Canaccord Genuity Group Raises Upwork (NASDAQ:UPWK) Price Target to $18.00

Upwork (NASDAQ:UPWK) had its price target raised by Canaccord Genuity Group from $15.00 to $18.00 in a report released on Thursday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other research analysts have also recently issued reports about the company. Royal Bank of Canada cut their price objective on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Roth Mkm boosted their price target on shares of Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday. JMP Securities raised their price objective on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a report on Thursday. Citigroup cut their target price on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. Finally, Piper Sandler restated an “overweight” rating and set a $18.00 price target (up from $13.00) on shares of Upwork in a research report on Thursday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Upwork Stock Performance

Shares of NASDAQ UPWK traded down $0.40 during trading hours on Thursday, reaching $15.85. The stock had a trading volume of 3,020,128 shares, compared to its average volume of 2,168,667. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 25.79 and a beta of 1.49. Upwork has a twelve month low of $8.43 and a twelve month high of $17.79. The business’s fifty day moving average is $11.00 and its two-hundred day moving average is $10.96. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 23.59%. The business had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. During the same period in the previous year, the business earned ($0.03) EPS. The firm’s revenue was up 14.5% on a year-over-year basis. As a group, research analysts expect that Upwork will post 0.51 EPS for the current year.

Insider Buying and Selling

In other Upwork news, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the sale, the vice president now directly owns 5,818 shares of the company’s stock, valued at approximately $57,074.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $304,032.90. Following the completion of the sale, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Dave Bottoms sold 5,818 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $9.81, for a total value of $57,074.58. Following the completion of the sale, the vice president now owns 5,818 shares of the company’s stock, valued at $57,074.58. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 176,783 shares of company stock worth $1,800,221 in the last quarter. Insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

Several institutional investors have recently modified their holdings of the stock. Plato Investment Management Ltd bought a new stake in shares of Upwork in the 2nd quarter valued at $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Upwork in the second quarter worth about $29,000. Headlands Technologies LLC acquired a new stake in shares of Upwork during the first quarter worth about $49,000. Quarry LP raised its position in shares of Upwork by 104.2% during the second quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after purchasing an additional 2,220 shares during the period. Finally, KBC Group NV lifted its holdings in shares of Upwork by 45.4% during the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after purchasing an additional 1,497 shares in the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Company Profile

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.