UBS Group Issues Positive Forecast for Upwork (NASDAQ:UPWK) Stock Price

Upwork (NASDAQ:UPWK) had its target price boosted by investment analysts at UBS Group from $17.00 to $18.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group’s price objective would suggest a potential upside of 8.83% from the company’s previous close.

UPWK has been the subject of several other reports. Roth Mkm boosted their price objective on shares of Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. JMP Securities boosted their price target on Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a report on Thursday, November 7th. Royal Bank of Canada reduced their price objective on Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. Piper Sandler reissued an “overweight” rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a research note on Thursday, November 7th. Finally, Canaccord Genuity Group raised their price target 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. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.36.

Upwork Stock Down 5.2 %

Shares of NASDAQ UPWK opened at $16.54 on Wednesday. The stock has a market capitalization of $2.21 billion, a P/E ratio of 26.25 and a beta of 1.58. The stock’s fifty day moving average is $13.47 and its 200 day moving average is $11.54. Upwork has a 52 week low of $8.43 and a 52 week high of $17.79. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18.

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

Insider Transactions at Upwork

In related news, CFO Erica Gessert sold 4,491 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the transaction, the chief financial officer now directly owns 111,255 shares of the company’s stock, valued at $1,175,965.35. This trade represents a 3.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Olivier Marie sold 9,153 shares of Upwork stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.92, for a total value of $145,715.76. Following the transaction, the chief accounting officer now directly owns 1,294 shares in the company, valued at $20,600.48. The trade was a 87.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 214,808 shares of company stock worth $2,756,163. Insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

A number of hedge funds have recently made changes to their positions in UPWK. Plato Investment Management Ltd bought a new stake in shares of Upwork in the 2nd quarter valued at $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Upwork during the second quarter worth approximately $29,000. Quarry LP grew its position in shares of Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after buying an additional 2,220 shares during the period. KBC Group NV increased its stake in Upwork by 45.4% in the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after purchasing an additional 1,497 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in Upwork in the 2nd quarter valued at about $54,000. 77.71% of the stock is currently owned by 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.