Canaccord Genuity Group Trims Upwork (NASDAQ:UPWK) Target Price to $15.00

Upwork (NASDAQ:UPWK) had its target price lowered by Canaccord Genuity Group from $19.00 to $15.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts have also commented on UPWK. BTIG Research upgraded Upwork from a neutral rating to a buy rating and set a $16.00 price objective for the company in a report on Thursday, May 2nd. Roth Mkm restated a buy rating and issued a $19.00 target price on shares of Upwork in a research note on Wednesday, May 15th. UBS Group started coverage on Upwork in a research note on Tuesday, July 2nd. They issued a neutral rating and a $12.00 target price for the company. Royal Bank of Canada reduced their target price on Upwork from $18.00 to $15.00 and set a sector perform rating for the company in a research note on Thursday, May 2nd. Finally, Needham & Company LLC restated a buy rating and issued a $20.00 target price 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 issued a buy rating to the stock. According to data from MarketBeat, Upwork presently has a consensus rating of Moderate Buy and a consensus target price of $16.30.

Upwork Stock Performance

Shares of UPWK opened at $9.33 on Thursday. Upwork has a 12 month low of $8.43 and a 12 month high of $16.36. The stock has a fifty day moving average price of $10.87 and a 200-day moving average price of $11.91. The company has a current ratio of 2.93, a quick ratio of 2.93 and a debt-to-equity ratio of 1.02. The firm has a market cap of $1.24 billion, a PE ratio of 26.66 and a beta of 1.57.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. Upwork had a return on equity of 13.96% and a net margin of 6.70%. The firm had revenue of $193.13 million during the quarter, compared to analyst estimates of $193.05 million. During the same quarter in the prior year, the business posted ($0.03) EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. Equities research analysts predict that Upwork will post 0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Upwork news, VP Dave Bottoms sold 2,379 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.73, for a total transaction of $27,905.67. Following the sale, the vice president now directly owns 2,326 shares of the company’s stock, valued at approximately $27,283.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Dave Bottoms sold 2,379 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.73, for a total transaction of $27,905.67. Following the sale, the vice president now directly owns 2,326 shares in the company, valued at approximately $27,283.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Olivier Marie sold 3,106 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $12.13, for a total value of $37,675.78. Following the sale, the chief accounting officer now owns 7,565 shares in the company, valued at $91,763.45. The disclosure for this sale can be found here. In the last three months, insiders have sold 192,496 shares of company stock valued at $2,231,891. Company insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Upwork

Institutional investors have recently modified their holdings of the business. Plato Investment Management Ltd acquired a new stake in shares of Upwork during the 2nd quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Upwork in the 2nd quarter worth about $29,000. Quadrant Capital Group LLC boosted its holdings in Upwork by 67.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock worth $30,000 after buying an additional 803 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in Upwork in the 4th quarter worth about $33,000. Finally, Headlands Technologies LLC acquired a new stake in Upwork in the 1st quarter worth about $49,000. 77.71% of the stock is currently owned by institutional investors and hedge funds.

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.