Sabrina Mekhalfa Sells 1,276 Shares of Upwork (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) CAO Sabrina Mekhalfa sold 1,276 shares of Upwork stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $8.15, for a total transaction of $10,399.40. Following the transaction, the chief accounting officer directly owned 4,396 shares in the company, valued at $35,827.40. This trade represents a 22.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Upwork Price Performance

NASDAQ:UPWK opened at $8.22 on Thursday. The company’s 50-day moving average is $9.24 and its two-hundred day moving average is $13.86. Upwork Inc. has a 1-year low of $7.44 and a 1-year high of $22.84. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 10.15 and a beta of 1.01.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Roth Mkm lowered Upwork from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research report on Friday, May 8th. Canaccord Genuity Group downgraded Upwork from a “buy” rating to a “hold” rating and reduced their target price for the company from $22.00 to $10.00 in a research report on Friday, May 8th. Needham & Company LLC decreased their price target on Upwork from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Royal Bank Of Canada lowered their price target on Upwork from $20.00 to $9.00 and set a “sector perform” rating for the company in a report on Monday, May 11th. Finally, Wall Street Zen downgraded Upwork from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Three equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $15.50.

Hedge Funds Weigh In On Upwork

A number of hedge funds have recently made changes to their positions in UPWK. Accredited Wealth Management LLC raised its position in Upwork by 5,280.0% in the third quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock valued at $25,000 after purchasing an additional 1,320 shares during the period. Clearstead Advisors LLC boosted its position in shares of Upwork by 998.4% during the third quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock worth $26,000 after buying an additional 1,278 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Upwork by 594.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock valued at $27,000 after buying an additional 1,165 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Upwork by 2,405.7% in the 3rd quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock valued at $33,000 after buying an additional 1,684 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Upwork by 379.2% in the 4th quarter. GAMMA Investing LLC now owns 1,840 shares of the company’s stock valued at $36,000 after buying an additional 1,456 shares during the period. Hedge funds and other institutional investors own 77.71% 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.