Upwork (NASDAQ:UPWK) Price Target Raised to $20.00

Upwork (NASDAQ:UPWK) had its target price upped by Roth Mkm from $13.00 to $20.00 in a report issued on Thursday morning,Benzinga reports. Roth Mkm currently has a buy rating on the stock.

Several other research firms have also recently weighed in on UPWK. Citigroup cut their price target on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. The Goldman Sachs Group cut their price target on shares of Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. UBS Group cut their price target on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Canaccord Genuity Group cut their price target on shares of Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $18.00 price target (up previously from $13.00) on shares of Upwork in a report on Thursday. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Upwork Trading Down 2.0 %

UPWK stock opened at $15.93 on Thursday. The company has a market capitalization of $2.10 billion, a PE ratio of 25.29 and a beta of 1.49. Upwork has a one year low of $8.43 and a one year high of $17.79. The company’s 50 day moving average price is $11.12 and its two-hundred day moving average price is $10.99. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.23 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 23.59%. The company had revenue of $193.13 million for the quarter, compared to the consensus estimate of $193.05 million. During the same period in the previous year, the firm earned ($0.03) earnings per share. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, analysts predict that Upwork will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Upwork news, CFO Erica Gessert sold 20,353 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $196,406.45. Following the completion of the transaction, the chief financial officer now owns 107,313 shares of the company’s stock, valued at approximately $1,035,570.45. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Dave Bottoms sold 5,818 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the sale, the vice president now owns 5,818 shares of the company’s stock, valued at $57,074.58. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Erica Gessert sold 20,353 shares of the company’s 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 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 176,783 shares of company stock valued at $1,800,221. 7.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. KBC Group NV grew its stake in shares of 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 acquiring an additional 1,497 shares during the period. ProShare Advisors LLC boosted its position in shares of Upwork by 8.6% during the 1st quarter. ProShare Advisors LLC now owns 22,483 shares of the company’s stock valued at $276,000 after acquiring an additional 1,771 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of Upwork by 0.6% during the 2nd quarter. Federated Hermes Inc. now owns 318,659 shares of the company’s stock valued at $3,426,000 after acquiring an additional 1,996 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Upwork by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock valued at $718,000 after acquiring an additional 2,063 shares during the last quarter. Finally, Citizens Financial Group Inc. RI boosted its position in shares of Upwork by 18.4% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company’s stock valued at $143,000 after acquiring an additional 2,129 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors.

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.