Upwork (NASDAQ:UPWK) Given New $19.00 Price Target at UBS Group

Upwork (NASDAQ:UPWK) had its price target lifted by stock analysts at UBS Group from $18.00 to $19.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group’s price target suggests a potential upside of 21.87% from the stock’s current price.

UPWK has been the subject of several other research reports. Citigroup raised their price target on Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, November 29th. Jefferies Financial Group raised their price target on Upwork from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, January 6th. JMP Securities restated a “market outperform” rating and set a $18.00 price target on shares of Upwork in a report on Thursday, January 30th. Roth Mkm raised their price target on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC lifted their target price on Upwork from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.36.

Upwork Price Performance

Shares of NASDAQ:UPWK traded up $0.06 during trading on Thursday, hitting $15.59. 539,955 shares of the company’s stock were exchanged, compared to its average volume of 2,337,024. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18. Upwork has a 52-week low of $8.43 and a 52-week high of $18.14. The business’s 50-day simple moving average is $16.38 and its 200 day simple moving average is $13.41. The company has a market cap of $2.08 billion, a price-to-earnings ratio of 24.75 and a beta of 1.57.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.79. Upwork had a return on equity of 22.84% and a net margin of 11.26%. As a group, equities analysts predict that Upwork will post 0.65 EPS for the current year.

Insider Buying and Selling

In related news, VP Dave Bottoms sold 5,360 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.11, for a total transaction of $91,709.60. Following the completion of the sale, the vice president now directly owns 9,642 shares of the company’s stock, valued at approximately $164,974.62. This trade represents a 35.73 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hayden Brown sold 30,672 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.13, for a total value of $464,067.36. Following the sale, the chief executive officer now directly owns 1,196,221 shares of the company’s stock, valued at $18,098,823.73. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 184,186 shares of company stock valued at $3,056,877. Insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Upwork

Institutional investors and hedge funds have recently bought and sold shares of the company. Janney Montgomery Scott LLC bought a new stake in Upwork during the 3rd quarter valued at $858,000. Victory Capital Management Inc. raised its position in Upwork by 133.5% during the 3rd quarter. Victory Capital Management Inc. now owns 116,899 shares of the company’s stock valued at $1,222,000 after purchasing an additional 66,842 shares in the last quarter. BNP Paribas Financial Markets raised its position in Upwork by 40.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company’s stock valued at $2,630,000 after purchasing an additional 73,104 shares in the last quarter. Verition Fund Management LLC bought a new stake in Upwork during the 3rd quarter valued at $8,369,000. Finally, Point72 Asset Management L.P. raised its position in Upwork by 2,216.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company’s stock valued at $5,263,000 after purchasing an additional 481,942 shares in the last quarter. 77.71% of the stock is 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.