Upwork (NASDAQ:UPWK) Stock Rating Lowered by BTIG Research

Upwork (NASDAQ:UPWK - Get Free Report) was downgraded by stock analysts at BTIG Research from a "buy" rating to a "neutral" rating in a report released on Friday, Marketbeat reports.

UPWK has been the subject of a number of other research reports. UBS Group increased their target price on Upwork from $18.00 to $19.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Jefferies Financial Group increased their price target on shares of Upwork from $19.00 to $20.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Royal Bank of Canada boosted their price objective on shares of Upwork from $16.00 to $18.00 and gave the company a "sector perform" rating in a research report on Thursday, February 13th. Scotiabank assumed coverage on shares of Upwork in a research report on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 target price for the company. Finally, Roth Mkm lowered their price target on shares of Upwork from $20.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $18.58.

Upwork Price Performance

Shares of NASDAQ:UPWK traded up $1.03 during trading on Friday, reaching $12.83. The company had a trading volume of 925,512 shares, compared to its average volume of 2,234,484. The firm's fifty day moving average is $14.46 and its 200 day moving average is $14.57. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39. The firm has a market capitalization of $1.74 billion, a PE ratio of 8.53 and a beta of 1.60. Upwork has a twelve month low of $8.43 and a twelve month high of $18.14.

Remove Ads

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

Insiders Place Their Bets

In related news, CFO Erica Gessert sold 13,765 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total transaction of $222,304.75. Following the completion of the sale, the chief financial officer now owns 156,828 shares in the company, valued at $2,532,772.20. This represents a 8.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Dave Bottoms sold 5,411 shares of the firm's stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $70,721.77. Following the completion of the sale, the insider now owns 9,593 shares in the company, valued at approximately $125,380.51. The trade was a 36.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 193,365 shares of company stock valued at $3,050,760 over the last 90 days. 7.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Upwork

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in Upwork by 1,235.1% in the 1st quarter. GAMMA Investing LLC now owns 4,072 shares of the company's stock valued at $53,000 after acquiring an additional 3,767 shares in the last quarter. Nkcfo LLC bought a new stake in shares of Upwork during the fourth quarter valued at approximately $82,000. SBI Securities Co. Ltd. acquired a new position in shares of Upwork in the fourth quarter valued at $84,000. Financial Management Professionals Inc. bought a new position in Upwork in the fourth quarter worth $97,000. Finally, Quarry LP boosted its stake in Upwork by 42.6% during the third quarter. Quarry LP now owns 6,201 shares of the company's stock worth $65,000 after buying an additional 1,851 shares in the last quarter. Institutional investors own 77.71% of the company's stock.

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.