Brokerages Set Upwork Inc. (NASDAQ:UPWK) Target Price at $18.36

Upwork Inc. (NASDAQ:UPWK) has received a consensus recommendation of “Moderate Buy” from the eleven research firms that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $18.36.

A number of research firms recently issued reports on UPWK. BTIG Research raised their price target on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Roth Mkm boosted their target price on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group increased their price target on Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Citigroup boosted their price objective on shares of Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, November 29th. 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 note on Thursday, November 7th.

Insider Activity

In other news, CAO Olivier Marie sold 9,153 shares of Upwork stock in a transaction on Friday, November 8th. The stock was sold at an average price of $15.92, for a total transaction of $145,715.76. Following the completion of the transaction, the chief accounting officer now owns 1,294 shares of the company’s stock, valued at $20,600.48. The trade was a 87.61 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Hayden Brown sold 10,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.85, for a total transaction of $158,500.00. Following the completion of the sale, the chief executive officer now owns 1,168,850 shares in the company, valued at $18,526,272.50. This represents a 0.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 213,813 shares of company stock worth $3,525,935. Company insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. KBC Group NV increased its position in Upwork by 45.4% during the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after buying an additional 1,497 shares in the last quarter. Quarry LP boosted its stake in shares of Upwork by 42.6% during the third quarter. Quarry LP now owns 6,201 shares of the company’s stock valued at $65,000 after acquiring an additional 1,851 shares during the last quarter. Federated Hermes Inc. increased its position in Upwork by 0.6% during the 2nd quarter. Federated Hermes Inc. now owns 318,659 shares of the company’s stock worth $3,426,000 after purchasing an additional 1,996 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Upwork by 3.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock valued at $718,000 after purchasing an additional 2,063 shares during the last quarter. Finally, Citizens Financial Group Inc. RI lifted its holdings in Upwork by 18.4% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company’s stock valued at $143,000 after purchasing an additional 2,129 shares in the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Stock Performance

Shares of UPWK opened at $16.11 on Wednesday. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 25.57 and a beta of 1.58. 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. The stock has a 50 day moving average price of $16.02 and a 200 day moving average price of $12.44.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.03. The business had revenue of $193.78 million during the quarter, compared to the consensus estimate of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The company’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 earnings per share. Research analysts predict that Upwork will post 0.65 EPS for the current fiscal 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.