Cache Advisors LLC Trims Position in Upwork Inc. $UPWK

Cache Advisors LLC trimmed its position in shares of Upwork Inc. (NASDAQ:UPWK) by 86.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 reporting period.

A number of other institutional investors have also bought and sold shares of UPWK. Accredited Wealth Management LLC raised its holdings in Upwork by 5,280.0% during the third quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock valued at $25,000 after acquiring an additional 1,320 shares during the period. Clearstead Advisors LLC raised its stake in Upwork by 998.4% during the 3rd quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock valued at $26,000 after purchasing an additional 1,278 shares during the period. Elevation Point Wealth Partners LLC purchased a new position in Upwork in the 2nd quarter worth approximately $30,000. Fifth Third Bancorp boosted its stake in Upwork by 2,405.7% in the 3rd quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock worth $33,000 after purchasing an additional 1,684 shares during the period. Finally, EMC Capital Management purchased a new stake in Upwork during the 2nd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Upwork Trading Down 3.1%

Shares of NASDAQ:UPWK opened at $13.42 on Friday. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 15.98 and a beta of 1.06. Upwork Inc. has a 12 month low of $11.13 and a 12 month high of $22.84. The company has a 50-day moving average price of $18.26 and a 200 day moving average price of $17.76.

Upwork announced that its board has authorized a share buyback program on Wednesday, February 18th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 18% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Upwork

In other news, CFO Erica Gessert sold 26,292 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $362,829.60. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Dave Bottoms sold 17,013 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total value of $234,779.40. Following the sale, the insider owned 15,994 shares in the company, valued at $220,717.20. The trade was a 51.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 235,204 shares of company stock worth $3,602,486. 7.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

UPWK has been the subject of a number of research reports. Canaccord Genuity Group set a $22.00 target price on shares of Upwork in a research report on Tuesday, February 10th. Citizens Jmp reissued a “market outperform” rating and set a $27.00 price objective on shares of Upwork in a report on Wednesday, November 19th. Zacks Research lowered Upwork from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Wall Street Zen raised Upwork from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Finally, Roth Mkm boosted their target price on Upwork from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.60.

About Upwork

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.