Upwork Inc. (NASDAQ:UPWK – Get Free Report)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $17.91 and last traded at $17.71, with a volume of 714429 shares. The stock had previously closed at $17.04.
Analysts Set New Price Targets
Several analysts recently weighed in on UPWK shares. Citigroup lifted their target price on shares of Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a report on Friday, November 29th. Canaccord Genuity Group boosted their price objective on Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Piper Sandler reissued an “overweight” rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a research note on Thursday, November 7th. BTIG Research lifted their target price on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, JMP Securities increased their price target on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $18.36.
View Our Latest Analysis on UPWK
Upwork Stock Performance
Upwork (NASDAQ:UPWK – Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.26 by $0.03. The firm had revenue of $193.78 million for the quarter, compared to analyst estimates of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. Upwork’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 earnings per share. As a group, research analysts expect that Upwork Inc. will post 0.65 earnings per share for the current fiscal year.
Insider Activity at Upwork
In other Upwork news, CEO Hayden Brown sold 8,997 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.12, for a total value of $154,028.64. Following the completion of the sale, the chief executive officer now owns 1,238,156 shares in the company, valued at approximately $21,197,230.72. The trade was a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Dave Bottoms sold 10,508 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $15.86, for a total value of $166,656.88. The disclosure for this sale can be found here. Insiders sold 127,726 shares of company stock valued at $2,033,486 over the last three months. 7.60% of the stock is owned by corporate insiders.
Institutional Trading of Upwork
A number of large investors have recently bought and sold shares of the business. Divisadero Street Capital Management LP raised its holdings in shares of Upwork by 32.9% in the second quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock valued at $35,700,000 after buying an additional 822,518 shares during the last quarter. Invenomic Capital Management LP raised its stake in Upwork by 12.5% during the 3rd quarter. Invenomic Capital Management LP now owns 2,334,612 shares of the company’s stock valued at $24,397,000 after acquiring an additional 260,274 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Upwork by 27.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock worth $19,424,000 after acquiring an additional 389,006 shares during the period. Acadian Asset Management LLC grew its stake in shares of Upwork by 71.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after purchasing an additional 679,028 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Upwork by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,011,508 shares of the company’s stock valued at $10,570,000 after purchasing an additional 14,680 shares during the period. Institutional investors and hedge funds 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.
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