Upwork (NASDAQ:UPWK) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Upwork (NASDAQ:UPWK) in a research report released on Wednesday morning,Benzinga reports. They currently have a $25.00 target price on the stock.

A number of other brokerages have also issued reports on UPWK. Weiss Ratings reissued a “hold (c+)” rating on shares of Upwork in a report on Wednesday, October 8th. JMP Securities upped their price target on Upwork from $20.00 to $27.00 and gave the company a “market outperform” rating in a research report on Wednesday, September 24th. The Goldman Sachs Group lifted their price objective on Upwork from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Wall Street Zen upgraded Upwork from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Finally, Citigroup reiterated a “market outperform” rating on shares of Upwork in a report on Wednesday. Ten analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.92.

Upwork Price Performance

Shares of UPWK stock opened at $18.16 on Wednesday. The business has a 50-day moving average of $17.37 and a 200 day moving average of $15.48. Upwork has a 1-year low of $11.13 and a 1-year high of $20.54. The stock has a market capitalization of $2.37 billion, a PE ratio of 10.38 and a beta of 1.57.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.04). The company had revenue of $201.73 million during the quarter, compared to the consensus estimate of $193.33 million. Upwork had a net margin of 31.63% and a return on equity of 41.05%. During the same quarter in the previous year, the firm posted $0.30 EPS. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. Upwork has set its FY 2025 guidance at 1.350-1.370 EPS. Q4 2025 guidance at 0.310-0.330 EPS. Analysts anticipate that Upwork will post 0.84 EPS for the current year.

Upwork announced that its board has authorized a stock buyback plan on Wednesday, September 3rd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 4.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Upwork news, CFO Erica Gessert sold 8,730 shares of the firm’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $19.16, for a total transaction of $167,266.80. Following the completion of the transaction, the chief financial officer owned 218,605 shares of the company’s stock, valued at approximately $4,188,471.80. This trade represents a 3.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Dave Bottoms sold 10,894 shares of the business’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $19.16, for a total transaction of $208,729.04. Following the sale, the insider owned 10,359 shares in the company, valued at approximately $198,478.44. This trade represents a 51.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 116,293 shares of company stock worth $2,218,615. 7.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Upwork

Several large investors have recently made changes to their positions in UPWK. SeaCrest Wealth Management LLC grew its stake in shares of Upwork by 8.0% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 10,800 shares of the company’s stock worth $145,000 after buying an additional 800 shares during the last quarter. Raymond James Financial Inc. grew its stake in shares of Upwork by 4.0% in the third quarter. Raymond James Financial Inc. now owns 24,004 shares of the company’s stock worth $446,000 after acquiring an additional 928 shares during the last quarter. King Luther Capital Management Corp increased its holdings in shares of Upwork by 0.4% during the second quarter. King Luther Capital Management Corp now owns 264,789 shares of the company’s stock valued at $3,559,000 after acquiring an additional 987 shares in the last quarter. Straightline Group LLC raised its position in shares of Upwork by 3.1% in the 3rd quarter. Straightline Group LLC now owns 38,302 shares of the company’s stock worth $711,000 after purchasing an additional 1,159 shares during the last quarter. Finally, Clearstead Advisors LLC boosted its stake in Upwork by 998.4% in the 3rd quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock worth $26,000 after purchasing an additional 1,278 shares in the last quarter. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

Upwork Company Profile

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.