Renaissance Technologies LLC Sells 118,722 Shares of Upwork Inc. $UPWK

Renaissance Technologies LLC decreased its stake in shares of Upwork Inc. (NASDAQ:UPWK) by 5.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,040,320 shares of the company’s stock after selling 118,722 shares during the quarter. Renaissance Technologies LLC owned about 1.65% of Upwork worth $22,362,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of UPWK. Price T Rowe Associates Inc. MD lifted its position in shares of Upwork by 44.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,231,377 shares of the company’s stock valued at $381,166,000 after acquiring an additional 5,893,970 shares during the period. Vanguard Group Inc. grew its holdings in Upwork by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 14,989,217 shares of the company’s stock worth $297,086,000 after purchasing an additional 322,455 shares during the period. LSV Asset Management increased its stake in Upwork by 0.4% in the fourth quarter. LSV Asset Management now owns 6,537,275 shares of the company’s stock valued at $129,569,000 after purchasing an additional 23,900 shares in the last quarter. Ancient Art L.P. increased its stake in Upwork by 8.7% in the fourth quarter. Ancient Art L.P. now owns 4,640,814 shares of the company’s stock valued at $91,981,000 after purchasing an additional 372,147 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Upwork by 26.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,715,616 shares of the company’s stock valued at $40,720,000 after purchasing an additional 779,506 shares in the last quarter. Institutional investors own 77.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on UPWK shares. Needham & Company LLC cut their price objective on shares of Upwork from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Roth Capital lowered Upwork from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research report on Friday, May 8th. Citigroup dropped their price target on Upwork from $17.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, May 21st. Royal Bank Of Canada cut their price target on Upwork from $20.00 to $9.00 and set a “sector perform” rating on the stock in a report on Monday, May 11th. Finally, Scotiabank reduced their price objective on Upwork from $15.00 to $10.00 and set a “sector perform” rating for the company in a research note on Friday, May 8th. Three research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Upwork presently has a consensus rating of “Hold” and a consensus price target of $15.50.

Upwork Price Performance

UPWK opened at $9.53 on Thursday. Upwork Inc. has a fifty-two week low of $7.44 and a fifty-two week high of $22.84. The firm has a market capitalization of $1.18 billion, a PE ratio of 11.77 and a beta of 0.99. The company’s 50-day moving average is $8.75 and its 200 day moving average is $11.80.

Insider Buying and Selling

In related news, CEO Hayden Brown sold 23,468 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $8.15, for a total transaction of $191,264.20. Following the completion of the sale, the chief executive officer owned 797,495 shares in the company, valued at approximately $6,499,584.25. This represents a 2.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Erica Gessert sold 9,169 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $8.15, for a total value of $74,727.35. Following the completion of the sale, the chief financial officer directly owned 341,609 shares of the company’s stock, valued at $2,784,113.35. The trade was a 2.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 34,471 shares of company stock valued at $281,446 over the last three months. Corporate insiders own 4.90% of the company’s stock.

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.