Upwork (NASDAQ:UPWK) Stock Price Expected to Rise, BTIG Research Analyst Says

Upwork (NASDAQ:UPWK) had its price objective hoisted by BTIG Research from $14.00 to $16.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Roth Mkm lifted their price target on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a report on Thursday. UBS Group reduced their price target on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Canaccord Genuity Group lowered their price target on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Citigroup decreased their target price on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. Finally, Royal Bank of Canada reduced their price target on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Upwork Stock Down 2.0 %

NASDAQ UPWK traded down $0.32 on Thursday, reaching $15.93. The company had a trading volume of 4,337,924 shares, compared to its average volume of 2,174,740. The firm has a market capitalization of $2.10 billion, a PE ratio of 25.79 and a beta of 1.49. The firm has a 50-day moving average of $11.00 and a 200-day moving average of $10.96. Upwork has a 1 year low of $8.43 and a 1 year high of $17.79. 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 announced its quarterly earnings data 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. The firm had revenue of $193.13 million during the quarter, compared to analyst estimates of $193.05 million. Upwork had a return on equity of 23.59% and a net margin of 11.26%. Upwork’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company earned ($0.03) earnings per share. On average, equities research analysts anticipate that Upwork will post 0.51 EPS for the current fiscal year.

Insider Activity

In related news, CFO Erica Gessert sold 4,491 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the transaction, the chief financial officer now directly owns 111,255 shares of the company’s stock, valued at approximately $1,175,965.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Hayden Brown sold 31,506 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $304,032.90. Following the transaction, the chief executive officer now owns 1,190,561 shares of the company’s stock, valued at approximately $11,488,913.65. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Erica Gessert sold 4,491 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the transaction, the chief financial officer now directly owns 111,255 shares in the company, valued at $1,175,965.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 176,783 shares of company stock worth $1,800,221 over the last quarter. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Upwork

Several institutional investors and hedge funds have recently added to or reduced their stakes in UPWK. Canada Pension Plan Investment Board raised its position in shares of Upwork by 186.8% in the second quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company’s stock valued at $3,299,000 after purchasing an additional 199,900 shares during the period. Vanguard Group Inc. lifted its position in shares of Upwork by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after purchasing an additional 770,088 shares during the last quarter. Edgestream Partners L.P. bought a new stake in Upwork during the 1st quarter valued at approximately $3,165,000. Acadian Asset Management LLC boosted its stake in Upwork by 19.0% during the 1st quarter. Acadian Asset Management LLC now owns 956,574 shares of the company’s stock valued at $11,720,000 after purchasing an additional 152,539 shares during the period. Finally, Bayesian Capital Management LP acquired a new stake in Upwork in the 1st quarter valued at approximately $567,000. 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.