Upwork (NASDAQ:UPWK) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Upwork (NASDAQ:UPWK) had its price target boosted by equities researchers at Needham & Company LLC from $17.00 to $19.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 22.34% from the company’s current price.

Several other equities research analysts have also weighed in on the company. Jefferies Financial Group raised their target price on Upwork from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Canaccord Genuity Group raised their price objective on shares of Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler restated an “overweight” rating and issued a $18.00 target price (up previously from $13.00) on shares of Upwork in a report on Thursday, November 7th. UBS Group increased their target price on shares of Upwork from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Finally, Citigroup boosted their price target on shares of Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Upwork has a consensus rating of “Moderate Buy” and a consensus price target of $18.27.

Upwork Trading Up 2.0 %

NASDAQ UPWK opened at $15.53 on Thursday. Upwork has a 52 week low of $8.43 and a 52 week high of $18.14. The firm has a 50 day moving average of $16.38 and a two-hundred day moving average of $13.41. 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 stock has a market capitalization of $2.08 billion, a PE ratio of 24.65 and a beta of 1.57.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, topping 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, research analysts expect that Upwork will post 0.65 EPS for the current fiscal year.

Insider Activity

In other news, CFO Erica Gessert sold 19,816 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.13, for a total value of $299,816.08. Following the transaction, the chief financial officer now owns 128,939 shares of the company’s stock, valued at approximately $1,950,847.07. The trade was a 13.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Dave Bottoms sold 5,360 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.11, for a total value of $91,709.60. Following the sale, the vice president now owns 9,642 shares of the company’s stock, valued at $164,974.62. This trade represents a 35.73 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 184,186 shares of company stock valued at $3,056,877. Insiders own 7.60% of the company’s stock.

Institutional Trading of Upwork

Several hedge funds have recently made changes to their positions in the company. Verition Fund Management LLC purchased a new position in Upwork during the third quarter worth about $8,369,000. Arrowstreet Capital Limited Partnership boosted its holdings in Upwork by 3,932.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 772,607 shares of the company’s stock valued at $12,632,000 after purchasing an additional 753,447 shares in the last quarter. Point72 Asset Management L.P. increased 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 purchasing an additional 481,942 shares during the period. Norges Bank purchased a new position in shares of Upwork during the 4th quarter worth approximately $5,951,000. Finally, Invenomic Capital Management LP lifted its holdings in shares of Upwork by 12.5% in the 3rd quarter. Invenomic Capital Management LP now owns 2,334,612 shares of the company’s stock valued at $24,397,000 after buying an additional 260,274 shares during the period. Institutional investors and hedge funds 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.