Upwork Inc. (NASDAQ:UPWK) Receives Average Recommendation of "Moderate Buy" from Brokerages

Upwork Inc. (NASDAQ:UPWK - Get Free Report) has been assigned an average rating of "Moderate Buy" from the eleven analysts that are covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $18.36.

Several research analysts have recently issued reports on the company. JMP Securities upped their price objective on Upwork from $14.00 to $18.00 and gave the company a "market outperform" rating in a research note on Thursday, November 7th. Roth Mkm raised their price target on shares of Upwork from $13.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. BTIG Research boosted their price objective on shares of Upwork from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Canaccord Genuity Group raised their target price on Upwork from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, UBS Group lifted their target price on Upwork from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Wednesday, December 4th.

Insider Activity at Upwork

In related news, VP Dave Bottoms sold 10,508 shares of the business's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.86, for a total value of $166,656.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Olivier Marie sold 9,153 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $15.92, for a total value of $145,715.76. Following the transaction, the chief accounting officer now directly owns 1,294 shares in the company, valued at approximately $20,600.48. This trade represents a 87.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 213,813 shares of company stock worth $3,525,935 in the last 90 days. Corporate insiders own 7.60% of the company's stock.

Institutional Investors Weigh In On Upwork

Several hedge funds and other institutional investors have recently modified their holdings of the company. Plato Investment Management Ltd bought a new stake in shares of Upwork during the second quarter worth about $27,000. Quarry LP increased its holdings in Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company's stock worth $47,000 after purchasing an additional 2,220 shares in the last quarter. KBC Group NV raised its stake in shares of Upwork by 45.4% in the third quarter. KBC Group NV now owns 4,791 shares of the company's stock worth $50,000 after purchasing an additional 1,497 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Upwork in the second quarter valued at approximately $54,000. Finally, CWM LLC boosted its position in shares of Upwork by 71.9% during the third quarter. CWM LLC now owns 5,896 shares of the company's stock valued at $62,000 after buying an additional 2,467 shares during the last quarter. Institutional investors own 77.71% of the company's stock.

Upwork Price Performance

NASDAQ:UPWK traded down $0.26 on Wednesday, hitting $16.35. The company had a trading volume of 1,107,903 shares, compared to its average volume of 2,143,708. The firm has a 50 day moving average of $15.87 and a two-hundred day moving average of $12.34. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 25.95 and a beta of 1.58. Upwork has a 52 week low of $8.43 and a 52 week high of $18.14. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The company had revenue of $193.78 million during the quarter, compared to analysts' expectations of $185.55 million. During the same period in the prior year, the company earned $0.12 EPS. Upwork's revenue was up 10.3% compared to the same quarter last year. On average, research analysts anticipate that Upwork will post 0.65 earnings per share for the current year.

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.