Citigroup Lowers Upwork (NASDAQ:UPWK) Price Target to $11.00

Upwork (NASDAQ:UPWK) had its price objective decreased by equities researchers at Citigroup from $13.00 to $11.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 5.47% from the stock’s previous close.

UPWK has been the subject of several other reports. Piper Sandler decreased their price objective on shares of Upwork from $20.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. The Goldman Sachs Group lowered their price target on Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Canaccord Genuity Group cut their price objective on shares of Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Roth Mkm reduced their price target on shares of Upwork from $19.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Finally, UBS Group cut their target price on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Upwork currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.27.

Upwork Stock Down 2.1 %

NASDAQ:UPWK traded down $0.22 during midday trading on Wednesday, reaching $10.43. The company had a trading volume of 798,540 shares, compared to its average volume of 2,116,352. Upwork has a 12-month low of $8.43 and a 12-month high of $16.36. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of 29.94 and a beta of 1.54. 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 $10.26 and its 200-day simple moving average is $11.04.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $193.13 million during the quarter, compared to the consensus estimate of $193.05 million. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The business’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 posted ($0.03) earnings per share. On average, sell-side analysts anticipate that Upwork will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, 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 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Upwork news, CEO Hayden Brown sold 31,506 shares of the firm’s 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 completion of the transaction, the chief executive officer now owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Erica Gessert sold 20,353 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $196,406.45. Following the completion of the transaction, the chief financial officer now directly owns 107,313 shares of the company’s stock, valued at approximately $1,035,570.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 176,785 shares of company stock worth $1,800,489. Corporate insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quadrant Capital Group LLC increased its stake in Upwork by 67.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock valued at $30,000 after purchasing an additional 803 shares during the last quarter. Plato Investment Management Ltd acquired a new stake in shares of Upwork in the second quarter worth approximately $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Upwork in the second quarter valued at approximately $29,000. Headlands Technologies LLC acquired a new position in Upwork during the first quarter worth approximately $49,000. Finally, Quarry LP raised its stake 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 purchasing an additional 2,220 shares during the period. 77.71% of the stock is currently owned by institutional investors and hedge funds.

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.