Cache Advisors LLC Sells 70,000 Shares of Upwork Inc. $UPWK

Cache Advisors LLC trimmed its holdings in Upwork Inc. (NASDAQ:UPWK) by 86.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 11,000 shares of the company’s stock after selling 70,000 shares during the period. Cache Advisors LLC’s holdings in Upwork were worth $204,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. LSV Asset Management grew its position in Upwork by 22.1% in the 2nd quarter. LSV Asset Management now owns 6,534,575 shares of the company’s stock valued at $87,825,000 after acquiring an additional 1,183,169 shares during the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Upwork by 93.6% during the third quarter. Allianz Asset Management GmbH now owns 1,862,153 shares of the company’s stock valued at $34,580,000 after purchasing an additional 900,525 shares during the period. Balyasny Asset Management L.P. purchased a new stake in shares of Upwork during the second quarter valued at $11,955,000. Millennium Management LLC grew its holdings in shares of Upwork by 364.0% in the first quarter. Millennium Management LLC now owns 789,638 shares of the company’s stock worth $10,305,000 after purchasing an additional 619,459 shares during the last quarter. Finally, Financial Gravity Companies Inc. purchased a new position in Upwork in the 2nd quarter worth about $5,118,000. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on UPWK. UBS Group lowered their price objective on shares of Upwork from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Jefferies Financial Group boosted their price target on Upwork from $22.00 to $27.00 and gave the company a “buy” rating in a report on Monday, January 5th. Wall Street Zen upgraded Upwork from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Roth Mkm lifted their target price on Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, February 10th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $27.00 target price on shares of Upwork in a report on Tuesday, February 10th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.60.

Upwork Stock Down 3.1%

Shares of NASDAQ:UPWK opened at $13.42 on Friday. The firm has a 50 day moving average of $18.26 and a 200 day moving average of $17.76. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of 15.98 and a beta of 1.06. Upwork Inc. has a 52 week low of $11.13 and a 52 week high of $22.84.

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

Insider Transactions at Upwork

In other Upwork news, CEO Hayden Brown sold 123,152 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total value of $1,699,497.60. Following the completion of the transaction, the chief executive officer directly owned 776,067 shares in the company, valued at approximately $10,709,724.60. The trade was a 13.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Erica Gessert sold 26,292 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total transaction of $362,829.60. Following the sale, the chief financial officer directly owned 298,386 shares of the company’s stock, 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. In the last three months, insiders sold 235,204 shares of company stock valued at $3,602,486. Corporate insiders own 7.50% of the company’s stock.

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.