Upwork Inc. (NASDAQ:UPWK) Receives $17.00 Consensus Target Price from Brokerages

Upwork Inc. (NASDAQ:UPWK) has received an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $17.00.

Several equities analysts have commented on UPWK shares. The Goldman Sachs Group increased their price target on shares of Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. UBS Group dropped their target price on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Piper Sandler reissued an “overweight” rating and issued a $18.00 price target (up from $13.00) on shares of Upwork in a research report on Thursday, November 7th. Roth Mkm raised their price objective on Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Canaccord Genuity Group boosted their target price on Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

Insiders Place Their Bets

In other Upwork news, Director Elizabeth A. Nelson sold 75,000 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the transaction, the director now owns 48,915 shares in the company, valued at approximately $515,564.10. This represents a 60.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Dave Bottoms sold 5,818 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the sale, the vice president now owns 5,818 shares of the company’s stock, valued at $57,074.58. This trade represents a 50.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 206,078 shares of company stock valued at $2,267,715. 7.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Upwork

Several institutional investors and hedge funds have recently added to or reduced their stakes in UPWK. Plato Investment Management Ltd acquired a new stake in shares of Upwork in the 2nd quarter valued at approximately $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Upwork during the 2nd quarter worth $29,000. Quarry LP grew its stake in shares of 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 during the period. Headlands Technologies LLC purchased a new position in shares of Upwork in the 1st quarter valued at about $49,000. Finally, KBC Group NV increased its holdings in shares of Upwork by 45.4% in the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after purchasing an additional 1,497 shares in the last quarter. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Stock Down 3.9 %

Shares of Upwork stock opened at $15.10 on Tuesday. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. Upwork has a 52-week low of $8.43 and a 52-week high of $17.79. The company has a market capitalization of $2.02 billion, a P/E ratio of 23.97 and a beta of 1.49. The company has a 50 day moving average of $11.60 and a 200 day moving average of $11.11.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.03. The business had revenue of $193.78 million during the quarter, compared to analysts’ expectations of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The company’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 EPS. As a group, research analysts forecast that Upwork will post 0.51 EPS for the current fiscal year.

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.