Upwork (NASDAQ:UPWK) Earns Neutral Rating from Analysts at UBS Group

UBS Group assumed coverage on shares of Upwork (NASDAQ:UPWK - Free Report) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm issued a neutral rating and a $12.00 target price on the stock.

Several other research firms have also issued reports on UPWK. Royal Bank of Canada lowered their price objective on Upwork from $18.00 to $15.00 and set a sector perform rating for the company in a research note on Thursday, May 2nd. Needham & Company LLC reaffirmed a buy rating and issued a $20.00 price objective on shares of Upwork in a research note on Wednesday, May 15th. BTIG Research raised Upwork from a neutral rating to a buy rating and set a $16.00 price objective for the company in a research note on Thursday, May 2nd. Finally, Roth Mkm reaffirmed a buy rating and issued a $19.00 price objective on shares of Upwork in a research note on Wednesday, May 15th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Upwork has an average rating of Moderate Buy and an average price target of $17.20.

Upwork Price Performance

Upwork stock traded up $0.06 during midday trading on Tuesday, reaching $10.74. 1,475,984 shares of the stock traded hands, compared to its average volume of 1,990,875. The stock's fifty day moving average is $11.18 and its 200-day moving average is $12.63. Upwork has a 12 month low of $8.49 and a 12 month high of $16.36. The stock has a market cap of $1.43 billion, a P/E ratio of 30.69 and a beta of 1.57. The company has a quick ratio of 2.93, a current ratio of 2.93 and a debt-to-equity ratio of 1.02.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.11 by $0.02. The company had revenue of $190.94 million during the quarter, compared to analyst estimates of $186.71 million. Upwork had a return on equity of 13.96% and a net margin of 6.70%. As a group, equities research analysts anticipate that Upwork will post 0.52 EPS for the current year.

Insider Transactions at Upwork

In other Upwork news, VP Dave Bottoms sold 2,843 shares of the firm's stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $13.22, for a total transaction of $37,584.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Upwork news, VP Dave Bottoms sold 2,843 shares of the firm's stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $13.22, for a total transaction of $37,584.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Olivier Marie sold 3,106 shares of the firm's stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $12.13, for a total value of $37,675.78. Following the transaction, the chief accounting officer now owns 7,565 shares in the company, valued at $91,763.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 195,337 shares of company stock worth $2,269,408. 7.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in UPWK. Financial Gravity Asset Management Inc. increased its holdings in shares of Upwork by 2,216.0% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 3,893,556 shares of the company's stock valued at $44,231,000 after acquiring an additional 3,725,442 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Upwork by 239.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company's stock valued at $33,491,000 after acquiring an additional 1,589,693 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Upwork in the 4th quarter valued at $19,082,000. Norges Bank acquired a new stake in shares of Upwork in the 4th quarter worth $11,486,000. Finally, Vanguard Group Inc. boosted its position in shares of Upwork by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company's stock worth $196,115,000 after purchasing an additional 770,088 shares in the last quarter. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

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.