Brokerages Set Upwork Inc. (NASDAQ:UPWK) PT at $17.20

Shares of Upwork Inc. (NASDAQ:UPWK) have earned an average recommendation of “Moderate Buy” from the ten research firms that are covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $17.20.

Several equities research analysts have issued reports on UPWK shares. UBS Group began coverage on Upwork in a research note on Tuesday, July 2nd. They set a “neutral” rating and a $12.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $20.00 price objective on shares of Upwork in a research report on Wednesday, May 15th. BTIG Research raised shares of Upwork from a “neutral” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Thursday, May 2nd. Roth Mkm reaffirmed a “buy” rating and set a $19.00 target price on shares of Upwork in a research note on Wednesday, May 15th. Finally, Royal Bank of Canada reduced their price target on shares of Upwork from $18.00 to $15.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 2nd.

Insiders Place Their Bets

In other Upwork news, VP Dave Bottoms sold 5,684 shares of the business’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $10.22, for a total value of $58,090.48. Following the completion of the transaction, the vice president now owns 9,319 shares in the company, valued at $95,240.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Dave Bottoms sold 5,684 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $10.22, for a total transaction of $58,090.48. Following the completion of the transaction, the vice president now directly owns 9,319 shares of the company’s stock, valued at $95,240.18. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Erica Gessert sold 4,537 shares of the company’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 transaction of $46,368.14. Following the sale, the chief financial officer now owns 90,166 shares in the company, valued at $921,496.52. 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. 7.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Upwork

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Upwork by 5.1% during the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after acquiring an additional 770,088 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Upwork by 239.9% in the 4th 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 last quarter. Assenagon Asset Management S.A. acquired a new position in Upwork in the fourth quarter valued at $19,082,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Upwork by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 977,073 shares of the company’s stock worth $14,529,000 after purchasing an additional 20,703 shares during the last quarter. Finally, Invenomic Capital Management LP increased its position 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 worth $11,826,000 after purchasing an additional 549,733 shares in the last quarter. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Trading Up 1.9 %

Shares of UPWK opened at $11.39 on Wednesday. Upwork has a 12-month low of $9.56 and a 12-month high of $16.36. The firm has a market capitalization of $1.52 billion, a P/E ratio of 32.54 and a beta of 1.57. The firm has a 50-day moving average price of $11.05 and a 200 day moving average price of $12.45. 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 (NASDAQ:UPWK) last posted its earnings results on Wednesday, May 1st. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $190.94 million for the quarter, compared to analyst estimates of $186.71 million. Upwork had a net margin of 6.70% and a return on equity of 13.96%. Sell-side analysts forecast that Upwork will post 0.52 EPS for the current year.

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.