Upwork Inc. (NASDAQ:UPWK) Chief Accounting Officer Sabrina Mekhalfa completed a sale of company stock on March 18, 2026 and exercised a related set of options on the same day, according to a Form 4 disclosure filed with the Securities and Exchange Commission.
The filing shows Mekhalfa sold 1,482 shares of Upwork common stock for a total of roughly $18,246. The reported weighted average price of those shares was $12.3121, with individual sale prices recorded between $12.13 and $12.52.
Also on March 18, Mekhalfa exercised options to acquire 3,577 shares of Upwork common stock. Those options are connected to restricted stock units that each represent a contingent right to receive one share of common stock. The exercise price per share for the options was $0.
After accounting for the sale and the option exercise, Mekhalfa directly holds 2,095 shares of Upwork common stock.
The disclosed sale was made to satisfy tax withholding obligations arising from the vesting of restricted stock units, and the filing specifies the transaction was not a discretionary sale by Mekhalfa. The restricted stock units in question begin vesting on March 18, 2026 and will vest in equal quarterly installments over a three-year period, conditioned on Mekhalfa’s continued employment with the company.
The Form 4 related to the transactions was signed on behalf of Mekhalfa by Jacob McQuown, Attorney-in-Fact, and submitted to the SEC as required by insider transaction rules.
Market context in the filing notes that Upwork shares have recently fallen to $11.28, trading close to a 52-week low of $11.09 and roughly 49% below a 52-week high of $22.84. An InvestingPro analysis cited in the disclosure indicates Upwork appears undervalued at current prices, with a Fair Value assessment that suggests potential upside from present levels.
The insider activity comes as Upwork has moved to expand shareholder-return programs and undergone leadership changes. The company announced a new $300 million share repurchase authorization, which brings total repurchase authorizations to $600 million since November 2023. The board approved the latest program after the company deployed $136 million in 2025 to repurchase more than 9 million shares.
On the leadership front, David T. Bottoms, general manager of Marketplace, reached a separation agreement with Upwork that remains in effect through April 3. Under the terms cited in the company disclosure, Bottoms will receive a lump sum payment and will continue to have equity awards vest through his departure.
Analyst coverage has also shifted following Upwork’s fourth-quarter 2025 financial results. Goldman Sachs lowered its price target to $27 from $28 while maintaining a Buy rating after the quarter produced revenue and adjusted EBITDA at or above the high end of prior guidance. UBS trimmed its target to $23 from $26, also holding a Buy rating and noting the revenue and EBITDA beats were narrower than expected. Despite those results, Upwork shares moved considerably lower in after-hours trading following the earnings announcement.
The SEC Form 4 that documents Mekhalfa’s transactions provides the formal record of the insider activity. Investors seeking additional valuation material for Upwork can consult the InvestingPro research offerings referenced in the disclosure for a deeper look at Fair Value analysis and comparative coverage.