Roth Mkm Issues Pessimistic Forecast for Upwork (NASDAQ:UPWK) Stock Price

Upwork (NASDAQ:UPWK) had its price target cut by research analysts at Roth Mkm from $20.00 to $19.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Mkm’s target price would suggest a potential upside of 17.72% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Piper Sandler reissued 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. Needham & Company LLC boosted their target price on shares of Upwork from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group boosted their target price on shares of Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Thursday. BTIG Research boosted their target price on shares of Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Jefferies Financial Group upped their price objective 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. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Upwork currently has a consensus rating of “Moderate Buy” and an average price target of $18.91.

Upwork Price Performance

NASDAQ:UPWK opened at $16.14 on Thursday. Upwork has a one year low of $8.43 and a one year high of $18.14. The company has a market cap of $2.16 billion, a P/E ratio of 25.62 and a beta of 1.57. The firm’s fifty day moving average price is $16.36 and its two-hundred day moving average price is $13.46. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.24 by $0.79. Upwork had a net margin of 11.26% and a return on equity of 22.84%. Equities analysts expect that Upwork will post 0.65 earnings per share for the current year.

Insider Transactions at Upwork

In other news, VP Dave Bottoms sold 5,360 shares of the company’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 value of $91,709.60. Following the completion of the transaction, the vice president now owns 9,642 shares of the company’s stock, valued at $164,974.62. This represents a 35.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Elizabeth A. Nelson sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $17.37, for a total value of $1,302,750.00. Following the completion of the transaction, the director now directly owns 48,915 shares of the company’s stock, valued at $849,653.55. This represents a 60.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 183,203 shares of company stock valued at $3,042,191. 7.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in UPWK. CWM LLC increased its stake in shares of Upwork by 71.9% in the third quarter. CWM LLC now owns 5,896 shares of the company’s stock valued at $62,000 after buying an additional 2,467 shares during the period. Creative Planning acquired a new stake in Upwork during the 3rd quarter valued at approximately $207,000. Assenagon Asset Management S.A. increased its position in Upwork by 121.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 433,934 shares of the company’s stock valued at $4,535,000 after purchasing an additional 237,601 shares during the period. Bristlecone Advisors LLC increased its position in Upwork by 80.9% during the 3rd quarter. Bristlecone Advisors LLC now owns 42,023 shares of the company’s stock valued at $439,000 after purchasing an additional 18,792 shares during the period. Finally, Smith Group Asset Management LLC increased its position in Upwork by 24.9% during the 3rd quarter. Smith Group Asset Management LLC now owns 36,398 shares of the company’s stock valued at $380,000 after purchasing an additional 7,252 shares during the period. Institutional investors and hedge funds own 77.71% of the company’s stock.

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.