Capital International Investors Sells 1,598,007 Shares of Upwork Inc. $UPWK

Capital International Investors lessened its holdings in shares of Upwork Inc. (NASDAQ:UPWK) by 40.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,388,542 shares of the company’s stock after selling 1,598,007 shares during the quarter. Capital International Investors owned about 1.83% of Upwork worth $44,355,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of UPWK. Accredited Wealth Management LLC grew its holdings in Upwork by 5,280.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock valued at $25,000 after buying an additional 1,320 shares in the last quarter. Clearstead Advisors LLC lifted 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 in the last quarter. Elevation Point Wealth Partners LLC bought a new position in shares of Upwork in the second quarter valued at approximately $30,000. Fifth Third Bancorp boosted its position in shares of Upwork by 2,405.7% in the third quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock valued at $33,000 after acquiring an additional 1,684 shares during the period. Finally, EMC Capital Management purchased a new position in Upwork during the second quarter valued at approximately $45,000. Institutional investors own 77.71% of the company’s stock.

Upwork Stock Down 4.4%

Upwork stock opened at $11.86 on Friday. The firm has a fifty day simple moving average of $16.90 and a two-hundred day simple moving average of $17.66. Upwork Inc. has a twelve month low of $11.13 and a twelve month high of $22.84. The company has a market capitalization of $1.55 billion, a PE ratio of 14.12 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.

Analysts Set New Price Targets

Several research firms have recently weighed in on UPWK. Roth Mkm upped their price target on shares of Upwork from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th. Weiss Ratings restated a “hold (c+)” rating on shares of Upwork in a research report on Wednesday, January 21st. Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of Upwork in a research note on Tuesday, February 10th. Citigroup lowered their price target on Upwork from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, February 10th. Finally, Jefferies Financial Group lifted their price target on Upwork from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $22.60.

Insider Transactions at Upwork

In other Upwork news, insider Dave Bottoms sold 17,013 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total transaction of $234,779.40. Following the completion of the transaction, the insider owned 15,994 shares of the company’s stock, valued at approximately $220,717.20. This trade represents a 51.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $1,699,497.60. Following the transaction, the chief executive officer owned 776,067 shares of the company’s stock, valued at $10,709,724.60. The trade was a 13.70% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 235,204 shares of company stock valued at $3,602,486. Corporate insiders own 7.50% of the company’s stock.

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.