Upwork (NASDAQ:UPWK) Price Target Cut to $21.00 by Analysts at The Goldman Sachs Group

Upwork (NASDAQ:UPWK) had its price objective decreased by equities researchers at The Goldman Sachs Group from $24.00 to $21.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 125.08% from the stock’s current price.

A number of other equities research analysts have also weighed in on UPWK. UBS Group lowered their price target on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday. Roth Mkm reiterated a “buy” rating and set a $19.00 price target on shares of Upwork in a research report on Wednesday, May 15th. Royal Bank of Canada cut their price target on Upwork from $18.00 to $15.00 and set a “sector perform” rating on the stock in a report on Thursday, May 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Upwork in a research note on Wednesday, May 15th. Finally, BTIG Research raised Upwork from a “neutral” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $16.30.

Upwork Stock Performance

Upwork stock traded down $0.04 during trading hours on Thursday, reaching $9.33. 4,291,907 shares of the stock were exchanged, compared to its average volume of 2,067,885. The company has a debt-to-equity ratio of 1.02, a quick ratio of 2.93 and a current ratio of 2.93. The firm’s 50 day moving average is $10.87 and its 200 day moving average is $11.95. Upwork has a 52-week low of $8.43 and a 52-week high of $16.36. The stock has a market cap of $1.24 billion, a P/E ratio of 26.66 and a beta of 1.57.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The firm had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. Upwork had a return on equity of 13.96% and a net margin of 6.70%. Upwork’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) EPS. Analysts predict that Upwork will post 0.52 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Olivier Marie sold 3,106 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $12.13, for a total value of $37,675.78. Following the sale, the chief accounting officer now owns 7,565 shares in the company, valued at approximately $91,763.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Upwork news, CAO Olivier Marie sold 3,106 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $12.13, for a total value of $37,675.78. Following the completion of the sale, the chief accounting officer now owns 7,565 shares of the company’s stock, valued at approximately $91,763.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Erica Gessert sold 69,940 shares of Upwork stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.61, for a total transaction of $812,003.40. Following the completion of the sale, the chief financial officer now owns 86,271 shares of the company’s stock, valued at $1,001,606.31. The disclosure for this sale can be found here. Over the last three months, insiders have sold 192,496 shares of company stock valued at $2,231,891. 7.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Upwork

A number of hedge funds have recently made changes to their positions in the stock. Quadrant Capital Group LLC grew its stake in shares of Upwork by 67.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock worth $30,000 after acquiring an additional 803 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in shares of Upwork during the 4th quarter worth $33,000. Plato Investment Management Ltd purchased a new position in shares of Upwork in the second quarter worth about $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Upwork during the second quarter worth $29,000. Finally, Headlands Technologies LLC bought a new stake in shares of Upwork during the first quarter valued at about $49,000. 77.71% of the stock is currently owned by 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.