SG Americas Securities LLC Acquires 68,475 Shares of Upwork Inc. $UPWK

SG Americas Securities LLC boosted its holdings in Upwork Inc. (NASDAQ:UPWK) by 73.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 162,256 shares of the company’s stock after acquiring an additional 68,475 shares during the period. SG Americas Securities LLC owned 0.12% of Upwork worth $3,216,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Ancient Art L.P. increased its stake in shares of Upwork by 13.1% during the third quarter. Ancient Art L.P. now owns 4,268,667 shares of the company’s stock worth $79,269,000 after purchasing an additional 494,759 shares during the period. Invesco Ltd. boosted its stake in Upwork by 5.2% in the 3rd quarter. Invesco Ltd. now owns 3,009,334 shares of the company’s stock valued at $55,883,000 after purchasing an additional 147,852 shares during the period. Dimensional Fund Advisors LP grew its holdings in Upwork by 2.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,828,735 shares of the company’s stock valued at $52,534,000 after buying an additional 71,130 shares in the last quarter. Boston Partners grew its holdings in Upwork by 785.7% in 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 in the last quarter. Finally, Allianz Asset Management GmbH increased its position in Upwork by 93.6% during 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 period. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Stock Performance

NASDAQ:UPWK opened at $10.94 on Friday. Upwork Inc. has a 12 month low of $10.52 and a 12 month high of $22.84. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 13.02 and a beta of 1.18. The firm has a fifty day simple moving average of $14.03 and a two-hundred day simple moving average of $17.16.

Upwork announced that its board has approved a share repurchase program on Wednesday, February 18th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 18% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on UPWK shares. Wall Street Zen raised Upwork from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Upwork in a report on Wednesday, January 21st. Zacks Research cut Upwork from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Canaccord Genuity Group set a $22.00 price target on Upwork in a research note on Tuesday, February 10th. Finally, UBS Group cut their price objective on shares of Upwork from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.60.

Insiders Place Their Bets

In other Upwork news, insider Dave Bottoms sold 17,013 shares of the firm’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 $234,779.40. Following the transaction, the insider directly owned 15,994 shares in the company, valued at approximately $220,717.20. This trade represents a 51.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Erica Gessert sold 26,292 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total transaction of $362,829.60. Following the transaction, the chief financial officer directly owned 298,386 shares in the company, valued at $4,117,726.80. The trade was a 8.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 235,186 shares of company stock worth $3,156,199. Insiders own 7.50% 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.