Roth Mkm Issues Pessimistic Forecast for Upwork (NASDAQ:UPWK) Stock Price

Upwork (NASDAQ:UPWK) had its price objective cut by analysts at Roth Mkm from $20.00 to $19.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Roth Mkm’s price target indicates a potential upside of 16.60% from the company’s current price.

Other research analysts have also recently issued reports about the company. The Goldman Sachs Group upped their price target on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Citigroup increased their target price on Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. UBS Group lifted their target price on Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a research report on Thursday. Jefferies Financial Group increased their price target on shares of Upwork from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, JMP Securities restated a “market outperform” rating and issued a $18.00 price objective on shares of Upwork in a report on Thursday, January 30th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.91.

Upwork Trading Up 4.9 %

Shares of NASDAQ:UPWK traded up $0.77 during midday trading on Thursday, reaching $16.30. 2,394,929 shares of the company’s stock were exchanged, compared to its average volume of 2,396,566. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of 25.88 and a beta of 1.57. Upwork has a fifty-two week low of $8.43 and a fifty-two week high of $18.14. The firm’s 50 day simple moving average is $16.38 and its two-hundred day simple moving average is $13.41. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.79. Upwork had a net margin of 11.26% and a return on equity of 22.84%. As a group, sell-side analysts forecast that Upwork will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling at Upwork

In other Upwork news, CEO Hayden Brown sold 30,672 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $15.13, for a total transaction of $464,067.36. Following the transaction, the chief executive officer now owns 1,196,221 shares of the company’s stock, valued at approximately $18,098,823.73. This trade represents a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Erica Gessert sold 19,816 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.13, for a total value of $299,816.08. Following the completion of the sale, the chief financial officer now directly owns 128,939 shares of the company’s stock, valued at $1,950,847.07. The trade was a 13.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 184,186 shares of company stock worth $3,056,877 over the last three months. Insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

Hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC acquired a new position in Upwork in the 3rd quarter valued at about $858,000. Victory Capital Management Inc. grew its position in Upwork by 133.5% in the 3rd quarter. Victory Capital Management Inc. now owns 116,899 shares of the company’s stock valued at $1,222,000 after buying an additional 66,842 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Upwork by 40.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 251,714 shares of the company’s stock valued at $2,630,000 after buying an additional 73,104 shares during the period. Verition Fund Management LLC acquired a new position in Upwork in the 3rd quarter valued at $8,369,000. Finally, Point72 Asset Management L.P. raised its position in Upwork by 2,216.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company’s stock worth $5,263,000 after buying an additional 481,942 shares during the last quarter. 77.71% of the stock is currently owned by hedge funds and other 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.