Upwork Inc. (NASDAQ:UPWK) Receives $15.27 Average Price Target from Analysts

Shares of Upwork Inc. (NASDAQ:UPWK) have been assigned an average rating of “Moderate Buy” from the eleven brokerages that are presently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $15.27.

UPWK has been the subject of several recent analyst reports. Piper Sandler cut their target price on shares of Upwork from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada reduced their target price on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. UBS Group dropped their price target on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Citigroup cut their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, September 25th. Finally, Roth Mkm decreased their price objective on shares of Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, August 16th.

Insiders Place Their Bets

In other news, CFO Erica Gessert sold 4,491 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the transaction, the chief financial officer now owns 111,255 shares of the company’s stock, valued at approximately $1,175,965.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Erica Gessert sold 4,491 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the transaction, the chief financial officer now directly owns 111,255 shares in the company, valued at $1,175,965.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hayden Brown sold 31,506 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $304,032.90. Following the completion of the sale, the chief executive officer now owns 1,190,561 shares in the company, valued at $11,488,913.65. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 176,783 shares of company stock worth $1,800,221 over the last three months. Insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Essex Investment Management Co. LLC grew its holdings 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 worth $58,000 after purchasing an additional 1,700 shares during the last quarter. ProShare Advisors LLC grew its holdings in Upwork by 8.6% during the 1st quarter. ProShare Advisors LLC now owns 22,483 shares of the company’s stock worth $276,000 after acquiring an additional 1,771 shares during the last quarter. Federated Hermes Inc. increased its position in Upwork by 0.6% in the 2nd quarter. Federated Hermes Inc. now owns 318,659 shares of the company’s stock valued at $3,426,000 after acquiring an additional 1,996 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Upwork by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock valued at $718,000 after acquiring an additional 2,063 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of Upwork by 104.2% during the second 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. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Price Performance

NASDAQ:UPWK opened at $10.05 on Friday. Upwork has a twelve month low of $8.43 and a twelve month high of $16.36. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of 28.71 and a beta of 1.54. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. The stock’s 50 day moving average price is $10.04 and its two-hundred day moving average price is $10.77.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $193.13 million for the quarter, compared to the consensus estimate of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the company earned ($0.03) earnings per share. Equities research analysts expect that Upwork will post 0.51 earnings per share 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.