Upwork (NASDAQ:UPWK) Rating Increased to Buy at Jefferies Financial Group

Upwork (NASDAQ:UPWK) was upgraded by investment analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, June 26th, Marketbeat.com reports. The firm currently has a $23.00 price target on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 35.77% from the company’s current price.

Several other equities research analysts have also recently issued reports on the company. BTIG Research raised their target price on Duke Realty from $73.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Cantor Fitzgerald began coverage on Upwork in a research note on Tuesday, June 18th. They issued an “overweight” rating for the company. Finally, Zacks Investment Research raised Hanmi Financial from a “sell” rating to a “hold” rating in a research note on Thursday, June 20th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Upwork has an average rating of “Buy” and a consensus target price of $22.83.

Shares of UPWK stock traded up $0.10 during mid-day trading on Wednesday, reaching $16.94. The stock had a trading volume of 720,445 shares, compared to its average volume of 848,645. The company has a market cap of $1.79 billion and a price-to-earnings ratio of -44.58. Upwork has a 1-year low of $14.08 and a 1-year high of $25.00. The business has a fifty day moving average of $15.46. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.07.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.01. The business had revenue of $68.92 million for the quarter, compared to analysts’ expectations of $69.15 million. Analysts forecast that Upwork will post -0.2 earnings per share for the current year.

In related news, insider Hayden Brown sold 3,750 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $16.58, for a total value of $62,175.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Han-Shen Yuan sold 100,000 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $15.87, for a total value of $1,587,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 607,451 shares of company stock worth $9,687,211 in the last three months. Corporate insiders own 40.81% of the company’s stock.

Several institutional investors have recently made changes to their positions in UPWK. Amundi Pioneer Asset Management Inc. bought a new position in shares of Upwork during the first quarter valued at $8,493,000. First Trust Advisors LP purchased a new position in Upwork in the first quarter worth about $1,712,000. Marshall Wace North America L.P. purchased a new position in Upwork in the first quarter worth about $38,000. Marshall Wace LLP purchased a new position in Upwork in the first quarter worth about $417,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Upwork during the 1st quarter valued at about $485,000. Institutional investors own 35.43% of the company’s stock.

Upwork Company Profile

Upwork Inc operates an online marketplace that enables businesses (clients) to find and work with various independent professionals and agencies (freelancers). The company's platform provides access to talent with approximately 5,000 skills across approximately 70 categories, including content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and Web development.

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Analyst Recommendations for Upwork (NASDAQ:UPWK)

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