Upwork (NASDAQ:UPWK) Given New $18.00 Price Target at Canaccord Genuity Group

Upwork (NASDAQ:UPWK) had its target price hoisted by analysts at Canaccord Genuity Group from $15.00 to $18.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 11.18% from the stock’s current price.

Several other research analysts also recently weighed in on the company. BTIG Research boosted their price target on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday. The Goldman Sachs Group upped their target price on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday. Roth Mkm raised their price target on Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday. Citigroup lowered their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, September 25th. Finally, JMP Securities raised their target price on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Upwork Price Performance

Shares of NASDAQ UPWK traded up $1.61 during trading on Thursday, reaching $16.19. The company had a trading volume of 7,803,205 shares, compared to its average volume of 2,154,868. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 0.99. Upwork has a twelve month low of $8.43 and a twelve month high of $17.79. The stock has a 50-day moving average price of $10.86 and a two-hundred day moving average price of $10.92. The stock has a market capitalization of $2.14 billion, a PE ratio of 29.80 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.03) EPS. As a group, sell-side analysts predict that Upwork will post 0.51 earnings per share for the current year.

Insider Activity at Upwork

In related news, CFO Erica Gessert sold 20,353 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 $196,406.45. Following the transaction, the chief financial officer now directly owns 107,313 shares in the company, valued at $1,035,570.45. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Hayden Brown sold 9,444 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $99,823.08. Following the completion of the transaction, the chief executive officer now directly owns 1,178,850 shares in the company, valued at $12,460,444.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Erica Gessert sold 20,353 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $196,406.45. Following the transaction, the chief financial officer now owns 107,313 shares in the company, valued at $1,035,570.45. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 176,783 shares of company stock valued at $1,800,221. Insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Plato Investment Management Ltd acquired a new stake in shares of Upwork in the second quarter valued at $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Upwork during the 2nd quarter worth about $29,000. Headlands Technologies LLC purchased a new position in Upwork during the 1st quarter worth approximately $49,000. Quarry LP lifted its position in shares of Upwork by 104.2% in the second 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. Finally, KBC Group NV boosted its position in Upwork by 45.4% during the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after purchasing an additional 1,497 shares during the last quarter. 77.71% of the stock is owned by 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.