Upwork (NASDAQ:UPWK) Price Target Raised to $19.00

Upwork (NASDAQ:UPWK) had its target price raised by Citigroup from $11.00 to $19.00 in a report issued on Friday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Several other brokerages have also recently issued reports on UPWK. BTIG Research raised their target price on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Roth Mkm increased their price objective on shares of Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. JMP Securities boosted their target price on shares of Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a research report on Thursday, November 7th. Canaccord Genuity Group upped their target price on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Piper Sandler reiterated an “overweight” rating and set a $18.00 price target (up previously from $13.00) on shares of Upwork in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.73.

Upwork Stock Up 0.4 %

Shares of Upwork stock opened at $16.97 on Friday. Upwork has a twelve month low of $8.43 and a twelve month high of $17.79. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The company’s 50 day moving average is $12.93 and its 200 day moving average is $11.39. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 26.94 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last announced its earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The business had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.12 EPS. Research analysts anticipate that Upwork will post 0.65 EPS for the current year.

Insider Activity

In other Upwork news, CFO Erica Gessert sold 4,491 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the transaction, the chief financial officer now owns 111,255 shares of the company’s stock, valued at $1,175,965.35. This represents a 3.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hayden Brown sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $10.01, for a total value of $200,200.00. Following the transaction, the chief executive officer now owns 1,170,561 shares of the company’s stock, valued at $11,717,315.61. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 199,808 shares of company stock worth $2,501,163 in the last three months. Company insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

A number of institutional investors and hedge funds have recently made changes to their positions in UPWK. Plato Investment Management Ltd bought a new position in shares of Upwork in the 2nd quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Upwork in the 2nd quarter worth approximately $29,000. Quarry LP increased its position in shares of Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after purchasing an additional 2,220 shares during the last quarter. KBC Group NV raised its holdings in Upwork by 45.4% during the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after buying an additional 1,497 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new stake in Upwork in the second quarter worth $54,000. 77.71% of the stock is owned by hedge funds and other 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.