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

Upwork (NASDAQ:UPWK) had its target price decreased by Citigroup from $13.00 to $11.00 in a report issued on Wednesday morning, Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other equities analysts have also recently commented on the company. Roth Mkm decreased their target price on Upwork from $19.00 to $13.00 and set a buy rating on the stock in a report on Friday, August 16th. Canaccord Genuity Group decreased their target price on Upwork from $19.00 to $15.00 and set a buy rating on the stock in a report on Thursday, August 8th. Piper Sandler decreased their price target on Upwork from $20.00 to $13.00 and set an overweight rating on the stock in a report on Thursday, August 8th. Royal Bank of Canada decreased their price target on Upwork from $15.00 to $11.00 and set a sector perform rating on the stock in a report on Thursday, August 8th. Finally, UBS Group decreased their price target on Upwork from $12.00 to $11.00 and set a neutral rating on the stock in a report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Upwork currently has a consensus rating of Moderate Buy and a consensus price target of $15.27.

Upwork Stock Performance

UPWK stock opened at $10.55 on Wednesday. The company has a market cap of $1.40 billion, a P/E ratio of 30.14 and a beta of 1.54. Upwork has a 1 year low of $8.43 and a 1 year high of $16.36. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00. The stock’s fifty day moving average price is $10.19 and its 200-day moving average price is $11.00.

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

Insider Transactions at Upwork

In other news, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $304,032.90. Following the sale, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the transaction, the chief executive officer now owns 1,190,561 shares in the company, valued at $11,488,913.65. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total value of $57,074.58. Following the completion of the transaction, the vice president now owns 5,818 shares of the company’s stock, valued at approximately $57,074.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 176,785 shares of company stock valued at $1,800,489. 7.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. New Century Financial Group LLC purchased a new position in shares of Upwork during the first quarter valued at approximately $1,083,000. Vanguard Group Inc. boosted its position in shares of Upwork by 5.1% during the first 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. Goldman Sachs Group Inc. boosted its position in shares of Upwork by 239.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock valued at $33,491,000 after buying an additional 1,589,693 shares during the period. Csenge Advisory Group purchased a new position in shares of Upwork during the first quarter valued at approximately $1,344,000. Finally, Edgestream Partners L.P. purchased a new position in shares of Upwork during the first quarter valued at approximately $3,165,000. Hedge funds and other institutional investors own 77.71% of the company’s stock.

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.