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

Upwork (NASDAQ:UPWK) had its price target lifted by Canaccord Genuity Group from $15.00 to $18.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also weighed in on UPWK. Citigroup decreased their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. Royal Bank of Canada reduced their target price on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. The Goldman Sachs Group lifted their price target on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday. BTIG Research increased their price objective on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Piper Sandler restated an “overweight” rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a research report on Thursday. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Upwork Stock Performance

Shares of NASDAQ:UPWK opened at $15.93 on Thursday. The firm has a fifty day simple moving average of $11.12 and a two-hundred day simple moving average of $10.99. Upwork has a 52 week low of $8.43 and a 52 week high of $17.79. The company has a quick ratio of 3.00, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $2.13 billion, a P/E ratio of 25.29 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The company had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. During the same quarter last year, the business posted $0.12 earnings per share. The firm’s revenue was up 10.3% on a year-over-year basis. On average, analysts expect that Upwork will post 0.51 earnings per share for the current fiscal year.

Insider Transactions at Upwork

In other Upwork news, CFO Erica Gessert sold 20,353 shares of Upwork 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 completion of the sale, the chief financial officer now directly owns 107,313 shares of the company’s stock, valued at $1,035,570.45. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed 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 dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $196,406.45. Following the transaction, the chief financial officer now directly owns 107,313 shares in the company, valued at $1,035,570.45. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Dave Bottoms sold 5,626 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $59,466.82. Following the transaction, the vice president now directly owns 15,196 shares in the company, valued at $160,621.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 176,417 shares of company stock valued at $1,796,843. 7.60% of the stock is currently owned by company insiders.

Institutional Trading of Upwork

A number of hedge funds have recently bought and sold shares of UPWK. Vanguard Group Inc. increased its holdings in shares of Upwork by 5.1% in the 1st 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 during the period. Divisadero Street Capital Management LP raised its holdings in Upwork by 32.9% in the second quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock worth $35,700,000 after purchasing an additional 822,518 shares in the last quarter. Dimensional Fund Advisors LP lifted its position 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 buying an additional 389,006 shares during the last quarter. Acadian Asset Management LLC lifted its position 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 buying an additional 679,028 shares during the last quarter. Finally, Invenomic Capital Management LP boosted its holdings in shares of 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 buying an additional 549,733 shares in the last quarter. 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.