Upwork Inc. (NASDAQ:UPWK) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Upwork Inc. (NASDAQ:UPWK) have earned a consensus rating of “Moderate Buy” from the ten analysts that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $15.70.

Several research analysts have commented on the stock. Royal Bank of Canada dropped their price objective on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. Canaccord Genuity Group decreased their price objective on shares of Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Roth Mkm cut their target price on Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. UBS Group decreased their price target on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company 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 research note on Thursday, August 8th.

Upwork Price Performance

Upwork stock opened at $10.71 on Monday. Upwork has a 52-week low of $8.43 and a 52-week high of $16.36. The company has a market cap of $1.43 billion, a price-to-earnings ratio of 30.60 and a beta of 1.54. The firm’s fifty day moving average is $10.30 and its 200 day moving average is $11.07. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.23 by $0.03. The company had revenue of $193.13 million during the quarter, compared to analyst estimates of $193.05 million. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The firm’s revenue was up 14.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.03) earnings per share. Sell-side analysts forecast that Upwork will post 0.51 EPS for the current fiscal year.

Insider Activity

In other Upwork news, CEO Hayden Brown sold 31,506 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $304,032.90. Following the sale, the chief executive officer now owns 1,190,561 shares of the company’s stock, valued at approximately $11,488,913.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Erica Gessert sold 20,353 shares of Upwork stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $196,406.45. Following the transaction, the chief financial officer now owns 107,313 shares of the company’s stock, valued at approximately $1,035,570.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hayden Brown sold 31,506 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $304,032.90. Following the transaction, the chief executive officer now owns 1,190,561 shares of the company’s stock, valued at approximately $11,488,913.65. The disclosure for this sale can be found here. In the last quarter, insiders sold 176,785 shares of company stock worth $1,800,489. 7.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Upwork

Several institutional investors and hedge funds have recently bought and sold shares of the company. Plato Investment Management Ltd acquired a new stake in Upwork in the second quarter worth about $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Upwork in the 2nd quarter worth approximately $29,000. Quadrant Capital Group LLC boosted its stake in Upwork by 67.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock worth $30,000 after purchasing an additional 803 shares in the last quarter. Quarry LP grew its position in 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 last quarter. Finally, Headlands Technologies LLC acquired a new position in Upwork during the 1st quarter valued at approximately $49,000. 77.71% of the stock is owned by hedge funds and other institutional investors.

About Upwork

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.