Upwork Inc. (NASDAQ:UPWK) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Upwork Inc. (NASDAQ:UPWK) have been given a consensus rating of “Moderate Buy” by the eleven ratings firms that are covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $18.91.

Several research analysts have weighed in on UPWK shares. The Goldman Sachs Group upped their price target on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Jefferies Financial Group upped their target price on shares of Upwork from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. UBS Group lifted their price target on shares of Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Piper Sandler reissued an “overweight” rating and set a $18.00 price objective (up previously from $13.00) on shares of Upwork in a report on Thursday, November 7th. Finally, Roth Mkm reduced their target price on Upwork from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, February 13th.

Insiders Place Their Bets

In other news, CFO Erica Gessert sold 4,279 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.11, for a total transaction of $73,213.69. Following the transaction, the chief financial officer now owns 133,093 shares of the company’s stock, valued at approximately $2,277,221.23. The trade was a 3.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Hayden Brown sold 20,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $16.84, for a total value of $336,800.00. Following the sale, the chief executive officer now owns 1,229,420 shares in the company, valued at $20,703,432.80. The trade was a 1.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 243,187 shares of company stock valued at $4,172,213 over the last ninety days. 7.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Upwork

A number of large investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC bought a new stake in Upwork in the third quarter worth about $858,000. Victory Capital Management Inc. raised its holdings in shares of Upwork by 133.5% in the third quarter. Victory Capital Management Inc. now owns 116,899 shares of the company’s stock worth $1,222,000 after buying an additional 66,842 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Upwork by 40.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company’s stock worth $2,630,000 after acquiring an additional 73,104 shares during the last quarter. Verition Fund Management LLC purchased a new position in Upwork during the 3rd quarter valued at $8,369,000. Finally, Point72 Asset Management L.P. grew its position in Upwork by 2,216.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company’s stock valued at $5,263,000 after acquiring an additional 481,942 shares during the last quarter. 77.71% of the stock is owned by hedge funds and other institutional investors.

Upwork Stock Performance

Shares of NASDAQ UPWK opened at $15.72 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39. Upwork has a 1 year low of $8.43 and a 1 year high of $18.14. The firm has a fifty day moving average price of $16.27 and a 200-day moving average price of $13.73. The stock has a market cap of $2.13 billion, a PE ratio of 10.27 and a beta of 1.57.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. Equities analysts anticipate that Upwork will post 0.84 earnings per share for the current fiscal year.

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.