UPWORK INC.
boothcheck covers UPWORK INC. (UPWK) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 28, 2026.
• Upwork runs a freelance work marketplace and takes a cut of the work that flows through it, a model whose key metric is the take rate, which the company defines as ⟦Marketplace revenue by Marketplace GSV.⟧ [Source: UPWK FY2024 10-K] • The business is profitable and cash-generative but barely growing: Q1 2026 gross services volume of $987 million was flat year over year, revenue of $195.5 million rose 1%, and the company raised its full-year adjusted EBITDA outlook to $250 million to $260 milli
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279 institutional managers reported holding UPWK in 13F filings for the quarter ended 2026-03-31. 48 opened new positions that quarter. Held by BlackRock, T. Rowe Price, Vanguard Group, among others. On the short side, 23.8M shares were sold short as of the 2026-06-15 count, about 18% of shares outstanding (7.5 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
UPWK's share count grew 1.1% over the past five years even with $343.85M spent on repurchases. It pays no dividend. Cash returned over the past three years: $343.85M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at UPWK over the trailing three years. Absence is a fact about the company, not a signal. 13 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
UPWK's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-03 | +43.5% | -25.2% |
| 2023-11-08 | +17.3% | +14.3% |
| 2024-02-16 | -0.3% | -18.9% |
| 2024-05-02 | +11.0% | -15.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
UPWK's latest 8-K filings: 2026-11-02 (items 2.02, 5.02, 9.01); 2026-08-10 (items 2.02, 9.01); 2026-07-16 (items 5.02); 2026-06-23 (items 1.01, 2.03, 9.01); 2026-06-05 (items 5.02, 5.07).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.