Upwork (NASDAQ:UPWK) Sets New 52-Week High – Time to Buy?

Upwork Inc. (NASDAQ:UPWK) shares hit a new 52-week high on Thursday . The stock traded as high as $17.59 and last traded at $16.81, with a volume of 892090 shares traded. The stock had previously closed at $14.58.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on UPWK shares. UBS Group decreased their price target on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. The Goldman Sachs Group lowered their price target on shares of Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Royal Bank of Canada lowered their price target on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (up previously from $13.00) on shares of Upwork in a research report on Thursday. Finally, Citigroup reduced their target price on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, September 25th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.73.

Upwork Stock Up 17.6 %

The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 30.22 and a beta of 1.49. The business’s 50 day moving average is $10.86 and its 200 day moving average is $10.92.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The firm had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. During the same period in the previous year, the company earned ($0.03) earnings per share. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. Sell-side analysts anticipate that Upwork Inc. will post 0.51 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Dave Bottoms sold 5,818 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total value of $57,074.58. Following the transaction, the vice president now directly owns 5,818 shares of the company’s stock, valued at approximately $57,074.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Upwork news, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 5,818 shares in the company, valued at approximately $57,074.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Hayden Brown sold 9,444 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $99,823.08. Following the completion of the sale, the chief executive officer now directly owns 1,178,850 shares in the company, valued at $12,460,444.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 176,783 shares of company stock valued at $1,800,221. 7.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Upwork

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of 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. Divisadero Street Capital Management LP lifted its holdings in Upwork by 32.9% in the second quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock valued at $35,700,000 after acquiring an additional 822,518 shares during the period. Dimensional Fund Advisors LP boosted its position in Upwork by 27.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock worth $19,424,000 after purchasing an additional 389,006 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Upwork by 71.0% during 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 during the period. Finally, Invenomic Capital Management LP increased its holdings in shares of Upwork by 132.5% during the 1st quarter. Invenomic Capital Management LP now owns 964,641 shares of the company’s stock valued at $11,826,000 after purchasing an additional 549,733 shares in the last quarter. Hedge funds and other institutional investors 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.