Jefferies Financial Group Raises Upwork (NASDAQ:UPWK) Price Target to $20.00

Upwork (NASDAQ:UPWK - Get Free Report) had its price target increased by analysts at Jefferies Financial Group from $19.00 to $20.00 in a report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Jefferies Financial Group's price target points to a potential upside of 23.46% from the company's previous close.

UPWK has been the topic of a number of other research reports. Citigroup raised their target price on shares of Upwork from $11.00 to $19.00 and gave the stock a "neutral" rating in a report on Friday, November 29th. Piper Sandler restated an "overweight" rating and set a $18.00 price objective (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. UBS Group raised their target price on Upwork from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Wednesday, December 4th. JMP Securities upped their price target on shares of Upwork from $14.00 to $18.00 and gave the stock a "market outperform" rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their price objective on shares of Upwork from $21.00 to $24.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $18.36.

Upwork Stock Performance

NASDAQ:UPWK traded up $0.09 during trading hours on Monday, reaching $16.20. 4,894,666 shares of the stock were exchanged, compared to its average volume of 2,682,594. The stock has a market capitalization of $2.17 billion, a P/E ratio of 25.71 and a beta of 1.59. The firm has a 50 day simple moving average of $16.02 and a 200-day simple moving average of $12.44. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. Upwork has a 52 week low of $8.43 and a 52 week high of $18.14.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm had revenue of $193.78 million for the quarter, compared to analysts' expectations of $185.55 million. During the same period last year, the business posted $0.12 earnings per share. The firm's revenue for the quarter was up 10.3% on a year-over-year basis. As a group, sell-side analysts forecast that Upwork will post 0.65 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Dave Bottoms sold 10,508 shares of Upwork stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.86, for a total transaction of $166,656.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Elizabeth A. Nelson sold 75,000 shares of the business's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $17.37, for a total transaction of $1,302,750.00. Following the completion of the sale, the director now owns 48,915 shares in the company, valued at approximately $849,653.55. This trade represents a 60.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 213,813 shares of company stock worth $3,525,935. 7.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in UPWK. Allspring Global Investments Holdings LLC bought a new stake in shares of Upwork during the 2nd quarter worth $54,000. Rhumbline Advisers boosted its position in shares of Upwork by 3.4% in the 2nd quarter. Rhumbline Advisers now owns 186,668 shares of the company's stock valued at $2,007,000 after purchasing an additional 6,132 shares during the period. Victory Capital Management Inc. raised its holdings in Upwork by 138.1% during the 2nd quarter. Victory Capital Management Inc. now owns 50,057 shares of the company's stock worth $538,000 after buying an additional 29,033 shares during the period. Arizona State Retirement System boosted its holdings in shares of Upwork by 8.5% in the second quarter. Arizona State Retirement System now owns 36,540 shares of the company's stock worth $393,000 after buying an additional 2,875 shares during the period. Finally, Los Angeles Capital Management LLC grew its position in Upwork by 39.7% during the 2nd quarter. Los Angeles Capital Management LLC now owns 194,318 shares of the company's stock worth $2,089,000 after purchasing an additional 55,178 shares in the last quarter. Institutional investors and hedge funds 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.