Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Upwork Inc (UPWK)

290 + Investors. Track Smart Money conviction in UPWK. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -12
Streak
1Q ▼
Buyers last Q
51%

Smart Money Signals — UPWK

Based on 291 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their UPWK positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (96% of max)

96% of all-time peak
291 hedge funds hold UPWK right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶

Steady growth — +7% more funds vs a year ago

fund count last 6Q
+18 new funds entered over the past year (+7% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡

Slight buying edge — 51% buying

173 buying163 selling
Last quarter: 173 funds bought or added vs 163 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️

Fewer new buyers each quarter (-23 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 46 → 51 → 78 → 55. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

50% of holders stayed for 2+ years

■ 50% conviction (2yr+) ■ 25% medium ■ 25% new
146 out of 291 hedge funds have held UPWK for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares -0%, value -48%

Value
-47%
Shares
0%
Last quarter: funds added -0% more shares while total portfolio value only changed -48%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈

Growing discovery — still being found

69 → 46 → 51 → 78 → 55 new funds/Q
New funds entering each quarter: 46 → 51 → 78 → 55. A growing number of institutions are discovering UPWK each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Deep conviction — 61% of holders stayed 2+ years

■ 61% veterans ■ 14% 1-2yr ■ 25% new
Of 310 current holders: 189 (61%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅

Strong quality — 39% AUM from major funds

39% from top-100 AUM funds
54 of 291 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.6
out of 10
Low Exit Risk
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — UPWK

In 2026 Q1, 173 hedge funds were net buyers of UPWK (55 opened a new position, 118 added to an existing one), while 163 reduced or exited (96 trimmed, 67 sold completely) — a 51% buyer ratio, indicating a slight buying edge. 39% of total institutional value in UPWK is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -12 funds (more exits than new entries). Total institutional holders: 291.

Hedge Fund Ownership: UPWK

How many hedge funds hold UPWK — quarterly history vs. share price
Quarterly hedge fund ownership of UPWK vs. share price

Market Analysis: UPWK

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: UPWK

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Upwork Inc (UPWK) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much UPWK has moved relative to its sector benchmark (XLC) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 79d ago
UPWK
-26.4%
XLC
+0.7%

UPWK outperformed XLC by -27.1% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 34d ago
UPWK
-1.2%
XLC
-3.8%

Since the filing became public, UPWK outperformed XLC by +2.6% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

33 top-rated funds 1 high-conviction
Consensus
6.6
/ 10
breadth
×
Elite
1.9
/ 10
conviction
Hedge Fund Positioning: UPWK
290 + Investors

Track Smart Money conviction in UPWK. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 290 303 -4.29%
13F Shares 138M 138M -0.22%
Total Value $1.23B $2.35B -47.6%
New Positions 54 78 -24
Increased Positions 116 116 -
Closed Positions 67 46 +21
Reduced Positions 90 85 +5
Total Calls 8 11 -27.27%
Total Puts 15 11 36.36%
PUT/CALL Ratio 1.88 1.0 Bearish

Statistics: UPWK

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Return on Assets (ttm) --
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Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
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Institutional Holders (2026 Q1)

290 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in UPWK. Verified SEC 13F-HR filings.

QUARTER:
Top 25 UPWK holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Ancient Art, L.P. 14.24% 5,959,909 $65.3M
2 Circumference Group LLC 7.37% 300,000 $3.3M
3 Kestrel Investment Management Corp 2.83% 433,000 $4.7M
4 Invenomic Capital Management LP 0.96% 1,914,501 $21.0M
5 Portolan Capital Management, LLC 0.92% 1,570,560 $17.2M
6 Financial Gravity Asset Management, Inc. 0.83% 424,762 $4.7M
7 Rice Hall James & Associates, LLC 0.80% 1,308,167 $14.3M
8 Ares Systematic Credit Ltd 0.56% 66,651 $705K
9 Hussman Strategic Advisors, INC. 0.50% 210,000 $2.3M
10 CDC Financial, Inc. 0.33% 47,000 $515K
11 CDC Financial, Inc. 0.33% 47,000 $515K
12 G2 Investment Partners Management LLC 0.32% 120,000 $1.3M
13 Oxford Asset Management LLP 0.27% 58,040 $636K
14 Ardsley Advisory Partners LP 0.27% 190,000 $2.1M
15 Synergy Financial Group, LTD 0.25% 29,804 $327K
16 Essex Investment Management Co LLC 0.24% 138,204 $1.5M
17 Straightline Group LLC 0.23% 42,521 $466K
18 Ground Swell Capital, LLC 0.23% 10,618 $116K
19 New Vernon Capital Holdings II LLC 0.22% 27,778 $304K
20 State of Wyoming 0.21% 162,856 $1.8M
21 Integrated Quantitative Investments LLC 0.18% 88,216 $967K
22 Bayesian Capital Management, LP 0.17% 12,600 $138K
23 Hillsdale Investment Management Inc. 0.15% 502,500 $5.5M
24 Grandeur Peak Global Advisors, LLC 0.13% 50,134 $549K
25 WINTON GROUP Ltd 0.12% 318,267 $3.5M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Upwork Inc (UPWK)

What does the Smart Money Trend signal show for UPWK?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their UPWK positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for UPWK?

Slight buying edge — 51% buying: Last quarter: 173 funds bought or added vs 163 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for UPWK holders?

Strong quality — 39% AUM from major funds: 54 of 291 holders rank in the top 100 by AUM, accounting for 39% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held UPWK?

50% of holders stayed for 2+ years: 146 out of 291 hedge funds have held UPWK for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Upwork Inc (UPWK) following the 2026 Q1 hedge fund 13F filings?

As of today, UPWK has moved -1.2% since the 2026 Q1 13F filing date (May 15, 2026), compared to -3.8% for the XLC sector ETF — an outperformance of +2.6%. Since the quarter end (March 31, 2026), UPWK has gained -26.4% vs +0.7% for XLC. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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