Upwork Inc. (NASDAQ:UPWK) Receives Average Recommendation of “Moderate Buy” from Analysts

Upwork Inc. (NASDAQ:UPWK) has been given an average rating of “Moderate Buy” by the twelve brokerages that are covering the stock, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $18.67.

A number of analysts have recently commented on UPWK shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price target on shares of Upwork in a research note on Monday, June 2nd. Jefferies Financial Group lowered their price target on Upwork from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Wall Street Zen raised Upwork from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 24th. BTIG Research cut Upwork from a “buy” rating to a “neutral” rating in a research note on Friday, April 4th. Finally, JMP Securities upped their price target on Upwork from $18.00 to $20.00 and gave the company a “market outperform” rating in a research note on Friday, May 16th.

Upwork Stock Performance

Upwork stock opened at $15.40 on Friday. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. Upwork has a 1 year low of $8.43 and a 1 year high of $18.14. The company has a market cap of $2.03 billion, a PE ratio of 10.07 and a beta of 1.44. The company’s 50-day moving average is $14.45 and its two-hundred day moving average is $15.29.

Upwork (NASDAQ:UPWK) last released its earnings results on Monday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.09. Upwork had a net margin of 28.02% and a return on equity of 50.83%. The company had revenue of $192.71 million for the quarter, compared to the consensus estimate of $188.49 million. During the same period in the prior year, the company posted $0.22 EPS. The company’s revenue was up .9% compared to the same quarter last year. Equities analysts anticipate that Upwork will post 0.84 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Olivier Marie sold 1,655 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $16.41, for a total transaction of $27,158.55. Following the completion of the transaction, the chief accounting officer now directly owns 1,294 shares of the company’s stock, valued at $21,234.54. This trade represents a 56.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dave Bottoms sold 1,620 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $16.41, for a total transaction of $26,584.20. The disclosure for this sale can be found here. In the last three months, insiders sold 506,868 shares of company stock valued at $8,626,580. 7.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Upwork

Several hedge funds have recently made changes to their positions in the business. Inspire Investing LLC bought a new position in shares of Upwork during the 1st quarter worth approximately $750,000. Rhumbline Advisers grew its stake in shares of Upwork by 2.5% during the 1st quarter. Rhumbline Advisers now owns 182,660 shares of the company’s stock worth $2,384,000 after acquiring an additional 4,458 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Upwork by 24.3% in the 1st quarter. Acadian Asset Management LLC now owns 843,330 shares of the company’s stock valued at $10,996,000 after buying an additional 164,993 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Upwork by 10.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 338,680 shares of the company’s stock valued at $4,420,000 after buying an additional 31,378 shares during the last quarter. Finally, Teza Capital Management LLC acquired a new stake in shares of Upwork in the 1st quarter valued at approximately $265,000. 77.71% of the stock is owned by institutional investors.

About Upwork

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.