Upwork (NASDAQ:UPWK) Cut to “Market Perform” at Citizens Jmp

Upwork (NASDAQ:UPWK) was downgraded by research analysts at Citizens Jmp from an “outperform” rating to a “market perform” rating in a research note issued on Friday.

UPWK has been the subject of several other reports. UBS Group downgraded Upwork from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a report on Friday. Citigroup downgraded shares of Upwork from a “neutral” rating to a “market perform” rating in a research report on Friday. The Goldman Sachs Group restated a “buy” rating and set a $27.00 price objective on shares of Upwork in a research note on Tuesday, February 10th. Canaccord Genuity Group set a $10.00 target price on shares of Upwork and gave the stock a “hold” rating in a report on Friday. Finally, Roth Mkm downgraded shares of Upwork from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research note on Friday. Three equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.80.

Upwork Trading Down 26.3%

Shares of NASDAQ:UPWK opened at $7.82 on Friday. The stock has a fifty day simple moving average of $11.51 and a two-hundred day simple moving average of $16.02. Upwork has a 12-month low of $7.72 and a 12-month high of $22.84. The stock has a market capitalization of $965.70 million, a price-to-earnings ratio of 8.92 and a beta of 1.07.

Upwork declared that its Board of Directors has initiated a share repurchase plan on Wednesday, February 18th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 18% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Upwork

In related news, CEO Hayden Brown sold 23,745 shares of Upwork stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $12.31, for a total value of $292,300.95. Following the completion of the sale, the chief executive officer directly owned 798,732 shares in the company, valued at approximately $9,832,390.92. This trade represents a 2.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dave Bottoms sold 7,000 shares of the business’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $11.49, for a total value of $80,430.00. Following the completion of the transaction, the insider directly owned 2,678 shares of the company’s stock, valued at approximately $30,770.22. This trade represents a 72.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 235,186 shares of company stock valued at $3,156,199 over the last ninety days. Insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its holdings in Upwork by 44.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,231,377 shares of the company’s stock worth $381,166,000 after purchasing an additional 5,893,970 shares during the last quarter. Boston Partners raised its stake in Upwork by 785.7% during the 3rd quarter. Boston Partners now owns 2,322,575 shares of the company’s stock valued at $42,962,000 after buying an additional 2,060,356 shares during the last quarter. Summit Partners Public Asset Management LLC bought a new position in shares of Upwork during the 4th quarter valued at $40,136,000. Invenomic Capital Management LP bought a new position in shares of Upwork during the 3rd quarter valued at $24,782,000. Finally, Allianz Asset Management GmbH boosted its stake in shares of Upwork by 93.6% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,862,153 shares of the company’s stock worth $34,580,000 after buying an additional 900,525 shares during the last quarter. Institutional investors own 77.71% of the company’s stock.

More Upwork News

Here are the key news stories impacting Upwork this week:

• Positive Sentiment: Raised EPS/adjusted‑EBITDA targets — Upwork updated FY‑2026 EPS guidance to $1.50–$1.55 (above consensus) and raised adjusted EBITDA guidance for the year, signalling management sees margin or profitability upside despite revenue pressure. Upwork Reports First Quarter 2026 Financial Results
• Positive Sentiment: Q2 EPS guide above Street — Management guided Q2 EPS to $0.350–$0.370, higher than the consensus EPS estimate, which may reassure investors focused on per‑share profitability. Upwork Reports First Quarter 2026 Financial Results
• Neutral Sentiment: Revenue growth was modest — Q1 revenue ran about $195.5M, roughly flat/only modestly higher (+~1.4% YoY), so the business is still growing but not accelerating. Upwork Inc. Stock Falls on Q1 2026 Earnings
• Neutral Sentiment: Client monetization indicators mixed — GSV per active client improved (management pointed to AI and SMB initiatives), which could support longer‑term revenue per client if sustained. Upwork Reports First Quarter 2026 Financial Results
• Negative Sentiment: Top‑line and EPS misses / mixed reported metrics — Some outlets report Q1 EPS and revenue missed consensus (examples: EPS reported as $0.24 vs. estimates ~ $0.25–$0.28 and revenue below ~$199–204M consensus), creating headline risk and selling pressure. Upwork (UPWK) Q1 Earnings and Revenues Miss Estimates
• Negative Sentiment: Weaker revenue guidance — Management set Q2 and FY revenue ranges that are well below Street estimates (Q2 guide ~$187–193M; FY guide $760–790M vs much higher consensus), which is the primary driver cited for the after‑hours selloff. Upwork Stock Plunges On Q1 Earnings, Softer Revenue Outlook, Restructuring Plan
• Negative Sentiment: Profitability and cash‑flow deterioration in the quarter — Operating profit and net income declined YoY and cash from operations dropped materially, increasing near‑term execution risk. Upwork Inc. Stock Falls on Q1 2026 Earnings
• Negative Sentiment: Restructuring and insider selling headlines — Benzinga and Quiver highlighted a restructuring plan and extensive insider sales in recent months, which can amplify negative investor sentiment. Upwork Stock Plunges On Q1 Earnings, Softer Revenue Outlook, Restructuring Plan Upwork Inc. Stock Falls on Q1 2026 Earnings

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.