Upwork (NASDAQ:UPWK) Given Market Outperform Rating at Citizens Jmp

Upwork (NASDAQ:UPWK)‘s stock had its “market outperform” rating restated by equities researchers at Citizens Jmp in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $27.00 target price on the stock. Citizens Jmp’s price target would suggest a potential upside of 50.76% from the company’s current price.

Other equities research analysts have also issued reports about the stock. BTIG Research reaffirmed a “neutral” rating on shares of Upwork in a report on Wednesday. Canaccord Genuity Group raised their target price on shares of Upwork from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group lifted their price target on shares of Upwork from $25.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday. Wall Street Zen upgraded Upwork from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $22.00 price target on shares of Upwork in a report on Tuesday, November 4th. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Upwork presently has a consensus rating of “Moderate Buy” and an average target price of $22.92.

Upwork Stock Up 4.9%

UPWK traded up $0.83 during midday trading on Wednesday, reaching $17.91. The company had a trading volume of 368,659 shares, compared to its average volume of 2,651,401. The business has a 50-day moving average of $17.32 and a two-hundred day moving average of $15.46. The company has a market cap of $2.34 billion, a P/E ratio of 10.15 and a beta of 1.57. Upwork has a 1 year low of $11.13 and a 1 year 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 for the quarter, missing the consensus estimate of $0.25 by ($0.04). Upwork had a net margin of 31.63% and a return on equity of 41.05%. The firm had revenue of $201.73 million for the quarter, compared to analysts’ expectations of $193.33 million. During the same period in the prior year, the firm earned $0.30 EPS. Upwork’s revenue for the quarter was up 4.1% compared to the same quarter last year. Upwork has set its FY 2025 guidance at 1.350-1.370 EPS. Q4 2025 guidance at 0.310-0.330 EPS. On average, equities research analysts predict that Upwork will post 0.84 EPS for the current year.

Upwork announced that its Board of Directors has authorized a share buyback program on Wednesday, September 3rd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO Erica Gessert sold 8,730 shares of the company’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $19.16, for a total value of $167,266.80. Following the sale, the chief financial officer owned 218,605 shares in the company, valued at $4,188,471.80. This represents a 3.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hayden Brown sold 20,000 shares of the business’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,082,358 shares of the company’s stock, valued at approximately $21,647,160. This trade represents a 1.81% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 111,982 shares of company stock valued at $2,144,222. 7.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Upwork

A number of institutional investors have recently added to or reduced their stakes in UPWK. Financial Gravity Companies Inc. purchased a new stake in Upwork in the second quarter valued at $5,118,000. Inspire Investing LLC purchased a new position in shares of Upwork during the first quarter worth about $750,000. Aviance Capital Partners LLC acquired a new stake in shares of Upwork during the second quarter worth about $619,000. Acadian Asset Management LLC lifted its holdings in shares of Upwork by 24.3% in the 1st quarter. Acadian Asset Management LLC now owns 843,330 shares of the company’s stock valued at $10,996,000 after purchasing an additional 164,993 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC lifted its holdings in shares of Upwork by 80.6% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 251,263 shares of the company’s stock valued at $3,377,000 after purchasing an additional 112,133 shares during the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

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.