Upwork (NASDAQ:UPWK) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Upwork (NASDAQ:UPWK) had its price target increased by research analysts at The Goldman Sachs Group from $25.00 to $28.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 63.93% from the company’s previous close.

A number of other research analysts also recently issued reports on UPWK. Canaccord Genuity Group restated a “buy” rating and set a $24.00 target price on shares of Upwork in a research report on Wednesday. Scotiabank boosted their price target on shares of Upwork from $15.00 to $17.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 4th. Jefferies Financial Group restated a “buy” rating and issued a $22.00 price objective on shares of Upwork in a report on Tuesday, November 4th. Roth Capital reaffirmed a “buy” rating and set a $22.00 target price (up previously from $19.00) on shares of Upwork in a report on Wednesday, November 5th. Finally, UBS Group increased their price target on Upwork from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.45.

Upwork Stock Performance

NASDAQ UPWK opened at $17.08 on Wednesday. The stock has a fifty day moving average of $17.32 and a 200-day moving average of $15.46. The stock has a market capitalization of $2.23 billion, a P/E ratio of 9.76 and a beta of 1.57. Upwork has a 52 week low of $11.13 and a 52 week high of $20.54.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Monday, November 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.04). The firm had revenue of $201.73 million for the quarter, compared to analyst estimates of $193.33 million. Upwork had a net margin of 31.63% and a return on equity of 41.05%. The company’s revenue was up 4.1% compared to the same quarter last year. During the same period last year, the company earned $0.30 EPS. Upwork has set its FY 2025 guidance at 1.350-1.370 EPS. Q4 2025 guidance at 0.310-0.330 EPS. Equities research analysts forecast that Upwork will post 0.84 earnings per share for the current fiscal year.

Upwork declared that its Board of Directors has authorized a share repurchase program on Wednesday, September 3rd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 4.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, CEO Hayden Brown sold 42,344 shares of the company’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $19.09, for a total value of $808,346.96. Following the completion of the sale, the chief executive officer owned 1,078,291 shares in the company, valued at $20,584,575.19. This represents a 3.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Dave Bottoms sold 10,894 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $19.16, for a total value of $208,729.04. Following the sale, the insider directly owned 10,359 shares in the company, valued at $198,478.44. The trade was a 51.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 111,982 shares of company stock valued at $2,144,222 in the last quarter. Company insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

Institutional investors have recently modified their holdings of the business. SeaCrest Wealth Management LLC lifted its stake in Upwork by 8.0% in the second quarter. SeaCrest Wealth Management LLC now owns 10,800 shares of the company’s stock valued at $145,000 after buying an additional 800 shares in the last quarter. Raymond James Financial Inc. increased its position in shares of Upwork by 4.0% during the third quarter. Raymond James Financial Inc. now owns 24,004 shares of the company’s stock worth $446,000 after acquiring an additional 928 shares in the last quarter. King Luther Capital Management Corp increased its position in shares of Upwork by 0.4% during the second quarter. King Luther Capital Management Corp now owns 264,789 shares of the company’s stock worth $3,559,000 after acquiring an additional 987 shares in the last quarter. Straightline Group LLC raised its holdings in shares of Upwork by 3.1% during the third quarter. Straightline Group LLC now owns 38,302 shares of the company’s stock worth $711,000 after acquiring an additional 1,159 shares during the period. Finally, Clearstead Advisors LLC raised its holdings in shares of Upwork by 998.4% during the third quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock worth $26,000 after acquiring an additional 1,278 shares during the period. 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.