Upwork (NASDAQ:UPWK) Hits New 12-Month Low – Should You Sell?

Shares of Upwork Inc. (NASDAQ:UPWK) hit a new 52-week low during trading on Friday . The company traded as low as $11.01 and last traded at $11.04, with a volume of 202641 shares changing hands. The stock had previously closed at $11.19.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Citigroup dropped their price target on shares of Upwork from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 10th. Jefferies Financial Group upped their price objective on Upwork from $22.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, January 5th. Roth Mkm lifted their target price on Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, February 10th. Scotiabank cut their price target on Upwork from $17.00 to $15.00 and set a “sector perform” rating for the company in a report on Tuesday, February 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $25.00 price target on shares of Upwork in a report on Tuesday, February 10th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.60.

Upwork Stock Down 2.9%

The firm has a market cap of $1.42 billion, a PE ratio of 12.94 and a beta of 1.07. The firm’s fifty day simple moving average is $14.99 and its two-hundred day simple moving average is $17.36.

Upwork announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 18th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 18% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Upwork

In other Upwork news, CEO Hayden Brown sold 123,152 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $1,699,497.60. Following the sale, the chief executive officer directly owned 776,067 shares of the company’s stock, valued at $10,709,724.60. This trade represents a 13.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Erica Gessert sold 26,292 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total value of $362,829.60. Following the completion of the transaction, the chief financial officer 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. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 235,186 shares of company stock worth $3,156,199. 7.50% of the stock is owned by corporate insiders.

Institutional Trading of Upwork

Several institutional investors have recently made changes to their positions in the business. Accredited Wealth Management LLC lifted its holdings in Upwork by 5,280.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock worth $25,000 after purchasing an additional 1,320 shares in the last quarter. Clearstead Advisors LLC grew its holdings in Upwork by 998.4% during the 3rd quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock valued at $26,000 after buying an additional 1,278 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in Upwork by 594.4% during the 4th quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock valued at $27,000 after buying an additional 1,165 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new stake in shares of Upwork during the second quarter valued at approximately $30,000. Finally, Fifth Third Bancorp lifted its holdings 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 worth $33,000 after buying an additional 1,684 shares in the last quarter. Hedge funds and other institutional investors own 77.71% 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.