Upwork (NASDAQ:UPWK) Price Target Raised to $18.00

Upwork (NASDAQ:UPWK) had its target price raised by JMP Securities from $14.00 to $18.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a market outperform rating on the stock.

UPWK has been the subject of several other reports. Piper Sandler reissued an “overweight” rating and issued a $18.00 price target (up from $13.00) on shares of Upwork in a research report on Thursday. Royal Bank of Canada dropped their price target 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. Roth Mkm boosted their price target on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday. The Goldman Sachs Group upped their target price on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Citigroup lowered their target price on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Upwork Price Performance

Shares of Upwork stock opened at $15.93 on Thursday. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of 25.29 and a beta of 1.49. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00. The stock has a 50 day moving average price of $11.12 and a 200-day moving average price of $10.99. Upwork has a one year low of $8.43 and a one year high of $17.79.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $193.13 million during the quarter, compared to analyst estimates of $193.05 million. Upwork had a return on equity of 23.59% and a net margin of 11.26%. Upwork’s revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) EPS. Equities analysts expect that Upwork will post 0.51 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Hayden Brown sold 9,444 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $99,823.08. Following the sale, the chief executive officer now owns 1,178,850 shares in the company, valued at $12,460,444.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Upwork news, CFO Erica Gessert sold 20,353 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $196,406.45. Following the transaction, the chief financial officer now owns 107,313 shares of the company’s stock, valued at $1,035,570.45. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Hayden Brown sold 9,444 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $99,823.08. Following the transaction, the chief executive officer now directly owns 1,178,850 shares in the company, valued at approximately $12,460,444.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 176,783 shares of company stock worth $1,800,221. Company insiders own 7.60% of the company’s stock.

Institutional Trading of Upwork

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Divisadero Street Capital Management LP increased its holdings in Upwork by 32.9% in the 2nd quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock valued at $35,700,000 after purchasing an additional 822,518 shares in the last quarter. Vanguard Group Inc. grew its stake 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 acquiring an additional 770,088 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Upwork by 71.0% during the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after acquiring an additional 679,028 shares in the last quarter. Invenomic Capital Management LP grew its stake in shares of Upwork by 132.5% during the first quarter. Invenomic Capital Management LP now owns 964,641 shares of the company’s stock valued at $11,826,000 after acquiring an additional 549,733 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Upwork by 27.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock valued at $19,424,000 after acquiring an additional 389,006 shares in the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

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.