Royal Bank of Canada Trims Upwork (NASDAQ:UPWK) Target Price to $11.00

Upwork (NASDAQ:UPWK) had its price objective cut by equities researchers at Royal Bank of Canada from $15.00 to $11.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 17.40% from the company’s current price.

Several other research analysts have also recently issued reports on UPWK. The Goldman Sachs Group decreased their price objective on shares of Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a report on Thursday. BTIG Research upgraded Upwork from a “neutral” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Thursday, May 2nd. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Upwork in a report on Wednesday, May 15th. Piper Sandler lowered their target price on Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Roth Mkm reissued a “buy” rating and issued a $19.00 price target on shares of Upwork in a report on Wednesday, May 15th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.30.

Upwork Stock Performance

Shares of NASDAQ:UPWK traded down $1.09 on Thursday, hitting $9.37. The company’s stock had a trading volume of 10,114,964 shares, compared to its average volume of 2,053,246. The stock’s 50-day moving average is $10.93 and its two-hundred day moving average is $12.01. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 26.77 and a beta of 1.57. The company has a debt-to-equity ratio of 1.02, a quick ratio of 2.93 and a current ratio of 2.93. Upwork has a 12 month low of $8.43 and a 12 month high of $16.36.

Insider Transactions at Upwork

In related news, CAO Olivier Marie sold 3,106 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $12.13, for a total transaction of $37,675.78. Following the transaction, the chief accounting officer now directly owns 7,565 shares of the company’s stock, valued at $91,763.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Dave Bottoms sold 2,379 shares of the business’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.73, for a total transaction of $27,905.67. Following the transaction, the vice president now directly owns 2,326 shares in the company, valued at approximately $27,283.98. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Olivier Marie sold 3,106 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $12.13, for a total value of $37,675.78. Following the sale, the chief accounting officer now owns 7,565 shares of the company’s stock, valued at $91,763.45. The disclosure for this sale can be found here. Insiders have sold a total of 192,496 shares of company stock valued at $2,231,891 over the last ninety days. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Upwork

Institutional investors have recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Upwork during the 2nd quarter worth $29,000. Quadrant Capital Group LLC boosted its holdings in Upwork by 67.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock worth $30,000 after purchasing an additional 803 shares in the last quarter. Daiwa Securities Group Inc. acquired a new position in Upwork during the fourth quarter worth $33,000. Headlands Technologies LLC bought a new position in Upwork during the first quarter valued at about $49,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Upwork in the second quarter worth about $54,000. 77.71% of the stock is currently owned by institutional investors and hedge funds.

About Upwork

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.