Upwork (NASDAQ:UPWK) Now Covered by UBS Group

UBS Group assumed coverage on shares of Upwork (NASDAQ:UPWK) in a report released on Tuesday, Marketbeat reports. The firm issued a neutral rating and a $12.00 price objective on the stock.

A number of other brokerages also recently weighed in on UPWK. BTIG Research raised shares of Upwork from a neutral rating to a buy rating and set a $16.00 target price for the company in a research note on Thursday, May 2nd. Roth Mkm reissued a buy rating and issued a $19.00 price objective on shares of Upwork in a research report on Wednesday, May 15th. Royal Bank of Canada cut their target price on Upwork from $18.00 to $15.00 and set a sector perform rating on the stock in a research report on Thursday, May 2nd. Finally, Needham & Company LLC reiterated a buy rating and issued a $20.00 target price on shares of Upwork in a report on Wednesday, May 15th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Upwork currently has an average rating of Moderate Buy and an average price target of $17.20.

Upwork Trading Up 0.6 %

NASDAQ UPWK opened at $10.74 on Tuesday. The firm has a market capitalization of $1.43 billion, a PE ratio of 30.69 and a beta of 1.57. The business’s 50-day moving average price is $11.18 and its two-hundred day moving average price is $12.63. The company has a current ratio of 2.93, a quick ratio of 2.93 and a debt-to-equity ratio of 1.02. Upwork has a 12 month low of $8.49 and a 12 month high of $16.36.

Upwork (NASDAQ:UPWK) last announced its earnings results on Wednesday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. Upwork had a return on equity of 13.96% and a net margin of 6.70%. The business had revenue of $190.94 million for the quarter, compared to analysts’ expectations of $186.71 million. On average, analysts expect that Upwork will post 0.52 EPS for the current year.

Insider Buying and Selling

In other news, CFO Erica Gessert sold 4,537 shares of Upwork stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $10.22, for a total transaction of $46,368.14. Following the completion of the transaction, the chief financial officer now directly owns 90,166 shares in the company, valued at $921,496.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Erica Gessert sold 4,537 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $10.22, for a total value of $46,368.14. Following the transaction, the chief financial officer now owns 90,166 shares in the company, valued at $921,496.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Olivier Marie sold 3,106 shares of Upwork stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $12.13, for a total value of $37,675.78. Following the transaction, the chief accounting officer now directly owns 7,565 shares in the company, valued at approximately $91,763.45. The disclosure for this sale can be found here. Insiders have sold a total of 195,337 shares of company stock worth $2,269,408 in the last ninety days. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Upwork

Several institutional investors and hedge funds have recently added to or reduced their stakes in UPWK. Boston Partners bought a new position in shares of Upwork in the first quarter valued at approximately $1,384,000. SkyView Investment Advisors LLC boosted its position in Upwork by 17.8% in the first quarter. SkyView Investment Advisors LLC now owns 186,393 shares of the company’s stock worth $2,285,000 after purchasing an additional 28,139 shares during the last quarter. Invenomic Capital Management LP grew its stake in Upwork by 132.5% in the 1st quarter. Invenomic Capital Management LP now owns 964,641 shares of the company’s stock valued at $11,826,000 after purchasing an additional 549,733 shares during the period. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Upwork during the 1st quarter valued at $1,987,000. Finally, Bayesian Capital Management LP bought a new stake in shares of Upwork during the 1st quarter worth $567,000. Hedge funds and other institutional investors own 77.71% of the company’s stock.

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.