Upwork Inc.

UPWK • NASDAQ

Upwork Inc. is a staffing & employment services company in the industrials sector on NASDAQ, led by Hayden Brown, with a market cap of $2.9B. As of Q3 2025, 91% of shares are held by 266 institutional investors, with VANGUARD GROUP INC as the largest holder at 11.06%.

Chief Executive OfficerHayden Brown

Market Cap$2.9B

Staffing & Employment Services

Industrials

Employees800.0

Websiteupwork.com

Country

United States of America

Overview

Overview of institutional ownership in UPWK as of Q3 2025 with a market cap of $2.5B

All Institutions

Institutions: 266
Value Held: $2.3B
Shares Held: 121.3M
Avg Position: $8.5M
Median Position: $897.8K

Hedge Funds

Hedge Funds: 49
Value Held: $404.2M
Shares Held: 21.8M
Avg Position: $8.2M
Median Position: $3.8M

Ownership Breakdown

Institutional (non-HF)

75.07%

$1.8B

Hedge Funds

16.42%

$404.2M

Retail & Other

8.51%

$209.6M

Based on market cap of $2.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in UPWK as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$272.4M 0.00% of portfolio	11.06% 14.7M shares	Q4 2018 Held for 6y 11m	$6.69T
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$247.7M 0.03% of portfolio	10.06% 13.3M shares	Q4 2018 Held for 6y 11m	$912.31B
B BlackRock, Inc. Institution	-	$214.4M 0.00% of portfolio	8.71% 11.5M shares	Q4 2018 Held for 6y 11m	$5.67T
L LSV ASSET MANAGEMENT Long Only Manager	Josef Nmn Lakonishok CEO	$121.0M 0.27% of portfolio	4.91% 6.5M shares	Q4 2024 Held for 11 months	$45.1B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$88.6M 0.01% of portfolio	3.60% 4.8M shares	Q4 2018 Held for 6y 11m	$1.65T
A Ancient Art, L.P. Hedge Fund•Long/Short	Brooke Anna Phillips CFO	$79.3M 19.05% of portfolio	3.22% 4.3M shares	Q1 2019 Held for 6y 8m	$416.1M
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$67.3M 0.01% of portfolio	2.73% 3.6M shares	Q4 2018 Held for 6y 11m	$691.34B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$57.3M 0.00% of portfolio	2.33% 3.1M shares	Q4 2018 Held for 6y 11m	$1.57T
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$55.9M 0.01% of portfolio	2.27% 3.0M shares	Q3 2019 Held for 6y 2m	$633.08B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$55.4M 0.00% of portfolio	2.25% 3.0M shares	Q4 2018 Held for 6y 11m	$2.88T

Net Capital Flow

Institutional buying and selling activity for UPWK in Q3 2025

Traded: +$146.8M
Buyers: 142
Sellers: 129
Total Bought: +$373.6M
Total Sold: −$226.7M
Avg Position: $7.4M

Biggest Buyers

Institution	Net Bought	Current Position
Robeco Investment Management, Inc. Long Only Manager	+$38.1M +2.1M shares	$43.0M 2.3M shares
B BlackRock, Inc. Institution	+$33.4M +1.8M shares	$214.4M 11.5M shares
I Invenomic Capital Management LP Hedge Fund•Long/Short	+$24.8M +1.3M shares	$24.8M 1.3M shares
A Allianz Asset Management AG Institution	+$16.7M +900.5K shares	$34.6M 1.9M shares
GOLDMAN SACHS GROUP INC Institution	+$16.2M +873.2K shares	$67.3M 3.6M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$16.0M +863.8K shares	$32.6M 1.8M shares
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	+$14.3M +769.7K shares	$14.3M 769.7K shares
N Nuveen, LLC Institution	+$12.0M +643.7K shares	$33.4M 1.8M shares
Bridgewater Associates, LP Hedge Fund•Global Macro	+$11.9M +641.1K shares	$11.9M 641.1K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$11.9M +639.0K shares	$11.9M 639.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
C Capital International Investors Institution	−$29.7M −1.6M shares	$44.4M 2.4M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$24.6M −1.3M shares	$10.6M 572.9K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$18.3M −983.4K shares	$33.5M 1.8M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$16.8M −905.3K shares	$27.6M 1.5M shares
Q Qube Research & Technologies Ltd Institution	−$14.2M −764.5K shares	$5.0M 271.9K shares
J JANE STREET GROUP, LLC Institution	−$14.0M −754.5K shares	$7.7M 415.7K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	−$12.9M −694.3K shares	$8.2M 443.3K shares
B BAILLIE GIFFORD & CO Institution	−$10.8M −579.6K shares	$21.9M 1.2M shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC Hedge Fund•Multi-Strategy	−$9.5M −509.1K shares	$3.6M 193.8K shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	−$8.1M −436.5K shares	$7.1M 382.8K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited UPWK in Q3 2025

New Positions: 15
New Value: $15.5M
Exited Positions: 37
Exited Value: $22.3M

New Positions

Institution	Position Value
K Kent Lake PR LLC Hedge Fund•Long/Short	$9.3M 500.0K shares
R Ruffer LLP Long Only Manager	$2.7M 146.2K shares
Empowered Funds, LLC ETF Provider	$1.3M 69.8K shares
T TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY Institution	$880.2K 47.4K shares
Y Yorktown Management & Research Co Inc Institution	$406.7K 21.9K shares
D DRW Securities, LLC Institution	$244.4K 13.2K shares
POLEN CAPITAL MANAGEMENT LLC Long Only Manager	$211.4K 11.4K shares
Mariner Wealth Advisors, LLC RIA/Wealth	$204.2K 11.0K shares
S State of Alaska, Department of Revenue Institution	$117.3K 6.3K shares
NBC SECURITIES, INC. RIA/Wealth	$45.2K 2.4K shares

Exited Positions

Institution	Previous Position
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	$3.2M 236.9K shares
P PLUSTICK MANAGEMENT LLC Hedge Fund•Distressed	$2.3M 170.0K shares
PANAGORA ASSET MANAGEMENT INC Hedge Fund•Quant	$1.8M 135.7K shares
Engineers Gate Manager LP Hedge Fund•Quant	$1.7M 123.9K shares
Centiva Capital, LP Hedge Fund•Multi-Strategy	$1.4M 104.8K shares
MACKENZIE FINANCIAL CORP Long Only Manager	$1.4M 104.0K shares
Y Y-Intercept Ltd Institution	$1.3M 93.2K shares
IMC-Chicago, LLC RIA/Wealth	$1.2M 88.8K shares
B Brevan Howard Capital Management LP Institution	$995.6K 74.1K shares
CWA Asset Management Group, LLC RIA/Wealth	$956.6K 71.2K shares

Options Activity

Institutions with the largest Call and Put options positions in UPWK as of Q3 2025

Call Positions: 12
Call Value: $34.3M
Put Positions: 13
Put Value: $18.4M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$11.9M 6.4K contracts
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	$9.5M 5.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.2M 1.7K contracts
H HSBC HOLDINGS PLC Institution	$3.0M 1.6K contracts
W WOLVERINE TRADING, LLC Institution	$2.8M 1.5K contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.5M 801.0 contracts
J JANE STREET GROUP, LLC Institution	$1.1M 607.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$458.7K 247.0 contracts
P PEAK6 LLC Institution	$458.7K 247.0 contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$209.8K 113.0 contracts

Put Positions

Institution	Position Value
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$9.7M 5.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.6M 1.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.2M 1.2K contracts
H HSBC HOLDINGS PLC Institution	$1.4M 761.0 contracts
P PEAK6 LLC Institution	$781.8K 421.0 contracts
W WOLVERINE TRADING, LLC Institution	$739.5K 389.0 contracts
J JANE STREET GROUP, LLC Institution	$319.4K 172.0 contracts
C Capula Management Ltd Institution	$258.1K 139.0 contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$189.4K 102.0 contracts
Walleye Trading LLC RIA/Wealth	$165.3K 89.0 contracts

Most Committed Institutions

Institutions with UPWK as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
A Ancient Art, L.P. Hedge Fund•Long/Short	Brooke Anna Phillips CFO	19.05% $79.3M	3.22% 4.3M shares	Q1 2019 Held for 6y 8m	$416.1M
C Circumference Group LLC Hedge Fund•Multi-Strategy	Jeffrey Howard Fox CEO	8.18% $7.0M	0.28% 375.0K shares	Q4 2023 Held for 1y 11m	$85.2M
K Kent Lake PR LLC Hedge Fund•Long/Short	Benjamin Natter Managing Partner	4.75% $9.3M	0.38% 500.0K shares	Q3 2025 Held for 2 months	$195.5M
KESTREL INVESTMENT MANAGEMENT CORP Hedge Fund•Event Driven	David J. Steirman President	4.72% $8.4M	0.34% 451.0K shares	Q3 2024 Held for 1y 2m	$177.4M
F Financial Gravity Wealth, Inc. Institution	-	1.54% $7.3M	0.30% 391.3K shares	Q3 2025 Held for 2 months	$470.5M
I Invenomic Capital Management LP Hedge Fund•Long/Short	Benjamin Robert Deschaine President	1.29% $24.8M	1.01% 1.3M shares	Q4 2022 Held for 2y 11m	$1.9B
Grandeur Peak Global Advisors, LLC Long Only Manager	Blake Harold Walker CEO	1.25% $9.4M	0.38% 503.7K shares	Q4 2024 Held for 11 months	$745.4M
GLOBEFLEX CAPITAL L P Long Only Manager	Marina Loretta Marrelli CEO	0.78% $5.0M	0.20% 269.6K shares	Q4 2023 Held for 1y 11m	$644.8M
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	Jay Glenn Goldman CEO	0.54% $14.3M	0.58% 769.7K shares	Q3 2025 Held for 2 months	$2.6B
EAM Investors, LLC Long Only Manager	Derek John Gaertner CEO	0.47% $4.1M	0.17% 224.6K shares	Q3 2025 Held for 2 months	$873.4M

Hedge Fund Spotlight

Discover hedge funds investing in UPWK

ARROWSTREET CAPITAL LIMITED PARTNERSHIP

Hedge Fund • Quant

Portfolio ManagerAnthony Ryan

Portfolio Value: $158.92B
Positions: 1,827
Last Reported: Q3 2025

Sector Allocation

Position in Upwork Inc.

Market Value: $19.4M
Shares Held: 1.0M
Portfolio Weight: 0.01%
Owned Since: 2023-Q4

Top Holding	Sector	Market Value	Weight
1 Apple AAPL	Consumer Electronics Technology	$7.2B	4.51%
2 Microsoft MSFT	Software - Infrastructure Technology	$6.5B	4.11%
3 Nvidia NVDA	Semiconductors Technology	$4.8B	3.02%