Canaccord Genuity Group Trims Upwork (NASDAQ:UPWK) Target Price to $15.00

Upwork (NASDAQ:UPWK) had its price objective trimmed by Canaccord Genuity Group from $19.00 to $15.00 in a report published on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

UPWK has been the subject of several other research reports. UBS Group began coverage on Upwork in a research report on Tuesday, July 2nd. They issued a neutral rating and a $12.00 target price for the company. Needham & Company LLC reissued a buy rating and issued a $20.00 target price on shares of Upwork in a research report on Wednesday, May 15th. Roth Mkm reissued a buy rating and issued a $19.00 target price on shares of Upwork in a research report on Wednesday, May 15th. Royal Bank of Canada reduced their price objective on Upwork from $18.00 to $15.00 and set a sector perform rating for the company in a research report on Thursday, May 2nd. Finally, BTIG Research raised Upwork from a neutral rating to a buy rating and set a $16.00 price objective for the company in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Upwork has an average rating of Moderate Buy and an average price target of $16.30.

Upwork Trading Down 0.4 %

UPWK opened at $9.33 on Thursday. The business has a 50 day simple moving average of $10.87 and a two-hundred day simple moving average of $11.91. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 26.66 and a beta of 1.57. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.93 and a quick ratio of 2.93. Upwork has a one year low of $8.43 and a one year high of $16.36.

Upwork (NASDAQ:UPWK) last announced its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.03. Upwork had a return on equity of 13.96% and a net margin of 6.70%. The firm had revenue of $193.13 million during the quarter, compared to analyst estimates of $193.05 million. During the same quarter in the prior year, the company earned ($0.03) EPS. The business’s revenue was up 14.5% compared to the same quarter last year. Analysts predict that Upwork will post 0.52 EPS for the current year.

Insider Buying and Selling at Upwork

In other Upwork news, 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 transaction of $37,675.78. Following the sale, the chief accounting officer now directly owns 7,565 shares in the company, valued at approximately $91,763.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Upwork news, CFO Erica Gessert sold 4,537 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $10.22, for a total transaction of $46,368.14. Following the sale, the chief financial officer now directly owns 90,166 shares in the company, valued at approximately $921,496.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Olivier Marie sold 3,106 shares of the stock in a transaction on Thursday, May 16th. The shares were 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 in the company, valued at $91,763.45. The disclosure for this sale can be found here. In the last three months, insiders have sold 192,496 shares of company stock worth $2,231,891. Insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

Institutional investors and hedge funds have recently modified their holdings of the company. New Century Financial Group LLC purchased a new position in shares of Upwork in the 1st quarter worth $1,083,000. BNP Paribas Financial Markets boosted its stake in shares of Upwork by 120.8% in the 4th quarter. BNP Paribas Financial Markets now owns 526,984 shares of the company’s stock worth $7,836,000 after buying an additional 288,330 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Upwork by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after buying an additional 770,088 shares during the last quarter. Csenge Advisory Group purchased a new position in shares of Upwork in the 1st quarter worth $1,344,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Upwork by 239.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock worth $33,491,000 after buying an additional 1,589,693 shares during the last quarter. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

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.