Upwork Inc. (NASDAQ:UPWK) Receives $16.20 Average Target Price from Brokerages

Shares of Upwork Inc. (NASDAQ:UPWK) have earned an average recommendation of “Hold” from the thirteen analysts that are covering the stock, Marketbeat.com reports. Ten research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $16.20.

Several brokerages have issued reports on UPWK. Citigroup lowered Upwork from a “neutral” rating to a “market perform” rating in a report on Friday, May 8th. UBS Group cut Upwork from a “buy” rating to a “neutral” rating and decreased their target price for the company from $20.00 to $10.00 in a research report on Friday, May 8th. Citizens Jmp lowered Upwork from an “outperform” rating to a “market perform” rating in a research report on Friday, May 8th. Roth Mkm cut Upwork from a “buy” rating to a “neutral” rating and set a $10.00 price objective for the company. in a research note on Friday, May 8th. Finally, Scotiabank decreased their price objective on Upwork from $15.00 to $10.00 and set a “sector perform” rating for the company in a report on Friday, May 8th.

Insider Buying and Selling

In other Upwork news, CEO Hayden Brown sold 23,745 shares of Upwork stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $12.31, for a total value of $292,300.95. Following the transaction, the chief executive officer directly owned 798,732 shares in the company, valued at approximately $9,832,390.92. The trade was a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Erica Gessert sold 9,278 shares of the company’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $12.31, for a total transaction of $114,212.18. Following the completion of the sale, the chief financial officer directly owned 307,240 shares of the company’s stock, valued at $3,782,124.40. The trade was a 2.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 235,186 shares of company stock worth $3,156,199 in the last 90 days. Company insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

Several institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in Upwork by 68.9% during the 1st quarter. Royal Bank of Canada now owns 191,587 shares of the company’s stock worth $2,501,000 after acquiring an additional 78,123 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Upwork by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,466 shares of the company’s stock valued at $972,000 after purchasing an additional 3,599 shares during the period. Millennium Management LLC increased its holdings in shares of Upwork by 364.0% in the first quarter. Millennium Management LLC now owns 789,638 shares of the company’s stock valued at $10,305,000 after purchasing an additional 619,459 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Upwork by 10.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 338,680 shares of the company’s stock worth $4,420,000 after purchasing an additional 31,378 shares during the last quarter. Finally, Creative Planning lifted its holdings in shares of Upwork by 16.9% during the second quarter. Creative Planning now owns 29,239 shares of the company’s stock worth $393,000 after purchasing an additional 4,230 shares during the period. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Trading Up 7.1%

UPWK stock opened at $8.75 on Friday. Upwork has a twelve month low of $7.44 and a twelve month high of $22.84. The company’s 50 day moving average is $10.84 and its two-hundred day moving average is $15.63. The stock has a market cap of $1.08 billion, a P/E ratio of 10.80 and a beta of 1.07.

Upwork declared that its Board of Directors has approved a share repurchase plan on Wednesday, February 18th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 18% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Upwork Company Profile

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.