Upwork Inc. (NASDAQ:UPWK) Receives $15.27 Consensus PT from Brokerages

Shares of Upwork Inc. (NASDAQ:UPWK) have been assigned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $15.27.

A number of equities research analysts recently issued reports on UPWK shares. Piper Sandler decreased their price target on Upwork from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Roth Mkm decreased their price target on Upwork from $19.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Citigroup decreased their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. The Goldman Sachs Group decreased their price target on Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, Canaccord Genuity Group reduced their price objective on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th.

Upwork Price Performance

NASDAQ:UPWK opened at $12.65 on Friday. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 23.00 and a beta of 1.54. Upwork has a 1 year low of $8.43 and a 1 year high of $16.36. The business has a 50 day simple moving average of $10.16 and a 200-day simple moving average of $10.80. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $193.13 million during the quarter, compared to analyst estimates of $193.05 million. During the same period last year, the company earned ($0.03) EPS. Upwork’s quarterly revenue was up 14.5% compared to the same quarter last year. Equities analysts forecast that Upwork will post 0.51 EPS for the current year.

Insider Activity

In other news, CFO Erica Gessert sold 20,353 shares of Upwork 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 in the company, valued at approximately $1,035,570.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $304,032.90. Following the transaction, the chief executive officer now directly owns 1,190,561 shares in the company, valued at approximately $11,488,913.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Erica Gessert sold 20,353 shares of Upwork stock in a transaction on Monday, August 19th. The shares were 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 in the company, valued at $1,035,570.45. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 176,783 shares of company stock worth $1,800,221. 7.60% of the stock is currently owned by company insiders.

Institutional Trading of Upwork

A number of institutional investors have recently made changes to their positions in UPWK. Goldman Sachs Group Inc. boosted its position in shares of Upwork by 239.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock worth $33,491,000 after purchasing an additional 1,589,693 shares in the last quarter. Divisadero Street Capital Management LP boosted its position in shares of Upwork by 32.9% in the 2nd quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock worth $35,700,000 after purchasing an additional 822,518 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Upwork by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after purchasing an additional 770,088 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Upwork by 71.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock worth $17,572,000 after purchasing an additional 679,028 shares in the last quarter. Finally, Invenomic Capital Management LP boosted its position in shares of Upwork by 132.5% in the 1st quarter. Invenomic Capital Management LP now owns 964,641 shares of the company’s stock worth $11,826,000 after purchasing an additional 549,733 shares in the last quarter. Institutional investors and hedge funds 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.