Polar Asset Management Partners Inc. Buys New Stake in Upwork Inc. $UPWK

Polar Asset Management Partners Inc. bought a new position in Upwork Inc. (NASDAQ:UPWK) during the third quarter, according to its most recent 13F filing with the SEC. The fund bought 481,772 shares of the company’s stock, valued at approximately $8,947,000. Polar Asset Management Partners Inc. owned about 0.37% of Upwork as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada increased its position in Upwork by 68.9% during the first quarter. Royal Bank of Canada now owns 191,587 shares of the company’s stock valued at $2,501,000 after acquiring an additional 78,123 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Upwork by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,466 shares of the company’s stock valued at $972,000 after buying an additional 3,599 shares during the period. Millennium Management LLC raised its stake in shares of Upwork by 364.0% during the first quarter. Millennium Management LLC now owns 789,638 shares of the company’s stock valued at $10,305,000 after acquiring an additional 619,459 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Upwork by 10.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 338,680 shares of the company’s stock worth $4,420,000 after buying an additional 31,378 shares during the period. Finally, Creative Planning lifted its stake in Upwork by 16.9% in the second quarter. Creative Planning now owns 29,239 shares of the company’s stock worth $393,000 after acquiring an additional 4,230 shares during the period. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Upwork Trading Down 2.0%

UPWK stock opened at $12.10 on Thursday. Upwork Inc. has a 12-month low of $11.13 and a 12-month high of $22.84. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 14.40 and a beta of 1.07. The business’s 50-day moving average is $16.24 and its 200 day moving average is $17.60.

Upwork declared that its board has authorized a share repurchase program on Wednesday, February 18th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 18% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

UPWK has been the topic of several recent research reports. Royal Bank Of Canada dropped their target price on Upwork from $24.00 to $20.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 10th. The Goldman Sachs Group restated a “buy” rating and set a $27.00 price target on shares of Upwork in a research note on Tuesday, February 10th. UBS Group reduced their price objective on Upwork from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Wall Street Zen raised shares of Upwork from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Finally, Canaccord Genuity Group set a $22.00 price target on Upwork in a research report on Tuesday, February 10th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $22.60.

Insider Transactions at Upwork

In other news, insider Dave Bottoms sold 15,649 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $13.51, for a total value of $211,417.99. Following the completion of the sale, the insider directly owned 345 shares in the company, valued at $4,660.95. This represents a 97.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Erica Gessert sold 26,292 shares of the stock in a transaction dated Wednesday, February 18th. The shares were 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 of the company’s stock, valued at approximately $4,117,726.80. The trade was a 8.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 191,728 shares of company stock valued at $2,707,315 over the last 90 days. 7.50% of the stock is currently owned by corporate insiders.

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.