Upwork (NASDAQ:UPWK) Stock Rating Lowered by Zacks Investment Research

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Upwork (NASDAQ:UPWK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

According to Zacks, “Upwork Inc. provides online recruitment services. The Company offers jobs in the categories such as website developers, virtual assistants, sales and marketing experts, accountants and consultants. Upwork Inc. is based in CA, United States. “

Separately, BTIG Research initiated coverage on Upwork in a research report on Thursday, April 11th. They set a “buy” rating and a $24.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $22.50.

UPWK traded down $0.43 during trading on Friday, hitting $15.24. The stock had a trading volume of 22,413 shares, compared to its average volume of 1,026,397. The company has a market capitalization of $1.56 billion and a PE ratio of -40.32. Upwork has a one year low of $14.08 and a one year high of $25.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.74 and a quick ratio of 1.74.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $68.92 million during the quarter, compared to the consensus estimate of $69.15 million. Equities analysts anticipate that Upwork will post -0.2 earnings per share for the current fiscal year.

In other news, insider Hayden Brown sold 2,266 shares of the business’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $15.84, for a total transaction of $35,893.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Globespan Management Associate sold 2,000,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $18.00, for a total value of $36,000,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,386,016 shares of company stock valued at $42,263,068. Corporate insiders own 40.81% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its holdings in Upwork by 76.7% in the 1st quarter. BlackRock Inc. now owns 1,649,400 shares of the company’s stock worth $31,569,000 after purchasing an additional 716,077 shares in the last quarter. Federated Investors Inc. PA increased its holdings in Upwork by 40.6% in the 1st quarter. Federated Investors Inc. PA now owns 1,298,234 shares of the company’s stock worth $24,848,000 after purchasing an additional 375,034 shares in the last quarter. Morgan Stanley increased its holdings in Upwork by 1.1% in the 1st quarter. Morgan Stanley now owns 799,979 shares of the company’s stock worth $15,312,000 after purchasing an additional 8,337 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in Upwork in the 4th quarter worth about $12,994,000. Finally, Geode Capital Management LLC increased its holdings in Upwork by 1.5% in the 1st quarter. Geode Capital Management LLC now owns 581,801 shares of the company’s stock worth $11,135,000 after purchasing an additional 8,466 shares in the last quarter. 35.43% of the stock is owned by institutional investors.

Upwork Company Profile

Upwork Inc operates an online marketplace that enables businesses (clients) to find and work with various independent professionals and agencies (freelancers). The company's platform provides access to talent with approximately 5,000 skills across approximately 70 categories, including content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and Web development.

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