Portolan Capital Management LLC Invests $7.32 Million in Upwork Inc. $UPWK

Portolan Capital Management LLC acquired a new position in Upwork Inc. (NASDAQ:UPWK) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 393,929 shares of the company’s stock, valued at approximately $7,315,000. Portolan Capital Management LLC owned approximately 0.30% of Upwork at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Accredited Wealth Management LLC increased its position in Upwork by 5,280.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock valued at $25,000 after buying an additional 1,320 shares in the last quarter. Clearstead Advisors LLC boosted its holdings in Upwork by 998.4% in the third quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock worth $26,000 after acquiring an additional 1,278 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Upwork in the second quarter worth about $30,000. Fifth Third Bancorp grew its stake in shares of Upwork by 2,405.7% during the third quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock worth $33,000 after acquiring an additional 1,684 shares during the last quarter. Finally, EMC Capital Management purchased a new stake in shares of Upwork during the second quarter worth about $45,000. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Upwork

In other news, insider Dave Bottoms sold 15,649 shares of the company’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $13.51, for a total value of $211,417.99. Following the sale, the insider directly owned 345 shares of the company’s stock, valued at $4,660.95. This represents a 97.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Erica Gessert sold 26,292 shares of the stock in a transaction 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 owned 298,386 shares in the company, valued at $4,117,726.80. The trade was a 8.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 235,204 shares of company stock worth $3,602,486 over the last quarter. Insiders own 7.50% of the company’s stock.

Upwork Stock Performance

Shares of UPWK stock opened at $12.21 on Friday. Upwork Inc. has a fifty-two week low of $11.13 and a fifty-two week high of $22.84. The firm has a market capitalization of $1.59 billion, a PE ratio of 14.54 and a beta of 1.07. The stock’s 50-day simple moving average is $16.75 and its 200-day simple moving average is $17.64.

Upwork declared that its board has initiated a share repurchase plan on Wednesday, February 18th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to repurchase up to 18% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on UPWK. Roth Mkm increased their price objective on shares of Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, February 10th. BTIG Research reiterated a “neutral” rating on shares of Upwork in a research note on Wednesday, November 19th. Jefferies Financial Group boosted their target price on shares of Upwork from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Scotiabank cut their price target 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, Zacks Research cut shares of Upwork from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.60.

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.