Upwork Inc. (NASDAQ:UPWK) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Upwork Inc. (NASDAQ:UPWK) have been assigned an average recommendation of “Moderate Buy” from the thirteen research firms that are covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $22.60.

A number of equities analysts recently issued reports on the stock. Zacks Research cut shares of Upwork from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $27.00 price target on shares of Upwork in a research note on Tuesday, February 10th. Wall Street Zen upgraded Upwork from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Canaccord Genuity Group set a $22.00 target price on Upwork in a report on Tuesday, February 10th. Finally, Roth Mkm lifted their price target on Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th.

Insider Buying and Selling

In other news, CEO Hayden Brown sold 123,152 shares of Upwork stock in a transaction on 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Erica Gessert sold 26,292 shares of the business’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $362,829.60. Following the completion of the sale, the chief financial officer directly owned 298,386 shares in the company, valued at approximately $4,117,726.80. This represents a 8.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 235,204 shares of company stock worth $3,602,486 in the last ninety days. Company insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of UPWK. Mcguire Capital Advisors Inc. acquired a new position in Upwork during the 4th quarter worth about $66,000. Invesco Ltd. lifted its stake in shares of Upwork by 19.2% in the fourth quarter. Invesco Ltd. now owns 3,585,846 shares of the company’s stock worth $71,071,000 after acquiring an additional 576,512 shares during the period. Corient Private Wealth LLC boosted its holdings in Upwork by 25.6% in the fourth quarter. Corient Private Wealth LLC now owns 58,073 shares of the company’s stock valued at $1,151,000 after acquiring an additional 11,829 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its position in Upwork by 16.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 36,755 shares of the company’s stock valued at $728,000 after purchasing an additional 5,205 shares during the period. Finally, State of Tennessee Department of Treasury bought a new position in Upwork during the 4th quarter worth approximately $1,133,000. 77.71% of the stock is owned by institutional investors.

Upwork Trading Down 3.1%

Shares of NASDAQ:UPWK opened at $13.42 on Monday. The firm has a 50 day moving average of $18.26 and a 200-day moving average of $17.79. Upwork has a 12 month low of $11.13 and a 12 month high of $22.84. The stock has a market capitalization of $1.75 billion, a PE ratio of 15.98 and a beta of 1.08.

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

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.