Upwork (NASDAQ:UPWK) Shares Gap Up – Time to Buy?

Upwork Inc. (NASDAQ:UPWK)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $12.76, but opened at $13.49. Upwork shares last traded at $13.6940, with a volume of 2,707,311 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on UPWK shares. Scotiabank lowered their target price on Upwork from $17.00 to $15.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 10th. Roth Mkm upped their price objective on Upwork from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th. Zacks Research cut shares of Upwork from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $27.00 price target on shares of Upwork in a report on Tuesday, February 10th. Finally, Royal Bank Of Canada dropped their price target on Upwork from $24.00 to $20.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 10th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.60.

Upwork Stock Performance

The stock has a 50 day moving average of $19.51 and a 200-day moving average of $17.77. The company has a market cap of $1.79 billion, a PE ratio of 16.38 and a beta of 1.06.

Insider Transactions at Upwork

In related news, CEO Hayden Brown sold 23,147 shares of the company’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $20.59, for a total transaction of $476,596.73. Following the completion of the sale, the chief executive officer owned 721,158 shares of the company’s stock, valued at approximately $14,848,643.22. This represents a 3.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Erica Gessert sold 9,044 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $20.59, for a total transaction of $186,215.96. Following the transaction, the chief financial officer directly owned 246,701 shares in the company, valued at approximately $5,079,573.59. The trade was a 3.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 475,598 shares of company stock valued at $9,231,586. Insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

Institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in Upwork by 44.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,231,377 shares of the company’s stock valued at $381,166,000 after acquiring an additional 5,893,970 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Upwork by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 14,989,217 shares of the company’s stock valued at $297,086,000 after purchasing an additional 322,455 shares during the last quarter. LSV Asset Management boosted its position in shares of Upwork by 0.4% in the 4th quarter. LSV Asset Management now owns 6,537,275 shares of the company’s stock valued at $129,569,000 after purchasing an additional 23,900 shares during the period. Ancient Art L.P. grew its stake in Upwork by 8.7% during the 4th quarter. Ancient Art L.P. now owns 4,640,814 shares of the company’s stock worth $91,981,000 after buying an additional 372,147 shares during the last quarter. Finally, Capital International Investors grew its stake in Upwork by 37.7% during the 4th quarter. Capital International Investors now owns 3,288,860 shares of the company’s stock worth $65,185,000 after buying an additional 900,318 shares during the last quarter. Institutional investors and hedge funds 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.