Upwork (NASDAQ:UPWK) Shares Up 5.3% - Should You Buy?

Shares of Upwork Inc. (NASDAQ:UPWK - Get Free Report) were up 5.3% during trading on Tuesday . The company traded as high as $13.23 and last traded at $13.23. Approximately 566,410 shares traded hands during trading, a decline of 73% from the average daily volume of 2,109,793 shares. The stock had previously closed at $12.57.

Wall Street Analysts Forecast Growth

A number of analysts have commented on UPWK shares. Citigroup reduced their target price on shares of Upwork from $13.00 to $11.00 and set a "neutral" rating for the company in a report on Wednesday, September 25th. The Goldman Sachs Group reduced their target price on shares of Upwork from $24.00 to $21.00 and set a "buy" rating for the company in a report on Thursday, August 8th. Piper Sandler reduced their target price on shares of Upwork from $20.00 to $13.00 and set an "overweight" rating for the company in a report on Thursday, August 8th. Canaccord Genuity Group reduced their target price on shares of Upwork from $19.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, August 8th. Finally, Royal Bank of Canada reduced their target price on shares of Upwork from $15.00 to $11.00 and set a "sector perform" rating for the company in a report on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Upwork has an average rating of "Moderate Buy" and an average price target of $15.27.

Upwork Trading Up 7.8 %

The stock's 50 day moving average price is $10.35 and its 200-day moving average price is $10.80. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $1.79 billion, a PE ratio of 24.64 and a beta of 1.54.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. The company had revenue of $193.13 million during the quarter, compared to analysts' expectations of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. Upwork's quarterly revenue was up 14.5% on a year-over-year basis. During the same period last year, the company posted ($0.03) earnings per share. On average, sell-side analysts expect that Upwork Inc. will post 0.51 earnings per share for the current fiscal year.

Insider Activity at Upwork

In related news, CEO Hayden Brown sold 9,444 shares of the firm's stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $99,823.08. Following the completion of the transaction, the chief executive officer now directly owns 1,178,850 shares of the company's stock, valued at approximately $12,460,444.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Hayden Brown sold 9,444 shares of the firm's stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $99,823.08. Following the completion of the transaction, the chief executive officer now directly owns 1,178,850 shares of the company's stock, valued at approximately $12,460,444.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Erica Gessert sold 20,353 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $196,406.45. Following the transaction, the chief financial officer now owns 107,313 shares of the company's stock, valued at $1,035,570.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 176,783 shares of company stock valued at $1,800,221. Corporate insiders own 7.60% of the company's stock.

Hedge Funds Weigh In On Upwork

Institutional investors have recently bought and sold shares of the business. New Century Financial Group LLC bought a new position in Upwork during the first quarter valued at $1,083,000. Canada Pension Plan Investment Board lifted its position in Upwork by 186.8% during the second quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company's stock valued at $3,299,000 after purchasing an additional 199,900 shares during the last quarter. Vanguard Group Inc. lifted its position in Upwork by 5.1% during the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company's stock valued at $196,115,000 after purchasing an additional 770,088 shares during the last quarter. Csenge Advisory Group bought a new position in Upwork during the first quarter valued at $1,344,000. Finally, Edgestream Partners L.P. bought a new stake in shares of Upwork in the 1st quarter worth about $3,165,000. Institutional investors 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.