Upwork (NASDAQ:UPWK) Hits New 12-Month Low – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Zacks Research lowered shares of Upwork from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. UBS Group dropped their price target 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. Royal Bank Of Canada cut their price target on shares of Upwork from $24.00 to $20.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 10th. Citigroup decreased their price target on shares of Upwork from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, February 10th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Upwork in a research note on Wednesday, January 21st. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.60.

Upwork Stock Performance

The company has a market capitalization of $1.41 billion, a PE ratio of 12.95 and a beta of 1.07. The business has a fifty day moving average price of $15.17 and a 200 day moving average price of $17.38.

Upwork announced that its board has initiated a stock repurchase program on Wednesday, February 18th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 18% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, insider Dave Bottoms sold 17,013 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 transaction of $234,779.40. Following the transaction, the insider owned 15,994 shares in the company, valued at approximately $220,717.20. The trade was a 51.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hayden Brown sold 123,152 shares of the company’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 $1,699,497.60. Following the sale, the chief executive officer directly owned 776,067 shares of the company’s stock, valued at approximately $10,709,724.60. This trade represents a 13.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 235,186 shares of company stock valued at $3,156,199. Company insiders own 7.50% of the company’s stock.

Institutional Investors Weigh In On Upwork

Institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its holdings in shares of Upwork by 44.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,231,377 shares of the company’s stock valued at $381,166,000 after buying an additional 5,893,970 shares during the period. Vanguard Group Inc. grew its position in Upwork by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 14,989,217 shares of the company’s stock valued at $297,086,000 after acquiring an additional 322,455 shares in the last quarter. LSV Asset Management grew its position in Upwork by 0.4% in the fourth quarter. LSV Asset Management now owns 6,537,275 shares of the company’s stock valued at $129,569,000 after acquiring an additional 23,900 shares in the last quarter. Ancient Art L.P. raised its stake in shares of Upwork by 8.7% during the fourth quarter. Ancient Art L.P. now owns 4,640,814 shares of the company’s stock valued at $91,981,000 after purchasing an additional 372,147 shares during the period. Finally, Invesco Ltd. lifted its position in shares of Upwork by 19.2% during the fourth quarter. Invesco Ltd. now owns 3,585,846 shares of the company’s stock worth $71,071,000 after purchasing an additional 576,512 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.