Upwork (NASDAQ:UPWK) Receives “Market Outperform” Rating from JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Upwork (NASDAQ:UPWK) in a report released on Thursday,Benzinga reports. They currently have a $18.00 price objective on the stock.

Several other equities research analysts also recently issued reports on the stock. Canaccord Genuity Group raised their price objective on shares of Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. UBS Group raised their target price on shares of Upwork from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Citigroup increased their price target on shares of Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research report on Friday, November 29th. Piper Sandler restated an “overweight” rating and set a $18.00 price objective (up from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Finally, BTIG Research raised their target price on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.09.

Upwork Stock Down 5.4 %

Upwork stock opened at $16.03 on Thursday. The company has a fifty day simple moving average of $16.62 and a 200 day simple moving average of $13.14. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87. Upwork has a 1-year low of $8.43 and a 1-year high of $18.14. The company has a market cap of $2.14 billion, a P/E ratio of 25.44 and a beta of 1.59.

Upwork (NASDAQ:UPWK) last issued 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. The business had revenue of $193.78 million for the quarter, compared to the consensus estimate of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 earnings per share. Research analysts anticipate that Upwork will post 0.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Upwork

In related news, VP Dave Bottoms sold 5,360 shares of the firm’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 $91,709.60. Following the completion of the sale, the vice president now owns 9,642 shares of the company’s stock, valued at $164,974.62. This trade represents a 35.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Elizabeth A. Nelson sold 75,000 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $17.37, for a total transaction of $1,302,750.00. Following the transaction, the director now owns 48,915 shares in the company, valued at $849,653.55. The trade was a 60.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 213,847 shares of company stock valued at $3,527,750. 7.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Quarry LP increased its holdings in Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after purchasing an additional 2,220 shares in the last quarter. KBC Group NV lifted its stake in 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 acquiring an additional 1,497 shares in the last quarter. CWM LLC boosted its position in Upwork by 71.9% in the third quarter. CWM LLC now owns 5,896 shares of the company’s stock worth $62,000 after purchasing an additional 2,467 shares during the last quarter. Nkcfo LLC purchased a new stake in shares of Upwork during the 4th quarter valued at $82,000. Finally, Financial Management Professionals Inc. bought a new stake in shares of Upwork during the 4th quarter worth $97,000. 77.71% of the stock is owned by institutional investors.

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.