Upwork Inc. (NASDAQ:UPWK) Receives $18.36 Consensus PT from Brokerages

Upwork Inc. (NASDAQ:UPWK - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eleven research firms that are currently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $18.36.

Several research analysts have recently issued reports on the stock. Roth Mkm upped their price target on shares of Upwork from $13.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. UBS Group upped their price objective on Upwork from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Wednesday. Piper Sandler restated an "overweight" rating and issued a $18.00 price target (up from $13.00) on shares of Upwork in a research report on Thursday, November 7th. JMP Securities raised their price target on shares of Upwork from $14.00 to $18.00 and gave the company a "market outperform" rating in a research note on Thursday, November 7th. Finally, 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.

Insider Activity at Upwork

In other Upwork news, Director Elizabeth A. Nelson sold 75,000 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the transaction, the director now directly owns 48,915 shares of the company's stock, valued at approximately $515,564.10. This represents a 60.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hayden Brown sold 20,000 shares of Upwork stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $10.01, for a total value of $200,200.00. Following the completion of the sale, the chief executive officer now directly owns 1,170,561 shares of the company's stock, valued at approximately $11,717,315.61. This trade represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 214,808 shares of company stock worth $2,756,163 in the last 90 days. Corporate insiders own 7.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Canada Pension Plan Investment Board boosted its stake in Upwork by 186.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 306,900 shares of the company's stock worth $3,299,000 after purchasing an additional 199,900 shares during the period. Janney Montgomery Scott LLC bought a new position in shares of Upwork in the third quarter valued at approximately $858,000. Victory Capital Management Inc. boosted its position in shares of Upwork by 133.5% in the third quarter. Victory Capital Management Inc. now owns 116,899 shares of the company's stock valued at $1,222,000 after acquiring an additional 66,842 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Upwork during the second quarter valued at approximately $1,637,000. Finally, Verition Fund Management LLC bought a new stake in Upwork during the 3rd quarter worth approximately $8,369,000. 77.71% of the stock is owned by institutional investors.

Upwork Price Performance

Shares of Upwork stock traded up $0.42 during trading on Friday, reaching $16.96. 1,698,262 shares of the company's stock were exchanged, compared to its average volume of 2,707,067. The firm's 50-day moving average price is $13.59 and its 200 day moving average price is $11.58. The company has a market cap of $2.27 billion, a P/E ratio of 26.92 and a beta of 1.58. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18. Upwork has a 1-year low of $8.43 and a 1-year high of $17.79.

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

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.