Upwork Inc. (NASDAQ:UPWK) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Upwork Inc. (NASDAQ:UPWK) have earned a consensus rating of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $15.27.

UPWK has been the subject of a number of recent research reports. Roth Mkm dropped their price objective on Upwork from $19.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Canaccord Genuity Group dropped 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. UBS Group dropped their price objective on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada dropped their price objective 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. Finally, The Goldman Sachs Group dropped their price objective on Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, August 8th.

Insider Activity

In other news, VP Dave Bottoms sold 5,818 shares of Upwork 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 $57,074.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction that occurred 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 approximately $57,074.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Erica Gessert sold 4,491 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $47,469.87. Following the transaction, the chief financial officer now directly owns 111,255 shares in the company, valued at $1,175,965.35. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 176,560 shares of company stock valued at $1,797,924 in the last three months. Corporate insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Essex Investment Management Co. LLC increased its holdings in Upwork by 56.2% during the 1st quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock worth $58,000 after purchasing an additional 1,700 shares during the last quarter. ProShare Advisors LLC increased its holdings in Upwork by 8.6% during the 1st quarter. ProShare Advisors LLC now owns 22,483 shares of the company’s stock worth $276,000 after purchasing an additional 1,771 shares during the last quarter. Federated Hermes Inc. increased its holdings in Upwork by 0.6% during the 2nd quarter. Federated Hermes Inc. now owns 318,659 shares of the company’s stock worth $3,426,000 after purchasing an additional 1,996 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Upwork by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock worth $718,000 after purchasing an additional 2,063 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of Upwork by 104.2% in the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after acquiring an additional 2,220 shares during the last quarter. 77.71% of the stock is owned by institutional investors and hedge funds.

Upwork Trading Down 1.1 %

Shares of UPWK stock opened at $10.26 on Friday. Upwork has a fifty-two week low of $8.43 and a fifty-two week high of $16.36. The stock has a market cap of $1.35 billion, a P/E ratio of 18.65 and a beta of 1.54. The business has a fifty day simple moving average of $9.98 and a 200-day simple moving average of $10.83. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results 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. The business had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.03) earnings per share. On average, analysts forecast that Upwork will post 0.51 earnings per share for the current fiscal year.

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.