Upwork (NASDAQ:UPWK) Insider Dave Bottoms Sells 7,000 Shares

Upwork Inc. (NASDAQ:UPWK) insider Dave Bottoms sold 7,000 shares of the firm’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $11.49, for a total transaction of $80,430.00. Following the completion of the transaction, the insider directly owned 2,678 shares of the company’s stock, valued at approximately $30,770.22. This trade represents a 72.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Dave Bottoms also recently made the following trade(s):

• On Wednesday, March 18th, Dave Bottoms sold 11,575 shares of Upwork stock. The stock was sold at an average price of $12.31, for a total transaction of $142,488.25.
• On Thursday, February 19th, Dave Bottoms sold 15,649 shares of Upwork stock. The shares were sold at an average price of $13.51, for a total value of $211,417.99.
• On Wednesday, February 18th, Dave Bottoms sold 17,013 shares of Upwork stock. The shares were sold at an average price of $13.80, for a total value of $234,779.40.

Upwork Stock Performance

Shares of Upwork stock opened at $11.27 on Friday. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of 13.42 and a beta of 1.07. The stock has a 50 day moving average price of $15.88 and a 200-day moving average price of $17.52. Upwork Inc. has a one year low of $11.09 and a one year high of $22.84.

Upwork announced that its Board of Directors has authorized a stock buyback plan on Wednesday, February 18th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 18% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Upwork

Large investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its stake in Upwork by 434.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,881 shares of the company’s stock worth $37,000 after acquiring an additional 1,529 shares during the last quarter. Corient Private Wealth LLC grew its stake in Upwork by 26.0% during the 4th quarter. Corient Private Wealth LLC now owns 58,283 shares of the company’s stock valued at $1,155,000 after purchasing an additional 12,039 shares during the last quarter. Mcguire Capital Advisors Inc. purchased a new stake in Upwork during the 4th quarter valued at about $66,000. Invesco Ltd. raised its stake in shares of Upwork by 19.2% in 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 during the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its position in Upwork by 16.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 36,755 shares of the company’s stock valued at $728,000 after buying an additional 5,205 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors.

More Upwork News

Here are the key news stories impacting Upwork this week:

• Negative Sentiment: CEO Hayden Brown sold 23,745 shares at an average of $12.31 (~$292K), a 2.9% reduction in her stake — a notable insider sale from the company’s top executive. CEO Hayden Brown SEC Filing
• Negative Sentiment: CFO Erica Gessert sold 9,278 shares at ~$12.31 (~$114K), reducing her position by ~2.9% — another senior officer sale. CFO Erica Gessert SEC Filing
• Negative Sentiment: CAO Sabrina Mekhalfa sold 1,482 shares at ~$12.31 (~$18K), cutting her stake by ~41%. CAO Sabrina Mekhalfa SEC Filing
• Negative Sentiment: Director/insider Dave Bottoms reported two recent sales (11,575 shares at $12.31 and 7,000 shares at $11.49), significantly reducing his holdings. Multiple insider dispositions amplify the perception of insider-led selling. Dave Bottoms SEC Filings
• Negative Sentiment: Media and analyst coverage is bearish: headlines report shares “plummet” and note analysts are resetting valuations and expectations for Upwork, which can pressure sentiment and trigger further selling. Reddit and Upwork Shares Plummet, What You Need To Know
• Negative Sentiment: Analysis piece discusses a shifting Upwork story as analysts cut forecasts and valuations — a catalyst for downgrades and lower price targets. Why The Upwork (UPWK) Story Is Shifting

Wall Street Analyst Weigh In

A number of analysts recently weighed in on UPWK shares. Wall Street Zen raised shares of Upwork from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Jefferies Financial Group boosted their price objective on Upwork from $22.00 to $27.00 and gave the company a “buy” rating in a report on Monday, January 5th. Citigroup decreased their target price on Upwork from $19.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, February 10th. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price objective on shares of Upwork in a report on Tuesday, February 10th. Finally, Canaccord Genuity Group set a $22.00 target price on shares of Upwork in a research note on Tuesday, February 10th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.60.

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.