BTIG Research Issues Positive Forecast for Upwork (NASDAQ:UPWK) Stock Price

Upwork (NASDAQ:UPWK) had its price target increased by equities researchers at BTIG Research from $14.00 to $16.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. BTIG Research’s price objective points to a potential upside of 0.44% from the stock’s previous close.

Several other research analysts have also commented on UPWK. Piper Sandler restated an “overweight” rating and set a $18.00 price target (up previously from $13.00) on shares of Upwork in a research note on Thursday. Royal Bank of Canada lowered their target price on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. The Goldman Sachs Group raised their target price on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a report on Thursday. Canaccord Genuity Group decreased their price target on Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Finally, UBS Group lowered their price objective on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Upwork Stock Performance

Shares of UPWK stock opened at $15.93 on Thursday. Upwork has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The stock’s 50-day moving average is $11.12 and its two-hundred day moving average is $10.99. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00. The firm has a market cap of $2.10 billion, a P/E ratio of 25.29 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The firm had revenue of $193.13 million for the quarter, compared to the consensus estimate of $193.05 million. Upwork had a return on equity of 23.59% and a net margin of 11.26%. The firm’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.03) earnings per share. Analysts predict that Upwork will post 0.51 earnings per share for the current fiscal year.

Insider Activity at Upwork

In other Upwork news, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction that occurred 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 of the company’s stock, valued at $11,488,913.65. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Hayden Brown sold 31,506 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $304,032.90. Following the transaction, the chief executive officer now owns 1,190,561 shares in the company, valued at approximately $11,488,913.65. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Erica Gessert sold 20,353 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $196,406.45. Following the transaction, the chief financial officer now directly owns 107,313 shares of the company’s stock, valued at $1,035,570.45. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 176,783 shares of company stock worth $1,800,221 in the last 90 days. 7.60% of the stock is owned by company insiders.

Institutional Trading of Upwork

Institutional investors have recently modified their holdings of the company. Divisadero Street Capital Management LP raised its stake in shares of 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 purchasing an additional 822,518 shares in the last quarter. Vanguard Group Inc. increased its holdings in Upwork by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock valued at $196,115,000 after buying an additional 770,088 shares during the period. Acadian Asset Management LLC increased its holdings in Upwork by 71.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after buying an additional 679,028 shares during the period. Invenomic Capital Management LP raised its stake 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 valued at $11,826,000 after buying an additional 549,733 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Upwork by 27.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock worth $19,424,000 after acquiring an additional 389,006 shares during the period. 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.