Brokerages Set Upwork Inc. (NASDAQ:UPWK) PT at $17.00

Upwork Inc. (NASDAQ:UPWK) has been given an average recommendation of “Moderate Buy” by the eleven ratings firms that are presently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $17.00.

Several research analysts have issued reports on UPWK shares. Citigroup lowered their price objective 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. The Goldman Sachs Group upped their price objective on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Roth Mkm lifted their price target on Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 target price (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Finally, Royal Bank of Canada lowered their price target on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th.

Upwork Stock Performance

Shares of UPWK opened at $15.11 on Tuesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18. Upwork has a 52 week low of $8.43 and a 52 week high of $17.79. The company’s 50 day moving average price is $11.83 and its 200 day moving average price is $11.14. The company has a market capitalization of $2.02 billion, a PE ratio of 23.98 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The firm had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. During the same quarter in the previous year, the business earned $0.12 EPS. The business’s revenue was up 10.3% on a year-over-year basis. Research analysts expect that Upwork will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling at Upwork

In other news, Director Elizabeth A. Nelson sold 75,000 shares of Upwork stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the sale, the director now directly owns 48,915 shares in the company, valued at approximately $515,564.10. This trade represents a 60.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Dave Bottoms sold 5,818 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total value of $57,074.58. Following the completion of the transaction, the vice president now directly owns 5,818 shares in the company, valued at approximately $57,074.58. This trade represents a 50.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 151,781 shares of company stock worth $1,743,749. Insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

Large investors have recently made changes to their positions in the business. Quantbot Technologies LP raised its position in Upwork by 32.4% during the first quarter. Quantbot Technologies LP now owns 38,070 shares of the company’s stock valued at $467,000 after acquiring an additional 9,324 shares in the last quarter. Swiss National Bank grew its holdings in shares of Upwork by 1.1% during the 1st quarter. Swiss National Bank now owns 241,900 shares of the company’s stock worth $2,966,000 after purchasing an additional 2,600 shares during the period. Headlands Technologies LLC acquired a new position in shares of Upwork in the first quarter worth $49,000. Russell Investments Group Ltd. lifted its stake in Upwork by 28.4% in the first quarter. Russell Investments Group Ltd. now owns 68,531 shares of the company’s stock worth $840,000 after acquiring an additional 15,146 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Upwork by 8.6% during the 1st quarter. ProShare Advisors LLC now owns 22,483 shares of the company’s stock worth $276,000 after acquiring an additional 1,771 shares in the last quarter. 77.71% of the stock is 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.