Upwork (NASDAQ:UPWK) Coverage Initiated by Analysts at Scotiabank

Stock analysts at Scotiabank assumed coverage on shares of Upwork (NASDAQ:UPWK - Get Free Report) in a research note issued on Wednesday, Marketbeat.com reports. The brokerage set a "sector perform" rating and a $15.00 price target on the stock. Scotiabank's price objective would suggest a potential upside of 21.56% from the company's previous close.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group raised their target price on Upwork from $19.00 to $20.00 and gave the company a "buy" rating in a report on Monday, January 6th. Needham & Company LLC increased their target price on Upwork from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. JMP Securities reissued a "market outperform" rating and set a $18.00 target price on shares of Upwork in a research report on Thursday, January 30th. Citigroup increased their price target on Upwork from $11.00 to $19.00 and gave the company a "neutral" rating in a report on Friday, November 29th. Finally, UBS Group lifted their target price on Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $18.58.

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Upwork Stock Down 9.0 %

UPWK stock traded down $1.22 during mid-day trading on Wednesday, reaching $12.34. The company had a trading volume of 2,494,470 shares, compared to its average volume of 2,591,421. Upwork has a fifty-two week low of $8.43 and a fifty-two week high of $18.14. The firm has a fifty day simple moving average of $15.80 and a 200 day simple moving average of $14.13. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 8.07 and a beta of 1.61. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39.

Upwork (NASDAQ:UPWK - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. Analysts forecast that Upwork will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Upwork

In related news, VP Dave Bottoms sold 5,360 shares of the business's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $17.11, for a total value of $91,709.60. Following the completion of the transaction, the vice president now owns 9,642 shares of the company's stock, valued at $164,974.62. The trade was a 35.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hayden Brown sold 8,997 shares of the firm's stock in a transaction dated Wednesday, December 18th. The shares were 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 directly owns 1,238,156 shares in the company, valued at $21,197,230.72. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 288,187 shares of company stock valued at $4,769,213 in the last 90 days. 7.60% of the stock is currently owned by company insiders.

Institutional Trading of Upwork

Several institutional investors have recently modified their holdings of the business. KBC Group NV increased its holdings in shares of Upwork by 45.4% during the third quarter. KBC Group NV now owns 4,791 shares of the company's stock valued at $50,000 after acquiring an additional 1,497 shares in the last quarter. Nkcfo LLC purchased a new stake in Upwork during the 4th quarter worth about $82,000. SBI Securities Co. Ltd. purchased a new stake in Upwork in the 4th quarter worth approximately $84,000. Financial Management Professionals Inc. purchased a new position in Upwork during the fourth quarter worth about $97,000. Finally, Quarry LP increased its position in shares of Upwork by 42.6% in the third quarter. Quarry LP now owns 6,201 shares of the company's stock worth $65,000 after purchasing an additional 1,851 shares during the last quarter. 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.