Upwork (NASDAQ:UPWK) Given New $16.00 Price Target at BTIG Research

Upwork (NASDAQ:UPWK) had its price target hoisted by BTIG Research from $14.00 to $16.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

UPWK has been the topic of a number of other reports. Roth Mkm boosted their price target on shares of Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday. Citigroup cut their target price on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 25th. Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price objective (up from $13.00) on shares of Upwork in a research note on Thursday. Canaccord Genuity Group decreased their target price on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, UBS Group cut their price target on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Upwork Stock Performance

Shares of UPWK traded down $0.32 during trading hours on Thursday, hitting $15.93. The stock had a trading volume of 4,337,924 shares, compared to its average volume of 2,174,740. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00. Upwork has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The firm has a 50-day moving average price of $11.00 and a 200 day moving average price of $10.96. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 25.79 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. Upwork had a return on equity of 23.59% and a net margin of 11.26%. The business’s revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.03) earnings per share. As a group, research analysts anticipate that Upwork will post 0.51 EPS for the current year.

Insider Buying and Selling at Upwork

In other news, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the sale, the vice president now owns 5,818 shares in the company, valued at approximately $57,074.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Erica Gessert sold 20,353 shares of the stock in a transaction dated 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 transaction, the chief financial officer now directly owns 107,313 shares of the company’s stock, valued at $1,035,570.45. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total value of $57,074.58. Following the transaction, the vice president now owns 5,818 shares in the company, valued at $57,074.58. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 176,783 shares of company stock worth $1,800,221 over the last 90 days. Corporate insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Plato Investment Management Ltd acquired a new position in shares of Upwork during the 2nd quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Upwork during the second quarter worth about $29,000. Quarry LP grew its position in Upwork by 104.2% during the second quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after buying an additional 2,220 shares during the period. Headlands Technologies LLC purchased a new position in Upwork in the first quarter valued at about $49,000. Finally, KBC Group NV lifted its position in shares of Upwork by 45.4% during the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after acquiring an additional 1,497 shares during the period. 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.