Upwork (NASDAQ:UPWK) Insider Dave Bottoms Sells 7,000 Shares

Upwork Inc. (NASDAQ:UPWK) insider Dave Bottoms sold 7,000 shares of Upwork stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $11.49, for a total value of $80,430.00. Following the sale, the insider directly owned 2,678 shares of the company’s stock, valued at $30,770.22. This trade represents a 72.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Dave Bottoms also recently made the following trade(s):

• On Wednesday, March 18th, Dave Bottoms sold 11,575 shares of Upwork stock. The shares were sold at an average price of $12.31, for a total value of $142,488.25.
• On Thursday, February 19th, Dave Bottoms sold 15,649 shares of Upwork stock. The stock was sold at an average price of $13.51, for a total value of $211,417.99.
• On Wednesday, February 18th, Dave Bottoms sold 17,013 shares of Upwork stock. The stock was sold at an average price of $13.80, for a total value of $234,779.40.

Upwork Price Performance

UPWK stock traded down $0.08 during trading on Friday, hitting $11.27. The stock had a trading volume of 5,362,986 shares, compared to its average volume of 3,341,876. Upwork Inc. has a twelve month low of $11.09 and a twelve month high of $22.84. The company’s 50-day moving average price is $15.88 and its two-hundred day moving average price is $17.52. The stock has a market capitalization of $1.47 billion, a P/E ratio of 13.51 and a beta of 1.07.

Upwork announced that its board has initiated a share buyback program on Wednesday, February 18th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 18% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Key Headlines Impacting Upwork

Here are the key news stories impacting Upwork this week:

• Negative Sentiment: CEO Hayden Brown sold 23,745 shares at an average of $12.31 (~$292K), a 2.9% reduction in her stake — a notable insider sale from the company’s top executive. CEO Hayden Brown SEC Filing
• Negative Sentiment: CFO Erica Gessert sold 9,278 shares at ~$12.31 (~$114K), reducing her position by ~2.9% — another senior officer sale. CFO Erica Gessert SEC Filing
• Negative Sentiment: CAO Sabrina Mekhalfa sold 1,482 shares at ~$12.31 (~$18K), cutting her stake by ~41%. CAO Sabrina Mekhalfa SEC Filing
• Negative Sentiment: Director/insider Dave Bottoms reported two recent sales (11,575 shares at $12.31 and 7,000 shares at $11.49), significantly reducing his holdings. Multiple insider dispositions amplify the perception of insider-led selling. Dave Bottoms SEC Filings
• Negative Sentiment: Media and analyst coverage is bearish: headlines report shares “plummet” and note analysts are resetting valuations and expectations for Upwork, which can pressure sentiment and trigger further selling. Reddit and Upwork Shares Plummet, What You Need To Know
• Negative Sentiment: Analysis piece discusses a shifting Upwork story as analysts cut forecasts and valuations — a catalyst for downgrades and lower price targets. Why The Upwork (UPWK) Story Is Shifting

Hedge Funds Weigh In On Upwork

A number of institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in Upwork by 44.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,231,377 shares of the company’s stock valued at $381,166,000 after purchasing an additional 5,893,970 shares during the last quarter. Boston Partners boosted its holdings in shares of Upwork by 785.7% in the 3rd quarter. Boston Partners now owns 2,322,575 shares of the company’s stock valued at $42,962,000 after buying an additional 2,060,356 shares in the last quarter. Summit Partners Public Asset Management LLC purchased a new position in shares of Upwork in the 4th quarter valued at $40,136,000. Invenomic Capital Management LP acquired a new stake in Upwork during the 3rd quarter worth $24,782,000. Finally, Allianz Asset Management GmbH lifted its position in Upwork by 93.6% in the third quarter. Allianz Asset Management GmbH now owns 1,862,153 shares of the company’s stock valued at $34,580,000 after acquiring an additional 900,525 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Canaccord Genuity Group set a $22.00 price objective on shares of Upwork in a report on Tuesday, February 10th. Citigroup reduced their target price on Upwork from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 10th. Scotiabank lowered their target price on shares of Upwork from $17.00 to $15.00 and set a “sector perform” 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 research note on Saturday, February 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of Upwork in a research report on Tuesday, February 10th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Upwork currently has an average rating of “Moderate Buy” and an average price target 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.