Royal Bank of Canada Increases TaskUs (NASDAQ:TASK) Price Target to $20.00

TaskUs (NASDAQ:TASK) had its target price hoisted by stock analysts at Royal Bank of Canada from $18.00 to $20.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 41.74% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. Bank of America raised shares of TaskUs from a “neutral” rating to a “buy” rating and set a $18.00 price objective on the stock in a research note on Monday, December 9th. Robert W. Baird boosted their target price on shares of TaskUs from $16.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Morgan Stanley upgraded shares of TaskUs from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $18.00 to $21.00 in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $17.25.

TaskUs Stock Down 2.4 %

Shares of TASK opened at $14.11 on Thursday. TaskUs has a 12 month low of $10.56 and a 12 month high of $19.60. The firm’s 50 day moving average is $16.05 and its 200-day moving average is $14.52. The stock has a market capitalization of $1.26 billion, a PE ratio of 23.92, a P/E/G ratio of 3.92 and a beta of 2.21. The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.50.

TaskUs (NASDAQ:TASK) last announced its earnings results on Wednesday, February 26th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.12). TaskUs had a return on equity of 17.73% and a net margin of 5.58%. The business had revenue of $274.24 million for the quarter, compared to the consensus estimate of $268.65 million. Equities research analysts forecast that TaskUs will post 0.9 EPS for the current year.

Insider Activity at TaskUs

In other TaskUs news, CAO Steven Amaya sold 75,579 shares of TaskUs stock in a transaction on Friday, December 13th. The shares were sold at an average price of $18.11, for a total value of $1,368,735.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Stephan Daoust sold 62,159 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $18.23, for a total transaction of $1,133,158.57. The disclosure for this sale can be found here. Insiders have sold a total of 140,338 shares of company stock worth $2,548,902 over the last quarter. Company insiders own 29.26% of the company’s stock.

Institutional Investors Weigh In On TaskUs

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. grew its position in TaskUs by 71.5% in the 4th quarter. Blue Trust Inc. now owns 1,677 shares of the company’s stock worth $28,000 after purchasing an additional 699 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in TaskUs in the fourth quarter valued at about $80,000. KLP Kapitalforvaltning AS purchased a new position in TaskUs in the fourth quarter valued at about $81,000. Point72 Asset Management L.P. purchased a new position in TaskUs in the fourth quarter valued at about $83,000. Finally, US Bancorp DE boosted its stake in TaskUs by 101.2% in the third quarter. US Bancorp DE now owns 5,001 shares of the company’s stock valued at $65,000 after acquiring an additional 2,516 shares during the last quarter. 44.64% of the stock is owned by institutional investors.

About TaskUs

TaskUs, Inc provides digital outsourcing services for companies in Philippines, the United States, India, and internationally. It offers digital customer experience that consists of omni-channel customer care services primarily delivered through non-voice digital channels; and other solutions, including experience and customer care services for new product or market launches, and customer acquisition solutions.