Canaccord Genuity Group Boosts Upwork (NASDAQ:UPWK) Price Target to $18.00

Upwork (NASDAQ:UPWK) had its target price boosted by Canaccord Genuity Group from $15.00 to $18.00 in a research report released on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other research analysts have also commented on the stock. The Goldman Sachs Group increased their price target on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday. Citigroup lowered their target price on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 25th. UBS Group reduced their price target on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. BTIG Research increased their price objective on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday. Finally, 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 report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Upwork Stock Down 2.0 %

UPWK opened at $15.93 on Thursday. The company has a market capitalization of $2.10 billion, a PE ratio of 25.29 and a beta of 1.49. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00. Upwork has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The business has a 50-day moving average of $11.12 and a 200-day moving average of $10.99.

Upwork (NASDAQ:UPWK) last released 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 firm had revenue of $193.13 million for the quarter, compared to the consensus estimate of $193.05 million. Upwork had a return on equity of 23.59% and a net margin of 11.26%. The firm’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.03) earnings per share. Equities research analysts forecast that Upwork will post 0.51 EPS for the current fiscal year.

Insider Activity

In related news, Director Elizabeth A. Nelson sold 75,000 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total transaction of $790,500.00. Following the transaction, the director now owns 48,915 shares of the company’s stock, valued at approximately $515,564.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Erica Gessert sold 4,491 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $47,469.87. Following the completion of the sale, the chief financial officer now owns 111,255 shares in the company, valued at approximately $1,175,965.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elizabeth A. Nelson sold 75,000 shares of Upwork stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total value of $790,500.00. Following the sale, the director now directly owns 48,915 shares in the company, valued at approximately $515,564.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 176,783 shares of company stock valued at $1,800,221. 7.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Upwork

Several large investors have recently added to or reduced their stakes in UPWK. Canada Pension Plan Investment Board increased its position in shares of Upwork by 186.8% during the second quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company’s stock valued at $3,299,000 after purchasing an additional 199,900 shares during the period. Vanguard Group Inc. increased its holdings in Upwork by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after buying an additional 770,088 shares during the period. Edgestream Partners L.P. acquired a new position in shares of Upwork in the 1st quarter valued at $3,165,000. Acadian Asset Management LLC lifted its holdings in shares of Upwork by 19.0% during the 1st quarter. Acadian Asset Management LLC now owns 956,574 shares of the company’s stock worth $11,720,000 after acquiring an additional 152,539 shares during the period. Finally, Bayesian Capital Management LP acquired a new stake in shares of Upwork during the 1st quarter valued at about $567,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

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.