Polar Asset Management Partners Inc. Buys Shares of 481,772 Upwork Inc. $UPWK

Polar Asset Management Partners Inc. bought a new position in shares of Upwork Inc. (NASDAQ:UPWK) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 481,772 shares of the company’s stock, valued at approximately $8,947,000.

A number of other institutional investors have also made changes to their positions in the stock. Ancient Art L.P. lifted its holdings in shares of Upwork by 13.1% in the 3rd quarter. Ancient Art L.P. now owns 4,268,667 shares of the company’s stock worth $79,269,000 after acquiring an additional 494,759 shares during the last quarter. Invesco Ltd. boosted its position in shares of Upwork by 5.2% during the 3rd quarter. Invesco Ltd. now owns 3,009,334 shares of the company’s stock worth $55,883,000 after purchasing an additional 147,852 shares during the period. Dimensional Fund Advisors LP increased 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 purchasing an additional 71,130 shares during the last quarter. Boston Partners raised its position in Upwork by 785.7% in the third quarter. Boston Partners now owns 2,322,575 shares of the company’s stock valued at $42,962,000 after purchasing an additional 2,060,356 shares during the period. Finally, Allianz Asset Management GmbH raised its position in Upwork by 93.6% in the third quarter. Allianz Asset Management GmbH now owns 1,862,153 shares of the company’s stock valued at $34,580,000 after purchasing an additional 900,525 shares during the period. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Stock Down 2.0%

Shares of UPWK stock opened at $12.10 on Thursday. The firm has a 50 day moving average of $16.24 and a two-hundred day moving average of $17.60. The stock has a market capitalization of $1.58 billion, a PE ratio of 14.40 and a beta of 1.07. Upwork Inc. has a 52 week low of $11.13 and a 52 week high of $22.84.

Upwork announced that its board has authorized a share buyback program on Wednesday, February 18th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 18% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Upwork news, insider Dave Bottoms sold 15,649 shares of the company’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $13.51, for a total transaction of $211,417.99. Following the sale, the insider owned 345 shares in the company, valued at $4,660.95. This represents a 97.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hayden Brown sold 123,152 shares of the company’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total value of $1,699,497.60. Following the sale, the chief executive officer owned 776,067 shares in the company, valued at approximately $10,709,724.60. This trade represents a 13.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 191,728 shares of company stock worth $2,707,315. Corporate insiders own 7.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on UPWK. Canaccord Genuity Group set a $22.00 price target on Upwork in a research report on Tuesday, February 10th. Roth Mkm boosted their price objective on Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. BTIG Research reissued a “neutral” rating on shares of Upwork in a research note on Wednesday, November 19th. Royal Bank Of Canada lowered their target price on Upwork from $24.00 to $20.00 and set a “sector perform” rating for the company in a report on Tuesday, February 10th. Finally, Zacks Research downgraded Upwork from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Upwork presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.60.

Upwork 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.