Sabrina Mekhalfa Sells 1,276 Shares of Upwork (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) CAO Sabrina Mekhalfa sold 1,276 shares of Upwork stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $8.15, for a total transaction of $10,399.40. Following the completion of the sale, the chief accounting officer owned 4,396 shares in the company, valued at $35,827.40. The trade was a 22.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Upwork Price Performance

NASDAQ:UPWK traded up $0.37 on Tuesday, hitting $8.21. 3,519,523 shares of the company’s stock were exchanged, compared to its average volume of 3,893,765. The firm has a 50-day moving average price of $9.35 and a 200-day moving average price of $14.02. Upwork Inc. has a 52 week low of $7.44 and a 52 week high of $22.84. The company has a market cap of $1.01 billion, a P/E ratio of 10.14 and a beta of 1.01.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on UPWK. Royal Bank Of Canada dropped their target price on Upwork from $20.00 to $9.00 and set a “sector perform” rating on the stock in a report on Monday, May 11th. Wall Street Zen downgraded Upwork from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Roth Mkm lowered Upwork from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research report on Friday, May 8th. Citigroup dropped their price objective on Upwork from $17.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, May 21st. Finally, Weiss Ratings downgraded Upwork from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 12th. Three equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Upwork currently has a consensus rating of “Hold” and an average price target of $15.50.

Institutional Trading of Upwork

Institutional investors and hedge funds have recently bought and sold shares of the business. Invenomic Capital Management LP bought a new position in shares of Upwork during the 3rd quarter worth approximately $24,782,000. Ancient Art L.P. lifted its holdings in Upwork by 13.1% during the 3rd quarter. Ancient Art L.P. now owns 4,268,667 shares of the company’s stock valued at $79,269,000 after purchasing an additional 494,759 shares during the last quarter. Picton Mahoney Asset Management bought a new position in Upwork during the third quarter worth $1,648,000. State of Alaska Department of Revenue increased its holdings in shares of Upwork by 1,566.8% in the fourth quarter. State of Alaska Department of Revenue now owns 105,258 shares of the company’s stock valued at $2,085,000 after purchasing an additional 98,943 shares during the last quarter. Finally, Burney Co. bought a new position in shares of Upwork in the fourth quarter valued at about $3,342,000. Institutional investors own 77.71% of the company’s stock.

About Upwork

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.