Invenomic Capital Management LP Makes New Investment in Upwork Inc. $UPWK

Invenomic Capital Management LP acquired a new stake in shares of Upwork Inc. (NASDAQ:UPWK) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,334,541 shares of the company’s stock, valued at approximately $24,782,000. Upwork comprises 1.2% of Invenomic Capital Management LP’s holdings, making the stock its 20th largest position.

Several other institutional investors and hedge funds have also modified their holdings of UPWK. LSV Asset Management grew its holdings in Upwork by 22.1% during the second quarter. LSV Asset Management now owns 6,534,575 shares of the company’s stock worth $87,825,000 after acquiring an additional 1,183,169 shares during the period. Ancient Art L.P. boosted its position in 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 purchasing an additional 494,759 shares in the last quarter. Invesco Ltd. boosted its position in Upwork by 5.2% in 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 in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Upwork by 2.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,828,735 shares of the company’s stock worth $52,534,000 after purchasing an additional 71,130 shares during the period. Finally, Boston Partners increased its holdings in shares of Upwork by 785.7% during the 3rd 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 in the last quarter. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Stock Performance

NASDAQ:UPWK opened at $12.21 on Monday. The stock has a market capitalization of $1.59 billion, a PE ratio of 14.54 and a beta of 1.08. Upwork Inc. has a fifty-two week low of $11.13 and a fifty-two week high of $22.84. The company has a fifty day moving average of $16.75 and a two-hundred day moving average of $17.68.

Upwork declared that its Board of Directors has authorized a share repurchase plan on Wednesday, February 18th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 18% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms recently issued reports on UPWK. Wall Street Zen upgraded shares of Upwork from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Upwork in a report on Wednesday, January 21st. BTIG Research reiterated a “neutral” rating on shares of Upwork in a research report on Wednesday, November 19th. Scotiabank lowered their target price on shares of Upwork from $17.00 to $15.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 10th. Finally, Roth Mkm lifted their price target on Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Upwork currently has an average rating of “Moderate Buy” and an average price target of $22.60.

Insider Buying and Selling

In other Upwork news, CFO Erica Gessert sold 26,292 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $362,829.60. Following the completion of the sale, the chief financial officer directly owned 298,386 shares in the company, valued at approximately $4,117,726.80. The trade was a 8.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hayden Brown sold 123,152 shares of the business’s stock in a transaction that occurred on 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 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. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 235,204 shares of company stock worth $3,602,486 in the last 90 days. Insiders own 7.60% of the company’s stock.

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.