Upwork (UPWK)

• Market cap: $2.26B
• 1 day: 1.07%
• 5 days: 6.77%
• 1 month: 23.48%
• 3 months: 24.11%
• 6 months: 29.68%
• Year to date: 3.84%
• 1 year: 68.38%
• 5 years: 14.21%
• 10 years: -19.55%
• Sector: Communication Services
• Industry: Internet Content & Information

About: Upwork Inc is a United States-based company that operates an online marketplace that enables businesses to find and work with skilled independent professionals. The company develops platform for hiring and freelancing purposes. Its products offering include Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll. The business generates revenue from Talent and Clients across the USA, India, the Philippines and the rest of the world. Substantial income is derived from providing services to clients.

Employees: 600

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

27% more repeat investments, than reductions

Existing positions increased: 104 | Existing positions reduced: 82

2.85% more ownership

Funds ownership: 86.29% [Q1] → 89.14% (+2.85%) [Q2]

3% more capital invested

Capital invested by funds: $1.53B [Q1] → $1.58B (+$51.2M) [Q2]

0% more funds holding in top 10

Funds holding in top 10: 4 [Q1] → 4 (+0) [Q2]

10% less first-time investments, than exits

New positions opened: 46 | Existing positions closed: 51

3% less funds holding

Funds holding: 272 [Q1] → 264 (-8) [Q2]

31% less call options, than puts

Call options by funds: $12.8M | Put options by funds: $18.5M

Research analyst outlook

1 Wall Street Analyst provided 1 year price targets over the past 3 months

• Low target: $20
• Avg. target: $20
• High target: $20

1 analyst rating

• positive: 1 100%
• neutral: 0 0%
• negative: 0 0%

JMP Securities Matthew Condon

$20

Market Outperform Reiterated

12 Sep 2025