Jennison Associates LLC Invests $829,000 in Upwork Inc. $UPWK

Jennison Associates LLC bought a new stake in Upwork Inc. (NASDAQ:UPWK) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 75,596 shares of the company’s stock, valued at approximately $829,000. Jennison Associates LLC owned approximately 0.06% of Upwork as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Farther Finance Advisors LLC grew its stake in Upwork by 594.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock worth $27,000 after purchasing an additional 1,165 shares in the last quarter. GAMMA Investing LLC increased its holdings in Upwork by 379.2% in the fourth quarter. GAMMA Investing LLC now owns 1,840 shares of the company’s stock valued at $36,000 after buying an additional 1,456 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in Upwork by 434.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,881 shares of the company’s stock valued at $37,000 after buying an additional 1,529 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Upwork during the fourth quarter valued at approximately $42,000. Finally, EverSource Wealth Advisors LLC raised its stake in Upwork by 19,361.1% during the second quarter. EverSource Wealth Advisors LLC now owns 3,503 shares of the company’s stock valued at $47,000 after buying an additional 3,485 shares in the last quarter. Institutional investors own 77.71% of the company’s stock.

Upwork Stock Down 2.5%

Shares of NASDAQ UPWK opened at $8.96 on Thursday. The firm’s 50-day moving average price is $8.67 and its two-hundred day moving average price is $12.20. Upwork Inc. has a 52-week low of $7.44 and a 52-week high of $22.84. The stock has a market capitalization of $1.11 billion, a P/E ratio of 11.06 and a beta of 0.99.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Canaccord Genuity Group lowered Upwork from a “buy” rating to a “hold” rating and decreased their target price for the stock from $22.00 to $10.00 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 price target on the stock. in a research report on Friday, May 8th. Citizens Jmp cut Upwork from an “outperform” rating to a “market perform” rating in a research note on Friday, May 8th. Royal Bank Of Canada reduced their price objective on Upwork from $20.00 to $9.00 and set a “sector perform” rating on the stock in a research note on Monday, May 11th. Finally, Scotiabank decreased their price objective on shares of Upwork from $15.00 to $10.00 and set a “sector perform” rating for the company in a report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Upwork currently has an average rating of “Hold” and a consensus target price of $15.50.

Insider Activity at Upwork

In related news, CFO Erica Gessert sold 9,169 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $8.15, for a total value of $74,727.35. Following the sale, the chief financial officer owned 341,609 shares of the company’s stock, valued at approximately $2,784,113.35. This trade represents a 2.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Hayden Brown sold 23,468 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $8.15, for a total value of $191,264.20. Following the transaction, the chief executive officer owned 797,495 shares of the company’s stock, valued at $6,499,584.25. This represents a 2.86% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 33,913 shares of company stock valued at $276,391 over the last ninety days. 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.