Upwork (NASDAQ:UPWK) Receives “Overweight” Rating from Piper Sandler

Upwork (NASDAQ:UPWKGet Free Report)‘s stock had its “overweight” rating reiterated by investment analysts at Piper Sandler in a research report issued on Thursday, Benzinga reports. They presently have a $18.00 target price on the stock, up from their prior target price of $13.00. Piper Sandler’s price target points to a potential upside of 7.08% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Canaccord Genuity Group decreased their price target on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. The Goldman Sachs Group cut their price objective on shares of Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. UBS Group lowered their target price on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Citigroup cut their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. Finally, Roth Mkm cut their target price on Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $15.73.

Read Our Latest Analysis on Upwork

Upwork Trading Up 15.3 %

Shares of Upwork stock opened at $16.81 on Thursday. The stock has a market capitalization of $2.22 billion, a P/E ratio of 30.56 and a beta of 1.49. Upwork has a 12-month low of $8.43 and a 12-month high of $17.59. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. The company has a 50-day simple moving average of $10.86 and a 200 day simple moving average of $10.92.

Upwork (NASDAQ:UPWKGet Free Report) last posted its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. Upwork’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.03) earnings per share. Research analysts expect that Upwork will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Hayden Brown sold 31,506 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $304,032.90. Following the completion of the transaction, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Hayden Brown sold 31,506 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the sale, the chief executive officer now owns 1,190,561 shares of the company’s stock, valued at approximately $11,488,913.65. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Erica Gessert sold 20,353 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $196,406.45. Following the completion of the sale, the chief financial officer now owns 107,313 shares of the company’s stock, valued at approximately $1,035,570.45. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 176,783 shares of company stock worth $1,800,221. Company insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

A number of institutional investors have recently bought and sold shares of the business. Plato Investment Management Ltd acquired a new stake in Upwork during the 2nd quarter worth approximately $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Upwork during the second quarter worth approximately $29,000. Headlands Technologies LLC acquired a new stake in shares of Upwork in the first quarter valued at approximately $49,000. Quarry LP boosted its stake in shares of Upwork by 104.2% in the second quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after buying an additional 2,220 shares during the period. Finally, KBC Group NV grew its position in Upwork by 45.4% during the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after buying an additional 1,497 shares in the last quarter. Institutional investors and hedge funds own 77.71% of the company’s stock.

About Upwork

(Get Free Report)

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.

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Analyst Recommendations for Upwork (NASDAQ:UPWK)

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