Upwork’s (UPWK) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Upwork (NASDAQ:UPWK) in a report released on Tuesday morning,Benzinga reports. The firm currently has a $25.00 price target on the stock.

Several other equities research analysts also recently commented on UPWK. Citigroup reduced their target price on shares of Upwork from $19.00 to $17.00 and set a “neutral” rating on the stock in a research note on Tuesday. UBS Group restated a “buy” rating and issued a $26.00 price target on shares of Upwork in a research report on Wednesday, January 14th. Royal Bank Of Canada upped their price objective on shares of Upwork from $18.00 to $21.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Upwork in a research note on Wednesday, January 21st. Finally, Scotiabank boosted their target price on Upwork from $15.00 to $17.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 4th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Upwork Price Performance

Upwork stock opened at $13.11 on Tuesday. The business has a 50 day simple moving average of $19.95 and a 200 day simple moving average of $17.68. The company has a market capitalization of $1.71 billion, a PE ratio of 15.61 and a beta of 1.06. Upwork has a one year low of $11.13 and a one year high of $22.84.

Insider Activity at Upwork

In other news, Director Gary Steele sold 12,500 shares of Upwork stock in a transaction on Friday, November 21st. The stock was sold at an average price of $17.51, for a total value of $218,875.00. Following the completion of the sale, the director directly owned 85,129 shares of the company’s stock, valued at approximately $1,490,608.79. This trade represents a 12.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hayden Brown sold 23,147 shares of the business’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $20.59, for a total value of $476,596.73. Following the sale, the chief executive officer owned 721,158 shares of the company’s stock, valued at approximately $14,848,643.22. The trade was a 3.11% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 523,248 shares of company stock worth $10,029,741. 7.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Upwork

Hedge funds have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB raised its stake in shares of Upwork by 2.2% during the 4th quarter. Handelsbanken Fonder AB now owns 32,200 shares of the company’s stock worth $638,000 after purchasing an additional 700 shares in the last quarter. Straightline Group LLC increased its holdings in Upwork by 2.4% during the fourth quarter. Straightline Group LLC now owns 39,222 shares of the company’s stock worth $777,000 after buying an additional 920 shares during the last quarter. Raymond James Financial Inc. increased its holdings in 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 buying an additional 928 shares during the last quarter. King Luther Capital Management Corp raised its position in 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. Finally, Farther Finance Advisors LLC lifted its stake in Upwork by 594.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock valued at $27,000 after acquiring an additional 1,165 shares during the last quarter. 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.