Upwork (NASDAQ:UPWK) Stock Price Expected to Rise, Citigroup Analyst Says

Upwork (NASDAQ:UPWK) had its price target lifted by Citigroup from $11.00 to $19.00 in a research report released on Friday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other equities research analysts have also weighed in on the company. Roth Mkm lifted their target price on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group increased their target price on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Royal Bank of Canada reduced their price target on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Canaccord Genuity Group increased their price objective on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Piper Sandler restated an “overweight” rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.73.

Upwork Stock Up 0.4 %

Shares of UPWK opened at $16.97 on Friday. The firm has a fifty day moving average price of $12.93 and a 200-day moving average price of $11.39. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $2.27 billion, a P/E ratio of 26.94 and a beta of 1.49. Upwork has a 12-month low of $8.43 and a 12-month high of $17.79.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The business had revenue of $193.78 million for the quarter, compared to the consensus estimate of $185.55 million. During the same period in the prior year, the firm earned $0.12 EPS. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. Equities research analysts expect that Upwork will post 0.65 earnings per share for the current year.

Insider Buying and Selling at Upwork

In other news, CEO Hayden Brown sold 20,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $10.01, for a total transaction of $200,200.00. Following the transaction, the chief executive officer now owns 1,170,561 shares in the company, valued at $11,717,315.61. This represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Olivier Marie sold 9,153 shares of Upwork stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.92, for a total transaction of $145,715.76. Following the completion of the sale, the chief accounting officer now owns 1,294 shares of the company’s stock, valued at $20,600.48. This trade represents a 87.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 199,808 shares of company stock worth $2,501,163 over the last three months. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Upwork

A number of large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its position in Upwork by 4.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 126,581 shares of the company’s stock valued at $1,553,000 after buying an additional 5,050 shares during the last quarter. Boston Partners purchased a new position in shares of Upwork during the first quarter worth $1,384,000. Harbor Capital Advisors Inc. raised its holdings in shares of Upwork by 19.8% during the second quarter. Harbor Capital Advisors Inc. now owns 59,172 shares of the company’s stock worth $636,000 after purchasing an additional 9,787 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Upwork during the second quarter valued at $2,111,000. Finally, Bristlecone Advisors LLC boosted its holdings in Upwork by 89.1% in the second quarter. Bristlecone Advisors LLC now owns 23,231 shares of the company’s stock valued at $250,000 after purchasing an additional 10,945 shares during the last quarter. 77.71% of the stock is owned by hedge funds and other institutional investors.

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.