Upwork (NASDAQ:UPWK) Price Target Cut to $13.00 by Analysts at Roth Mkm

Upwork (NASDAQ:UPWK) had its target price lowered by Roth Mkm from $19.00 to $13.00 in a report issued on Friday, Benzinga reports. Roth Mkm currently has a buy rating on the stock.

Several other equities research analysts have also weighed in on the company. Piper Sandler reduced their price objective on Upwork from $20.00 to $13.00 and set an overweight rating for the company in a research note on Thursday, August 8th. Needham & Company LLC reaffirmed a buy rating and set a $20.00 price objective on shares of Upwork in a research note on Wednesday, May 15th. UBS Group lowered their price objective on shares of Upwork from $12.00 to $11.00 and set a neutral rating on the stock in a research report on Thursday, August 8th. Canaccord Genuity Group reduced their target price on Upwork from $19.00 to $15.00 and set a buy rating for the company in a report on Thursday, August 8th. Finally, BTIG Research raised Upwork from a neutral rating to a buy rating and set a $16.00 target price for the company in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Upwork currently has an average rating of Moderate Buy and a consensus price target of $15.70.

Upwork Price Performance

NASDAQ:UPWK traded down $0.21 during mid-day trading on Friday, reaching $9.78. 2,483,162 shares of the stock were exchanged, compared to its average volume of 2,130,362. Upwork has a 1-year low of $8.43 and a 1-year high of $16.36. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $1.29 billion, a PE ratio of 27.94 and a beta of 1.57. The business has a fifty day moving average price of $10.78 and a 200 day moving average price of $11.81.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $193.13 million for the quarter, compared to the consensus estimate of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.03) EPS. Research analysts expect that Upwork will post 0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Upwork news, Director Elizabeth A. Nelson sold 70,000 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.79, for a total value of $825,300.00. Following the completion of the sale, the director now owns 32,616 shares of the company’s stock, valued at $384,542.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Elizabeth A. Nelson sold 70,000 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.79, for a total transaction of $825,300.00. Following the transaction, the director now directly owns 32,616 shares in the company, valued at $384,542.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Erica Gessert sold 4,537 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $10.22, for a total value 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 disclosure for this sale can be found here. Insiders have sold 189,756 shares of company stock valued at $2,197,593 over the last three months. 7.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Upwork

Institutional investors and hedge funds have recently bought and sold shares of the business. Plato Investment Management Ltd bought a new position in shares of Upwork during the 2nd quarter worth approximately $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Upwork during the 2nd quarter valued at about $29,000. Quadrant Capital Group LLC boosted its stake in shares of Upwork by 67.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock valued at $30,000 after purchasing an additional 803 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of Upwork during the 4th quarter worth approximately $33,000. Finally, Quarry LP raised its stake in shares of 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 last quarter. Institutional investors 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.