Upwork (NASDAQ:UPWK) Given New $18.00 Price Target at JMP Securities

Upwork (NASDAQ:UPWK) had its price objective boosted by research analysts at JMP Securities from $14.00 to $18.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price target indicates a potential upside of 10.70% from the stock’s current price.

UPWK has been the topic of a number of other research reports. Citigroup dropped their price objective on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. Canaccord Genuity Group dropped their price target on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. The Goldman Sachs Group increased their price objective on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday. Roth Mkm increased their price objective on Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, UBS Group decreased their price objective on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Upwork has an average rating of “Moderate Buy” and a consensus price target of $16.73.

Upwork Stock Up 11.5 %

Shares of UPWK traded up $1.68 during mid-day trading on Thursday, reaching $16.26. The company’s stock had a trading volume of 6,392,231 shares, compared to its average volume of 2,149,266. Upwork has a 12-month low of $8.43 and a 12-month high of $17.79. The stock has a market cap of $2.15 billion, a PE ratio of 29.60 and a beta of 1.49. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00. The company’s 50 day moving average is $10.86 and its 200 day moving average is $10.92.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The business had revenue of $193.13 million for the quarter, compared to the consensus estimate of $193.05 million. During the same quarter in the prior year, the business posted ($0.03) EPS. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. Equities analysts anticipate that Upwork will post 0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other Upwork news, CEO Hayden Brown sold 9,444 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $99,823.08. Following the completion of the transaction, the chief executive officer now owns 1,178,850 shares of the company’s stock, valued at approximately $12,460,444.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Upwork news, CEO Hayden Brown sold 9,444 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $99,823.08. Following the completion of the transaction, the chief executive officer now owns 1,178,850 shares of the company’s stock, valued at approximately $12,460,444.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Erica Gessert sold 20,353 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $196,406.45. Following the transaction, 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 176,783 shares of company stock valued at $1,800,221. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Upwork

A number of hedge funds and other institutional investors have recently made changes to their positions in UPWK. Divisadero Street Capital Management LP grew its position in shares of Upwork by 32.9% in the second 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 during the period. Vanguard Group Inc. grew its position in shares of Upwork by 5.1% in the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after purchasing an additional 770,088 shares during the period. Acadian Asset Management LLC grew its position in shares of Upwork by 71.0% in the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after purchasing an additional 679,028 shares during the period. Invenomic Capital Management LP grew its position in shares of Upwork by 132.5% in the first 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. Finally, Dimensional Fund Advisors LP grew its position in shares of Upwork by 27.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock valued at $19,424,000 after purchasing an additional 389,006 shares during the period. Hedge funds and other institutional investors own 77.71% of the company’s stock.

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.