Upwork Inc. (NASDAQ:UPWK) Given Average Rating of "Moderate Buy" by Brokerages

Upwork Inc. (NASDAQ:UPWK - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the eleven ratings firms that are covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $17.00.

A number of equities analysts have commented on UPWK shares. Roth Mkm lifted their price objective on shares of Upwork from $13.00 to $20.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Canaccord Genuity Group increased their target price on shares of Upwork from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Citigroup dropped 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. Royal Bank of Canada lowered their price objective on Upwork from $15.00 to $11.00 and set a "sector perform" rating for the company in a research note on Thursday, August 8th. Finally, BTIG Research upped their price objective on Upwork from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Thursday, November 7th.

Upwork Stock Down 1.0 %

Shares of NASDAQ:UPWK traded down $0.16 during midday trading on Tuesday, hitting $15.73. The stock had a trading volume of 2,307,486 shares, compared to its average volume of 2,178,291. Upwork has a 12 month low of $8.43 and a 12 month high of $17.79. The company has a quick ratio of 3.00, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The business's 50-day simple moving average is $11.25 and its 200-day simple moving average is $11.02. The company has a market cap of $2.10 billion, a P/E ratio of 25.22 and a beta of 1.49.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The firm had revenue of $193.78 million during the quarter, compared to analysts' expectations of $185.55 million. During the same period in the previous year, the business posted $0.12 earnings per share. The company's revenue for the quarter was up 10.3% compared to the same quarter last year. On average, sell-side analysts forecast that Upwork will post 0.51 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Hayden Brown sold 31,506 shares of the firm's stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $304,032.90. Following the completion of the sale, the chief executive officer now directly owns 1,190,561 shares of the company's stock, valued at $11,488,913.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Upwork news, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the transaction, the vice president now owns 5,818 shares of the company's stock, valued at $57,074.58. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the sale, the chief executive officer now owns 1,190,561 shares of the company's stock, valued at approximately $11,488,913.65. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 176,417 shares of company stock valued at $1,796,843 in the last ninety days. 7.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Upwork

Several hedge funds have recently made changes to their positions in UPWK. Divisadero Street Capital Management LP grew its stake in Upwork by 32.9% in the second quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company's stock worth $35,700,000 after purchasing an additional 822,518 shares during the period. Vanguard Group Inc. boosted its holdings in Upwork by 5.1% in the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company's stock worth $196,115,000 after acquiring an additional 770,088 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Upwork by 71.0% in the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company's stock worth $17,572,000 after acquiring an additional 679,028 shares in the last quarter. Invenomic Capital Management LP boosted its holdings in Upwork by 132.5% in the first quarter. Invenomic Capital Management LP now owns 964,641 shares of the company's stock worth $11,826,000 after acquiring an additional 549,733 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Upwork by 27.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company's stock worth $19,424,000 after acquiring an additional 389,006 shares in the last quarter. 77.71% of the stock is 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.