Upwork (NASDAQ:UPWK) Authorizes Share Repurchase Program

Upwork (NASDAQ:UPWK) announced that its Board of Directors has approved a share repurchase program on Wednesday, February 18th, RTT News reports. The company plans to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 18% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on UPWK. Canaccord Genuity Group set a $22.00 price objective on shares of Upwork in a report on Tuesday, February 10th. Roth Mkm boosted their target price on shares of Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th. Zacks Research cut Upwork from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Citigroup cut their price objective on Upwork from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Tuesday, February 10th. Finally, Scotiabank reduced their price objective on Upwork from $17.00 to $15.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 10th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Upwork currently has a consensus rating of “Moderate Buy” and an average price target of $22.60.

Upwork Stock Performance

NASDAQ UPWK opened at $13.73 on Thursday. The business’s fifty day moving average is $19.38 and its 200 day moving average is $17.74. Upwork has a fifty-two week low of $11.13 and a fifty-two week high of $22.84. The company has a market capitalization of $1.79 billion, a PE ratio of 16.35 and a beta of 1.06.

Key Headlines Impacting Upwork

Here are the key news stories impacting Upwork this week:

• Positive Sentiment: Board approves $300 million share repurchase program (authorizes buyback of ~18% of shares) — a direct capital-allocation move that typically supports the stock and signals management thinks shares are undervalued. Upwork Announces $300 Million Share Repurchase Program
• Positive Sentiment: Market reaction: multiple outlets report the repurchase as the reason for the stock rise, and intraday volume has been higher than average — indicating investor interest tied to the buyback news. Upwork stock rises after announcing $300 million share repurchase program
• Neutral Sentiment: Company executives (CEO Hayden Brown and CFO Erica Gessert) will present at the Citizens Technology Conference on March 2 — a chance for management to discuss strategy and AI/product progress but not an immediate earnings event. Upwork to Present at The Citizens Technology Conference
• Neutral Sentiment: Analyst/earnings discussion coverage — articles summarizing Q4 analyst questions provide context on growth drivers and investor concerns but don’t contain new guidance. Useful for longer-term thesis but limited immediate price impact. 5 Insightful Analyst Questions From Upwork’s Q4 Earnings Call
• Negative Sentiment: Goldman Sachs trimmed its price target to $27 (from $28) while keeping a Buy rating — a small concession that tempers upside expectations and may cap how far the stock runs without further fundamental beats. Goldman Sachs Lowers its Price Target on Upwork Inc. (UPWK) to $27 and Maintains a Buy Rating

Insider Buying and Selling

In other Upwork news, Director Gary Steele sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $17.51, for a total value of $218,875.00. Following the completion of the transaction, the director directly owned 85,129 shares in the company, valued at $1,490,608.79. This represents a 12.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Dave Bottoms sold 11,285 shares of the stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $20.59, for a total transaction of $232,358.15. Following the completion of the sale, the insider directly owned 9,967 shares of the company’s stock, valued at approximately $205,220.53. This trade represents a 53.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 475,598 shares of company stock valued at $9,231,586. 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.