Upwork Inc. (NASDAQ:UPWK) Receives Average Recommendation of “Moderate Buy” from Brokerages

Upwork Inc. (NASDAQ:UPWK) has earned an average rating of “Moderate Buy” from the eleven brokerages that are presently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $18.09.

Several brokerages have recently issued reports on UPWK. Roth Mkm raised their target price on shares of Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. UBS Group boosted their price objective on shares of Upwork from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and set a $18.00 target price (up from $13.00) on shares of Upwork in a report on Thursday, November 7th. Jefferies Financial Group raised their target price on Upwork from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Citigroup upped their price target on Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, November 29th.

Upwork Price Performance

Shares of NASDAQ:UPWK opened at $16.03 on Friday. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The stock has a market cap of $2.14 billion, a PE ratio of 25.44 and a beta of 1.59. The company’s fifty day moving average is $16.62 and its 200 day moving average is $13.14. Upwork has a 52 week low of $8.43 and a 52 week high of $18.14.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. The firm had revenue of $193.78 million for 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 quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.12 earnings per share. Research analysts anticipate that Upwork will post 0.65 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Olivier Marie sold 9,153 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $15.92, for a total transaction of $145,715.76. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Dave Bottoms sold 10,508 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $15.86, for a total transaction of $166,656.88. The disclosure for this sale can be found here. Insiders have sold a total of 213,847 shares of company stock valued at $3,527,750 over the last ninety days. Company insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV boosted its holdings in Upwork by 45.4% in the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after acquiring an additional 1,497 shares in the last quarter. Quarry LP boosted its stake in Upwork by 42.6% in the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock worth $65,000 after purchasing an additional 1,851 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Upwork by 3.2% during 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. Citizens Financial Group Inc. RI increased its stake in Upwork by 18.4% during 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. Finally, Rhumbline Advisers raised its holdings in Upwork by 1.4% in the fourth quarter. Rhumbline Advisers now owns 178,202 shares of the company’s stock worth $2,914,000 after buying an additional 2,387 shares during the last quarter. Institutional investors own 77.71% of the company’s stock.

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.