Upwork Inc. (UPWK) Institutional OwnershipQ2 2026 13F Data|Updated 2026-11-07
Institutional ownership decreased this quarter (-8.93 pp), while top 10 holders maintain a highly concentrated 54.9% of value.
Ranked by reported Q2 2026 13F market value
Share of total reported institutional value in UPWK held by the largest 10 / 25 filers.
| # | Institution | Shares Held | Market Value | QoQ Change | Ownership % | % of Fund |
|---|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 19.3M | $161.0M | +2.1% | 15.593% | 0.00% |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 7.9M | $66.0M | +1.6% | 6.395% | 0.00% |
| 3 | Ancient Art, L.P. | 7.2M | $60.4M | +21.3% | 5.852% | 12.35% |
| 4 | VANGUARD CAPITAL MANAGEMENT LLC | 5.3M | $44.4M | -5.3% | 4.302% | 0.00% |
| 5 | STATE STREET CORP | 5.2M | $43.4M | +1.4% | 4.206% | 0.00% |
| 6 | Capital International Investors | 4.9M | $40.6M | +2.8% | 3.933% | 0.01% |
| 7 | DIMENSIONAL FUND ADVISORS LP | 4.7M | $39.7M | +27.7% | 3.840% | 0.01% |
| 8 | GOLDMAN SACHS GROUP INC | 4.7M | $39.6M | +85.8% | 3.837% | 0.00% |
| 9 | GEODE CAPITAL MANAGEMENT, LLC | 3.3M | $27.2M | +3.5% | 2.634% | 0.00% |
| 10 | RICE HALL JAMES & ASSOCIATES, LLC | 2.8M | $23.2M | +112.3% | 2.248% | 1.13% |
| 11 | MORGAN STANLEY | 2.5M | $20.6M | +107.8% | 1.995% | 0.00% |
| 12 | Invenomic Capital Management LP | 2.4M | $20.1M | +25.7% | 1.949% | 1.20% |
| 13 | UBS Group AG | 2.1M | $17.9M | +37.7% | 1.735% | 0.00% |
| 14 | CITADEL ADVISORS LLC | 2.1M | $17.5M | +198.4% | 1.691% | 0.00% |
| 15 | MILLENNIUM MANAGEMENT LLC | 1.9M | $15.5M | +79.0% | 1.500% | 0.01% |
| 16 | RENAISSANCE TECHNOLOGIES LLC | 1.7M | $14.1M | -17.6% | 1.361% | 0.02% |
| 17 | JUPITER ASSET MANAGEMENT LTD | 1.6M | $13.2M | +10.5% | 1.278% | 0.07% |
| 18 | TWO SIGMA INVESTMENTS, LP | 1.5M | $12.5M | +95.7% | 1.214% | 0.01% |
| 19 | ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 1.5M | $12.4M | +541.9% | 1.200% | 0.01% |
| 20 | AMERICAN CENTURY COMPANIES INC | 1.3M | $10.9M | +0.1% | 1.059% | 0.00% |
| 21 | NORTHERN TRUST CORP | 1.3M | $10.6M | +2.2% | 1.028% | 0.00% |
| 22 | PRINCIPAL FINANCIAL GROUP INC | 1.1M | $9.4M | +2.0% | 0.906% | 0.00% |
| 23 | AQR CAPITAL MANAGEMENT LLC | 1.1M | $9.1M | +592.0% | 0.877% | 0.00% |
| 24 | ROYCE & ASSOCIATES LP | 1.1M | $9.0M | — | 0.872% | 0.07% |
| 25 | OP Asset Management Ltd | 980K | $8.2M | — | 0.794% | 0.09% |
denotes a marquee investor (Buffett, Burry, ARK, Tiger Global, Pershing Square, Baupost and other widely-followed managers). “% of Fund” shows how much of that investor’s total 13F portfolio is invested in UPWK — a direct measure of their conviction.
Filings activity in UPWK during Q2 2026, grouped by how each filer changed its position.
8 quarters of 13F filings · Δ columns show change vs prior quarter
| Quarter | Inst. Holders | Δ Holders | Ownership % | Δ Ownership | Total 13F Value | Δ Value |
|---|---|---|---|---|---|---|
| Q2 2026 | 298 | +0.3% | 103.91% | 8.93 pp | $995M | 19% |
| Q1 2026 | 297 | 2.3% | 112.84% | +5.97 pp | $1.23B | 44% |
| Q4 2025 | 304 | +14% | 106.87% | +11.32 pp | $2.18B | +14% |
| Q3 2025 | 267 | +0.8% | 95.55% | +5.05 pp | $1.90B | +51% |
| Q2 2025 | 265 | 0.4% | 90.50% | +1.67 pp | $1.26B | +8.3% |
| Q1 2025 | 266 | +6.0% | 88.83% | +4.71 pp | $1.17B | 20% |
| Q4 2024 | 251 | +17% | 84.12% | +4.84 pp | $1.45B | +56% |
| Q3 2024 | 214 | — | 79.28% | — | $931M | — |
Source: SEC 13F institutional filings. Ownership % requires market cap data and will show once linked. Δ columns compare to the immediately prior filed quarter.
Quick answers to the most common questions about buying UPWK stock.
Based on Q2 2026 13F filings, institutional ownership of Upwork Inc. stands at 103.9%, held across 298 reporting institutions.
BlackRock, Inc. is the largest reported institutional holder of UPWK, with approximately 19,259,723 shares worth $0.16B as of Q2 2026.
Yes — 4 widely-followed marquee investors appear among the top 25 institutional holders of UPWK, including CITADEL ADVISORS LLC, MILLENNIUM MANAGEMENT LLC, RENAISSANCE TECHNOLOGIES LLC, TWO SIGMA INVESTMENTS, LP.
Our composite Smart Money Score for UPWK is 51 out of 100 (Neutral). It combines net institutional buying activity, ownership shift, marquee investor presence, and holder-count growth.
51 institutions opened new positions in UPWK during Q2 2026, while 48 fully exited. 62 added to existing positions and 180 trimmed.
UPWK institutional ownership fell by 8.93 percentage points quarter-over-quarter, with a net change of +1 holders.
The top 10 institutions account for 54.9% of all reported 13F value in UPWK, and the top 25 account for 75.1%.
All data is sourced from SEC Form 13F filings, which institutional investment managers with at least $100M in assets are required to file each quarter. We process every 13F filing from EDGAR and recompute the aggregates after each cycle. Insider transactions are sourced from Form 4 filings.