Brokerages Set Upwork Inc. (NASDAQ:UPWK) Target Price at $18.58

Upwork Inc. (NASDAQ:UPWK) has been given an average rating of “Moderate Buy” by the twelve analysts that are covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $18.50.

A number of analysts have issued reports on UPWK shares. BTIG Research downgraded Upwork from a “buy” rating to a “neutral” rating in a research report on Friday, April 4th. Citigroup dropped their price objective on shares of Upwork from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Tuesday, May 6th. Scotiabank began coverage on shares of Upwork in a research note on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 target price for the company. JMP Securities restated a “market outperform” rating and set a $18.00 price target on shares of Upwork in a research note on Thursday, January 30th. Finally, UBS Group lifted their price objective on shares of Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th.

Insider Buying and Selling at Upwork

In other news, CFO Erica Gessert sold 13,765 shares of Upwork stock in a transaction on Tuesday, February 18th. The shares were 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 directly owns 156,828 shares of the company’s stock, valued at approximately $2,532,772.20. The trade was a 8.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hayden Brown sold 21,122 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $16.15, for a total value of $341,120.30. Following the completion of the transaction, the chief executive officer now directly owns 1,275,083 shares in the company, valued at approximately $20,592,590.45. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 233,108 shares of company stock worth $3,683,448 over the last three months. 7.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Upwork

Large investors have recently modified their holdings of the company. Wedmont Private Capital purchased a new position in shares of Upwork during the fourth quarter worth approximately $544,000. KLP Kapitalforvaltning AS bought a new stake in Upwork in the fourth quarter worth $419,000. Rhumbline Advisers boosted its position in Upwork by 1.4% during the fourth quarter. Rhumbline Advisers now owns 178,202 shares of the company’s stock valued at $2,914,000 after buying an additional 2,387 shares during the period. Amundi grew its stake in shares of Upwork by 37.6% during the fourth quarter. Amundi now owns 93,251 shares of the company’s stock valued at $1,497,000 after buying an additional 25,464 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Upwork by 9.3% in the fourth quarter. Bank of New York Mellon Corp now owns 413,248 shares of the company’s stock worth $6,757,000 after buying an additional 35,074 shares during the period. 77.71% of the stock is owned by hedge funds and other institutional investors.

Upwork Stock Up 2.6 %

Shares of NASDAQ:UPWK opened at $16.88 on Tuesday. Upwork has a 1 year low of $8.43 and a 1 year high of $18.14. The company has a market capitalization of $2.22 billion, a PE ratio of 11.03 and a beta of 1.52. The business has a fifty day moving average price of $13.40 and a two-hundred day moving average price of $15.06. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.39 and a quick ratio of 3.39.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Monday, May 5th. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.25 by $0.09. Upwork had a net margin of 28.02% and a return on equity of 50.83%. The business had revenue of $192.71 million for the quarter, compared to analyst estimates of $188.49 million. During the same quarter in the previous year, the firm posted $0.22 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. Analysts forecast that Upwork will post 0.84 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.