Insider Selling: Upwork (NASDAQ:UPWK) CFO Sells 9,278 Shares of Stock

Upwork Inc. (NASDAQ:UPWK) CFO Erica Gessert sold 9,278 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $12.31, for a total transaction of $114,212.18. Following the transaction, the chief financial officer owned 307,240 shares in the company, valued at approximately $3,782,124.40. The trade was a 2.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Erica Gessert also recently made the following trade(s):

• On Wednesday, February 18th, Erica Gessert sold 26,292 shares of Upwork stock. The shares were sold at an average price of $13.80, for a total transaction of $362,829.60.

Upwork Price Performance

Shares of NASDAQ UPWK traded down $0.08 during mid-day trading on Friday, reaching $11.27. 5,362,986 shares of the company’s stock traded hands, compared to its average volume of 3,698,783. The business has a 50-day simple moving average of $16.06 and a 200 day simple moving average of $17.55. The stock has a market cap of $1.47 billion, a P/E ratio of 13.42 and a beta of 1.07. Upwork Inc. has a 1-year low of $11.09 and a 1-year high of $22.84.

Upwork declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 18th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 18% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on UPWK shares. Jefferies Financial Group raised their target price on Upwork from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Canaccord Genuity Group set a $22.00 price objective on Upwork in a report on Tuesday, February 10th. Royal Bank Of Canada decreased their price target on Upwork from $24.00 to $20.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 10th. Scotiabank reduced their target price on Upwork from $17.00 to $15.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Upwork in a research report on Tuesday, February 10th. Seven 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.

Institutional Investors Weigh In On Upwork

Several institutional investors and hedge funds have recently modified their holdings of the stock. Accredited Wealth Management LLC increased its holdings in shares of Upwork by 5,280.0% in the third quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock worth $25,000 after purchasing an additional 1,320 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Upwork by 594.4% during the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock valued at $27,000 after buying an additional 1,165 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of Upwork by 998.4% in the third quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock worth $26,000 after buying an additional 1,278 shares during the period. Fifth Third Bancorp lifted its stake in shares of Upwork by 2,405.7% during the 3rd quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock worth $33,000 after acquiring an additional 1,684 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Upwork by 379.2% during the 4th quarter. GAMMA Investing LLC now owns 1,840 shares of the company’s stock valued at $36,000 after acquiring an additional 1,456 shares during the period. Institutional investors 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.