Dave Bottoms Sells 11,575 Shares of Upwork (NASDAQ:UPWK) Stock

Upwork Inc. (NASDAQ:UPWK) insider Dave Bottoms sold 11,575 shares of Upwork stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $12.31, for a total value of $142,488.25. Following the transaction, the insider directly owned 9,678 shares in the company, valued at approximately $119,136.18. The trade was a 54.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Thursday, March 19th, Dave Bottoms sold 7,000 shares of Upwork stock. The shares were sold at an average price of $11.49, for a total transaction of $80,430.00.
• On Thursday, February 19th, Dave Bottoms sold 15,649 shares of Upwork stock. The shares were sold at an average price of $13.51, for a total transaction 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 transaction of $234,779.40.

Upwork Price Performance

NASDAQ UPWK opened at $11.27 on Friday. Upwork Inc. has a 12 month low of $11.09 and a 12 month high of $22.84. The company has a market capitalization of $1.47 billion, a P/E ratio of 13.42 and a beta of 1.07. The company’s 50 day simple moving average is $15.88 and its 200 day simple moving average is $17.54.

Upwork announced that its Board of Directors has authorized 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 purchase up to 18% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Royal Bank Of Canada cut their price objective on Upwork from $24.00 to $20.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 10th. Weiss Ratings restated a “hold (c+)” rating on shares of Upwork in a report on Wednesday, January 21st. Scotiabank cut their target price on Upwork from $17.00 to $15.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 10th. Zacks Research downgraded Upwork from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Finally, Roth Mkm increased their price target on Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a research 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.60.

Hedge Funds Weigh In On Upwork

Several institutional investors and hedge funds have recently added to or reduced their stakes in UPWK. Rockefeller Capital Management L.P. raised its stake in Upwork by 434.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,881 shares of the company’s stock valued at $37,000 after purchasing an additional 1,529 shares during the period. Corient Private Wealth LLC boosted its position in shares of Upwork by 26.0% in the fourth quarter. Corient Private Wealth LLC now owns 58,283 shares of the company’s stock worth $1,155,000 after buying an additional 12,039 shares during the period. Mcguire Capital Advisors Inc. acquired a new stake in shares of Upwork in the fourth quarter worth $66,000. Invesco Ltd. grew its holdings in shares of Upwork by 19.2% during the fourth quarter. Invesco Ltd. now owns 3,585,846 shares of the company’s stock valued at $71,071,000 after buying an additional 576,512 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its holdings in shares of Upwork by 16.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 36,755 shares of the company’s stock valued at $728,000 after buying an additional 5,205 shares in the last quarter. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories 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

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.