Upwork Inc. (NASDAQ:UPWK) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Upwork Inc. (NASDAQ:UPWK) have been assigned a consensus rating of “Moderate Buy” from the ten research firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $15.70.

A number of equities analysts have recently commented on UPWK shares. Canaccord Genuity Group dropped their price objective on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Roth Mkm lowered their price target on Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Piper Sandler lowered their price objective on Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. UBS Group lowered their price objective on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group reduced their target price on Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, August 8th.

Insiders Place Their Bets

In other news, VP Dave Bottoms sold 5,684 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $10.22, for a total value of $58,090.48. Following the transaction, the vice president now owns 9,319 shares of the company’s stock, valued at approximately $95,240.18. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Dave Bottoms sold 5,684 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $10.22, for a total value of $58,090.48. Following the completion of the sale, the vice president now owns 9,319 shares in the company, valued at approximately $95,240.18. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Erica Gessert sold 4,537 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $10.22, for a total transaction of $46,368.14. Following the completion of the sale, the chief financial officer now owns 90,166 shares of the company’s stock, valued at approximately $921,496.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,644 shares of company stock valued at $650,056. 7.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Upwork

A number of large investors have recently modified their holdings of UPWK. Plato Investment Management Ltd acquired a new position in shares of Upwork during the 2nd quarter worth about $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Upwork during the second quarter worth approximately $29,000. Quadrant Capital Group LLC lifted its position in Upwork by 67.8% during the fourth 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 last quarter. Quarry LP lifted its position in Upwork by 104.2% during the second quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after acquiring an additional 2,220 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of Upwork during the first quarter worth approximately $49,000. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Stock Performance

Shares of UPWK stock opened at $9.33 on Thursday. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 26.66 and a beta of 1.57. Upwork has a 1-year low of $8.43 and a 1-year high of $16.36. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 0.99. The stock’s fifty day simple moving average is $10.64 and its 200-day simple moving average is $11.52.

Upwork (NASDAQ:UPWK) last announced its quarterly 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. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The company had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, sell-side analysts predict that Upwork will post 0.52 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.