Upwork (NASDAQ:UPWK) Given New $18.00 Price Target at Royal Bank of Canada

Upwork (NASDAQ:UPWK) had its price objective hoisted by Royal Bank of Canada from $16.00 to $18.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a sector perform rating on the stock.

Several other research firms have also commented on UPWK. JMP Securities restated a “market outperform” rating and issued a $18.00 price objective on shares of Upwork in a research report on Thursday, January 30th. BTIG Research increased their price target on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Roth Mkm cut their price objective on shares of Upwork from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Citigroup increased their target price on shares of Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Finally, Needham & Company LLC lifted their price target on Upwork from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Upwork presently has an average rating of “Moderate Buy” and a consensus target price of $18.91.

Upwork Trading Up 6.6 %

Shares of Upwork stock opened at $16.56 on Thursday. The stock has a market cap of $2.21 billion, a PE ratio of 26.29 and a beta of 1.57. The firm has a fifty day moving average price of $16.38 and a 200 day moving average price of $13.43. Upwork has a 1 year low of $8.43 and a 1 year high of $18.14. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.79. Upwork had a return on equity of 22.84% and a net margin of 11.26%. Equities research analysts predict that Upwork will post 0.65 earnings per share for the current year.

Insider Buying and Selling

In other Upwork news, VP Dave Bottoms sold 5,360 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $17.11, for a total value of $91,709.60. Following the completion of the sale, the vice president now directly owns 9,642 shares of the company’s stock, valued at $164,974.62. This trade represents a 35.73 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hayden Brown sold 8,997 shares of Upwork stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $17.12, for a total value of $154,028.64. Following the transaction, the chief executive officer now owns 1,238,156 shares in the company, valued at approximately $21,197,230.72. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 183,203 shares of company stock worth $3,042,191. 7.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Upwork

Several hedge funds and other institutional investors have recently bought and sold shares of UPWK. KBC Group NV boosted its holdings in Upwork by 45.4% in the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after purchasing an additional 1,497 shares during the last quarter. CWM LLC increased its holdings in shares of Upwork by 71.9% during the 3rd quarter. CWM LLC now owns 5,896 shares of the company’s stock worth $62,000 after buying an additional 2,467 shares during the last quarter. Quarry LP raised its position in shares of Upwork by 42.6% during the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock valued at $65,000 after buying an additional 1,851 shares during the period. Nkcfo LLC acquired a new position in Upwork in the fourth quarter valued at approximately $82,000. Finally, SBI Securities Co. Ltd. purchased a new position in Upwork in the fourth quarter worth approximately $84,000. 77.71% of the stock is currently owned by institutional investors and hedge funds.

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.