action that can reduce float and support EPS and investor sentiment. Globe and Mail: Buyback Announcement
• Positive Sentiment: Market reaction was initially positive — coverage notes shares rose on the buyback news, showing short‑term demand lift from the announcement. Investing.com: Market Reaction
• Neutral Sentiment: Analyst / institutional context is mixed: consensus is a modest “moderate buy” with an average target (~$22.60) well above the current price, and institutions own ~78% of the stock — the buyback may prompt revisions but not unanimous upgrades. MarketBeat: Analyst & Ownership Context
• Negative Sentiment: Significant insider selling this week: CEO Hayden Brown sold 123,152 shares (~$1.7M at ~$13.80); CFO Erica Gessert and other insiders (Dave Bottoms) also reduced positions — large insider disposals can be interpreted negatively by investors. SEC filings for the CEO sale are here and the InsiderTrades writeup for other insider sales is here. CEO SEC Filing InsiderTrades: Insider Sales
• Negative Sentiment: Technicals/liquidity are unfavorable near term: shares remain well below the 50‑day moving average and today’s volume is light versus average, increasing downside volatility risk despite the buyback. MarketBeat: Technicals

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.