Citigroup Lowers Upwork (NASDAQ:UPWK) Price Target to $11.00

Upwork (NASDAQ:UPWK) had its price objective lowered by research analysts at Citigroup from $13.00 to $11.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 6.69% from the stock’s current price.

Several other equities research analysts have also weighed in on the company. Royal Bank of Canada dropped their target price on Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. UBS Group cut their price objective on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Roth Mkm decreased their target price on shares of Upwork from $19.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, August 16th. The Goldman Sachs Group dropped their price target on shares of Upwork from $24.00 to $21.00 and set a “buy” rating on the stock 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 for the company in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $15.27.

Upwork Trading Down 1.1 %

Upwork stock opened at $10.31 on Wednesday. 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 has a 1 year low of $8.43 and a 1 year high of $16.36. The firm’s 50-day moving average is $10.21 and its 200-day moving average is $11.03. The company has a market cap of $1.36 billion, a P/E ratio of 29.46 and a beta of 1.54.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $193.13 million during the quarter, compared to the consensus estimate of $193.05 million. Upwork had a return on equity of 20.75% and a net margin of 10.00%. Upwork’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.03) earnings per share. On average, equities analysts expect that Upwork will post 0.51 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Dave Bottoms sold 5,818 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the transaction, the vice president now directly owns 5,818 shares of the company’s stock, valued at $57,074.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Upwork news, CEO Hayden Brown sold 9,444 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $99,823.08. Following the completion of the sale, the chief executive officer now owns 1,178,850 shares in the company, valued at approximately $12,460,444.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $9.81, for a total transaction of $57,074.58. Following the sale, the vice president now directly owns 5,818 shares of the company’s stock, valued at approximately $57,074.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 176,785 shares of company stock valued at $1,800,489. Company insiders own 7.60% of the company’s stock.

Institutional Trading of Upwork

Several hedge funds and other institutional investors have recently modified their holdings of the company. New Century Financial Group LLC purchased a new position in Upwork in the first quarter valued at about $1,083,000. Vanguard Group Inc. increased its holdings in Upwork by 5.1% in the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after buying an additional 770,088 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Upwork by 239.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock valued at $33,491,000 after acquiring an additional 1,589,693 shares in the last quarter. Csenge Advisory Group acquired a new stake in Upwork in the first quarter valued at approximately $1,344,000. Finally, Edgestream Partners L.P. acquired a new stake in Upwork in the first quarter valued at approximately $3,165,000. 77.71% of the stock is currently owned by hedge funds and other 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.