Upwork (UPWK): Assessing Valuation as Shares Build on Recent Momentum

Upwork (UPWK) shares have edged higher recently, gaining 2% in the past day and building on strong momentum over the past 3 months. The company’s marketplace continues to attract both freelancers and businesses in a competitive landscape.

See our latest analysis for Upwork.

Momentum has been firmly on Upwork’s side, with a robust 32% share price return over the last 90 days. This has helped build on this year’s modest gains. Looking long term, total shareholder return has surged 64% over the past year, a performance well ahead of previous years. This suggests that investors see renewed potential or a shift in sentiment for the platform.

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But with shares trading below analyst targets and a substantial intrinsic discount, is Upwork’s stock still flying under the radar? Or is the market already factoring in all the company’s growth prospects and future upside?

Most Popular Narrative: 14.1% Undervalued

The narrative's fair value of $19.90 sits comfortably above Upwork's most recent close of $17.10, indicating a compelling potential for upside. Investors are watching for pivotal operational changes that may soon be reflected in the company’s value.

Upwork’s launch of integrated enterprise solutions through recent acquisitions (Bubty and Ascen) positions the company to capture a larger share of the $650 billion contingent workforce market. There are expectations for meaningful GSV, revenue, and adjusted EBITDA contributions beginning in late 2026 and accelerating into 2027, supporting long-term earnings expansion.

Read the complete narrative.

What’s fueling this price target? Just wait until you see how earnings forecasts, future profit multiples, and expanding enterprise demand all come together behind the scenes. Wondering which numbers make this narrative so confident in Upwork’s long-term value? Read on and see for yourself.

Result: Fair Value of $19.90 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, persistent slow client acquisition or unexpected challenges with recent acquisitions could undermine Upwork’s growth outlook and lead analysts to reassess future projections.

Find out about the key risks to this Upwork narrative.

Build Your Own Upwork Narrative

If you see the story differently, or want to dig into the numbers yourself, it only takes a few minutes to build your own view. So why not Do it your way

A great starting point for your Upwork research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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