Upwork (NASDAQ:UPWK) to Buyback $300.00 million in Shares

Upwork (NASDAQ:UPWK) announced that its board has initiated a share buyback program on Wednesday, February 18th, RTT News reports. The company plans to buyback $300.00 million in outstanding 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 leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have commented on UPWK. Zacks Research downgraded shares of Upwork from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. BTIG Research reissued a “neutral” rating on shares of Upwork in a research note on Wednesday, November 19th. Roth Mkm upped their price target on Upwork from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Upwork in a research note on Wednesday, January 21st. Finally, Citizens Jmp reissued a “market outperform” rating and set a $27.00 price objective on shares of Upwork in a research report on Wednesday, November 19th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Upwork presently has an average rating of “Moderate Buy” and an average target price of $22.60.

Upwork Price Performance

Shares of NASDAQ:UPWK opened at $13.32 on Friday. Upwork has a 12 month low of $11.13 and a 12 month high of $22.84. The firm has a market capitalization of $1.74 billion, a P/E ratio of 15.86 and a beta of 1.06. The company’s fifty day moving average price is $19.21 and its 200 day moving average price is $17.71.

Insider Activity at Upwork

In other news, insider Dave Bottoms sold 15,649 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $13.51, for a total transaction of $211,417.99. Following the transaction, the insider directly owned 345 shares in the company, valued at approximately $4,660.95. This trade represents a 97.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hayden Brown sold 123,152 shares of Upwork stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total transaction 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 $10,709,724.60. The trade was a 13.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 585,204 shares of company stock valued at $10,429,236 in the last three months. 7.50% of the stock is currently owned by company insiders.

More Upwork News

Here are the key news stories impacting Upwork this week:

• Positive Sentiment: Board authorizes a $300 million share repurchase (up to ~18% of shares outstanding), a signal management believes shares may be undervalued and a driver of buyback-driven support for the stock. GlobeNewswire
• Neutral Sentiment: Media coverage flagged that the repurchase announcement initially pushed the stock higher on Feb. 18 — showing the immediate positive market reaction, though sustainability depends on execution and broader sentiment. Investing.com
• Neutral Sentiment: Additional coverage noted the same buyback-driven lift in shares on Feb. 18, reinforcing the initial market response. Benzinga
• Negative Sentiment: CEO Hayden Brown sold 123,152 shares on Feb. 18 at an average price ~$13.80 (~$1.7M total); her ownership dropped ~13.7% per the SEC filing — an event investors often view as a negative signal. SEC Filing
• Negative Sentiment: CFO Erica Gessert sold 26,292 shares on Feb. 18 at an average price ~$13.80 (roughly $362,830), reducing her position ~8.1% — another insider sale from the C-suite. SEC Filing
• Negative Sentiment: Director/insider Dave Bottoms executed multiple sales (Feb. 18–19), including blocks at ~$13.51–$13.80 that materially reduced his holdings (one filing shows a ~97.8% drop in one tranche), adding to selling pressure. SEC Filings

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.