Upwork (NASDAQ:UPWK) Coverage Initiated by Analysts at UBS Group

UBS Group assumed coverage on shares of Upwork (NASDAQ:UPWK) in a research note released on Tuesday, Marketbeat Ratings reports. The firm issued a neutral rating and a $12.00 price objective on the stock.

UPWK has been the topic of a number of other reports. Needham & Company LLC reaffirmed a buy rating and issued a $20.00 price target on shares of Upwork in a research note on Wednesday, May 15th. Roth Mkm reaffirmed a buy rating and set a $19.00 price target on shares of Upwork in a research note on Wednesday, May 15th. BTIG Research raised Upwork from a neutral rating to a buy rating and set a $16.00 price target for the company in a research note on Thursday, May 2nd. Finally, Royal Bank of Canada cut their price objective on shares of Upwork from $18.00 to $15.00 and set a sector perform rating on the stock in a research report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Upwork has an average rating of Moderate Buy and an average target price of $17.20.

Upwork Stock Up 0.6 %

Shares of Upwork stock opened at $10.74 on Tuesday. Upwork has a 1 year low of $8.49 and a 1 year high of $16.36. The company has a market cap of $1.43 billion, a P/E ratio of 30.69 and a beta of 1.57. The company has a current ratio of 2.93, a quick ratio of 2.93 and a debt-to-equity ratio of 1.02. The stock has a 50-day moving average price of $11.18 and a 200 day moving average price of $12.63.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Upwork had a net margin of 6.70% and a return on equity of 13.96%. The business had revenue of $190.94 million during the quarter, compared to analyst estimates of $186.71 million. As a group, analysts expect that Upwork will post 0.52 EPS for the current fiscal year.

Insider Activity at Upwork

In other news, VP Dave Bottoms sold 2,843 shares of Upwork stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $13.22, for a total value of $37,584.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Upwork news, CFO Erica Gessert sold 4,537 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $10.22, for a total value of $46,368.14. Following the completion of the sale, the chief financial officer now directly owns 90,166 shares of the company’s stock, valued at approximately $921,496.52. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Dave Bottoms sold 2,843 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $13.22, for a total transaction of $37,584.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 195,337 shares of company stock worth $2,269,408. 7.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Upwork

Several hedge funds have recently made changes to their positions in UPWK. Quadrant Capital Group LLC lifted its position in shares of Upwork by 67.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock worth $30,000 after acquiring an additional 803 shares during the period. Daiwa Securities Group Inc. acquired a new stake in Upwork during the fourth quarter worth $33,000. Headlands Technologies LLC bought a new stake in Upwork in the 1st quarter valued at $49,000. Essex Investment Management Co. LLC raised its stake in shares of Upwork by 56.2% in the 1st quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock valued at $58,000 after buying an additional 1,700 shares in the last quarter. Finally, Shell Asset Management Co. raised its stake in shares of Upwork by 193.6% in the 1st quarter. Shell Asset Management Co. now owns 8,570 shares of the company’s stock valued at $105,000 after buying an additional 5,651 shares in the last quarter. Institutional investors own 77.71% of the company’s stock.

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.