Analysts Set Upwork Inc. (NASDAQ:UPWK) PT at $15.50

Shares of Upwork Inc. (NASDAQ:UPWK) have earned an average recommendation of “Hold” from the thirteen brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $15.50.

Several research analysts have recently commented on UPWK shares. Citigroup decreased their price objective on Upwork from $17.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 21st. Royal Bank Of Canada dropped their target price on Upwork from $20.00 to $9.00 and set a “sector perform” rating for the company in a report on Monday, May 11th. Scotiabank reduced their price target on Upwork from $15.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. Citizens Jmp lowered Upwork from an “outperform” rating to a “market perform” rating in a research report on Friday, May 8th. Finally, Wall Street Zen cut Upwork from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th.

Upwork Stock Up 4.1%

Upwork stock opened at $9.54 on Thursday. The firm has a fifty day simple moving average of $8.78 and a two-hundred day simple moving average of $11.57. Upwork has a twelve month low of $7.44 and a twelve month high of $22.84. The company has a market capitalization of $1.18 billion, a PE ratio of 11.78 and a beta of 0.99.

Insider Activity at Upwork

In related news, CEO Hayden Brown sold 23,468 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $8.15, for a total transaction of $191,264.20. Following the completion of the sale, the chief executive officer directly owned 797,495 shares in the company, valued at $6,499,584.25. This represents a 2.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Erica Gessert sold 9,169 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $8.15, for a total transaction of $74,727.35. Following the sale, the chief financial officer owned 341,609 shares of the company’s stock, valued at $2,784,113.35. This represents a 2.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 34,471 shares of company stock worth $281,446 in the last 90 days. Company insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On Upwork

A number of hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC boosted its holdings in shares of Upwork by 594.4% during the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock worth $27,000 after purchasing an additional 1,165 shares during the period. GAMMA Investing LLC increased its holdings in Upwork by 379.2% during the 4th quarter. GAMMA Investing LLC now owns 1,840 shares of the company’s stock valued at $36,000 after purchasing an additional 1,456 shares during the period. Rockefeller Capital Management L.P. increased its holdings in Upwork by 434.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,881 shares of the company’s stock valued at $37,000 after purchasing an additional 1,529 shares during the period. International Assets Investment Management LLC bought a new position in Upwork during the 4th quarter valued at approximately $42,000. Finally, EverSource Wealth Advisors LLC raised its position in Upwork by 19,361.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,503 shares of the company’s stock valued at $47,000 after purchasing an additional 3,485 shares during the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

About Upwork

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.