Brokerages Set Upwork Inc. (NASDAQ:UPWK) Price Target at $17.80

Upwork Inc. (NASDAQ:UPWKGet Free Report) has been assigned an average recommendation of “Moderate Buy” from the ten ratings firms that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $17.80.

Several equities analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Upwork in a research note on Wednesday, May 15th. Roth Mkm reiterated a “buy” rating and issued a $19.00 price objective on shares of Upwork in a report on Wednesday, May 15th. Royal Bank of Canada cut their price objective on Upwork from $18.00 to $15.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 2nd. Finally, BTIG Research upgraded Upwork from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a report on Thursday, May 2nd.

View Our Latest Research Report on Upwork

Upwork Trading Down 1.0 %

Shares of UPWK stock opened at $10.20 on Friday. The business has a 50-day moving average of $11.33 and a 200 day moving average of $12.87. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.93 and a quick ratio of 2.93. Upwork has a 1-year low of $8.49 and a 1-year high of $16.36. The stock has a market capitalization of $1.36 billion, a PE ratio of 29.14 and a beta of 1.56.

Upwork (NASDAQ:UPWKGet Free Report) last issued its earnings results on Wednesday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Upwork had a net margin of 6.70% and a return on equity of 13.96%. The firm had revenue of $190.94 million for the quarter, compared to analysts’ expectations of $186.71 million. As a group, sell-side analysts anticipate that Upwork will post 0.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Dave Bottoms sold 2,843 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $13.22, for a total transaction of $37,584.46. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Elizabeth A. Nelson sold 70,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $11.79, for a total transaction of $825,300.00. Following the completion of the transaction, the director now owns 32,616 shares of the company’s stock, valued at approximately $384,542.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Dave Bottoms sold 2,843 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $13.22, for a total value of $37,584.46. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 183,581 shares of company stock worth $2,149,262. 7.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Upwork

Institutional investors and hedge funds have recently modified their holdings of the stock. Quadrant Capital Group LLC grew its position in Upwork by 67.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock valued at $30,000 after purchasing an additional 803 shares during the last quarter. Daiwa Securities Group Inc. bought a new position in shares of Upwork in the fourth quarter worth approximately $33,000. Headlands Technologies LLC purchased a new stake in shares of Upwork during the first quarter valued at approximately $49,000. Essex Investment Management Co. LLC increased its position in shares of Upwork by 56.2% during the first quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock valued at $58,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Shell Asset Management Co. raised its holdings in Upwork by 193.6% in the 1st quarter. Shell Asset Management Co. now owns 8,570 shares of the company’s stock worth $105,000 after acquiring an additional 5,651 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors.

About Upwork

(Get Free Report

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.

Further Reading

Analyst Recommendations for Upwork (NASDAQ:UPWK)

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