Upwork (NASDAQ:UPWK) Price Target Raised to $18.00 at Canaccord Genuity Group

Upwork (NASDAQ:UPWK) had its target price lifted by Canaccord Genuity Group from $15.00 to $18.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on the company. BTIG Research increased their price target on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group upped their price target on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday. Citigroup decreased their target price on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. Royal Bank of Canada reduced their price objective on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Finally, Piper Sandler reissued an “overweight” rating and issued a $18.00 price objective (up from $13.00) on shares of Upwork in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Upwork Stock Down 2.5 %

Shares of NASDAQ:UPWK traded down $0.40 during trading on Thursday, hitting $15.85. The company’s stock had a trading volume of 3,020,128 shares, compared to its average volume of 2,168,667. The company has a market capitalization of $2.09 billion, a PE ratio of 25.79 and a beta of 1.49. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00. The stock’s 50-day moving average price is $11.00 and its two-hundred day moving average price is $10.96. Upwork has a fifty-two week low of $8.43 and a fifty-two week high of $17.79.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.23 by $0.03. The business had revenue of $193.13 million for the quarter, compared to analysts’ expectations of $193.05 million. Upwork had a net margin of 11.26% and a return on equity of 23.59%. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.03) earnings per share. As a group, sell-side analysts expect that Upwork will post 0.51 EPS for the current year.

Insider Buying and Selling at Upwork

In related news, VP Dave Bottoms sold 5,818 shares of the stock in a transaction 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 completion of the transaction, the vice president now owns 5,818 shares in the company, valued at $57,074.58. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, VP Dave Bottoms sold 5,818 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total value of $57,074.58. Following the completion of the sale, the vice president now directly owns 5,818 shares of the company’s stock, valued at approximately $57,074.58. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Elizabeth A. Nelson sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the transaction, the director now owns 48,915 shares in the company, valued at approximately $515,564.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 176,783 shares of company stock valued at $1,800,221. 7.60% of the stock is owned by insiders.

Institutional Trading of Upwork

Large investors have recently modified their holdings of the company. Divisadero Street Capital Management LP increased its position in Upwork by 32.9% in the 2nd quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock worth $35,700,000 after buying an additional 822,518 shares during the period. Vanguard Group Inc. increased its position in Upwork by 5.1% during the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after acquiring an additional 770,088 shares during the period. Acadian Asset Management LLC raised its stake in Upwork by 71.0% during the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after purchasing an additional 679,028 shares during the last quarter. Invenomic Capital Management LP raised its stake in Upwork by 132.5% during the 1st quarter. Invenomic Capital Management LP now owns 964,641 shares of the company’s stock valued at $11,826,000 after purchasing an additional 549,733 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Upwork by 27.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock valued at $19,424,000 after purchasing an additional 389,006 shares during the period. 77.71% of the stock is owned by institutional investors.

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.