Upwork (NASDAQ:UPWK) Given New $21.00 Price Target at The Goldman Sachs Group

Upwork (NASDAQ:UPWK) had its price objective cut by The Goldman Sachs Group from $24.00 to $21.00 in a report released on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently issued reports on UPWK. Piper Sandler lowered their price target on Upwork from $20.00 to $13.00 and set an overweight rating on the stock in a research report on Thursday. Canaccord Genuity Group decreased their target price on Upwork from $19.00 to $15.00 and set a buy rating for the company in a research note on Thursday. BTIG Research raised Upwork from a neutral rating to a buy rating and set a $16.00 price target on the stock in a research report on Thursday, May 2nd. Royal Bank of Canada reduced their price objective on Upwork from $18.00 to $15.00 and set a sector perform rating for the company in a research report on Thursday, May 2nd. Finally, Needham & Company LLC restated a buy rating and issued a $20.00 price objective on shares of Upwork in a research note on Wednesday, May 15th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Upwork has an average rating of Moderate Buy and a consensus price target of $16.30.

Upwork Stock Performance

NASDAQ:UPWK traded down $0.04 during midday trading on Thursday, reaching $9.33. The stock had a trading volume of 4,291,318 shares, compared to its average volume of 2,067,885. The stock has a market capitalization of $1.24 billion, a P/E ratio of 26.77 and a beta of 1.57. Upwork has a 1-year low of $8.43 and a 1-year high of $16.36. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.93 and a quick ratio of 2.93. The firm’s fifty day simple moving average is $10.90 and its 200-day simple moving average is $11.99.

Insider Buying and Selling

In other news, CFO Erica Gessert sold 4,537 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $10.22, for a total transaction of $46,368.14. Following the completion of the transaction, the chief financial officer now directly owns 90,166 shares of the company’s stock, valued at approximately $921,496.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Erica Gessert sold 4,537 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $10.22, for a total value of $46,368.14. Following the sale, the chief financial officer now directly owns 90,166 shares in the company, valued at approximately $921,496.52. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Dave Bottoms sold 5,684 shares of the stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $10.22, for a total value of $58,090.48. Following the completion of the transaction, the vice president now directly owns 9,319 shares of the company’s stock, valued at $95,240.18. The disclosure for this sale can be found here. Insiders sold a total of 192,496 shares of company stock valued at $2,231,891 over the last ninety days. 7.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Upwork

Institutional investors and hedge funds have recently made changes to their positions in the company. Quadrant Capital Group LLC increased its position in shares of Upwork by 67.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock worth $30,000 after purchasing an additional 803 shares in the last quarter. Daiwa Securities Group Inc. bought a new stake in Upwork during the fourth quarter worth about $33,000. Plato Investment Management Ltd acquired a new stake in shares of Upwork during the second quarter worth approximately $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Upwork during the second quarter worth approximately $29,000. Finally, Headlands Technologies LLC bought a new position in shares of Upwork in the first quarter valued at approximately $49,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

Upwork Company Profile

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.