Upwork (NASDAQ:UPWK) Stock Price Expected to Rise, UBS Group Analyst Says

Upwork (NASDAQ:UPWK) had its price target boosted by UBS Group from $17.00 to $18.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other equities research analysts have also recently issued reports on the company. Royal Bank of Canada cut their price target on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. Citigroup upped their target price on Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Canaccord Genuity Group upped their target price on Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group upped their target price on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, BTIG Research upped their target price on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.36.

Upwork Trading Up 0.3 %

Shares of UPWK stock opened at $17.45 on Wednesday. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87. The stock has a market cap of $2.33 billion, a P/E ratio of 27.70 and a beta of 1.58. The stock has a 50 day simple moving average of $13.34 and a 200 day simple moving average of $11.50. Upwork has a 1 year low of $8.43 and a 1 year high of $17.79.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. The business had revenue of $193.78 million during the quarter, compared to analysts’ expectations of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 earnings per share. On average, research analysts predict that Upwork will post 0.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Hayden Brown sold 20,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $10.01, for a total value of $200,200.00. Following the completion of the sale, the chief executive officer now directly owns 1,170,561 shares in the company, valued at $11,717,315.61. This represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Erica Gessert sold 19,816 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.13, for a total value of $299,816.08. Following the completion of the sale, the chief financial officer now owns 128,939 shares of the company’s stock, valued at $1,950,847.07. The trade was a 13.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 214,808 shares of company stock worth $2,756,163. Insiders own 7.60% of the company’s stock.

Institutional Trading of Upwork

A number of large investors have recently bought and sold shares of the business. SkyView Investment Advisors LLC grew its holdings in Upwork by 13.9% during the 3rd quarter. SkyView Investment Advisors LLC now owns 226,375 shares of the company’s stock worth $2,366,000 after acquiring an additional 27,639 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Upwork during the 3rd quarter worth about $355,000. XTX Topco Ltd grew its holdings in Upwork by 198.6% during the 3rd quarter. XTX Topco Ltd now owns 60,509 shares of the company’s stock worth $632,000 after acquiring an additional 40,242 shares during the period. Tabor Asset Management LP acquired a new stake in Upwork during the 3rd quarter worth about $993,000. Finally, Tenzing Global Management LLC grew its holdings in Upwork by 20.0% during the 3rd quarter. Tenzing Global Management LLC now owns 450,000 shares of the company’s stock worth $4,702,000 after acquiring an additional 75,000 shares during the period. 77.71% of the stock is currently owned by institutional investors and hedge funds.

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.