Upwork (NASDAQ:UPWK) Price Target Cut to $19.00 by Analysts at Roth Mkm

Upwork (NASDAQ:UPWK) had its target price lowered by Roth Mkm from $20.00 to $19.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Mkm’s price target would suggest a potential upside of 16.60% from the company’s previous close.

A number of other equities research analysts have also commented on the company. Jefferies Financial Group upped their target price on Upwork from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Piper Sandler reissued an “overweight” rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a report on Thursday, November 7th. The Goldman Sachs Group upped their price target on shares of Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Canaccord Genuity Group boosted their price objective on Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $18.00 target price on shares of Upwork in a report on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.91.

Upwork Stock Up 4.9 %

NASDAQ:UPWK traded up $0.77 during trading hours on Thursday, reaching $16.30. The company’s stock had a trading volume of 2,394,929 shares, compared to its average volume of 2,396,566. The stock has a 50 day moving average price of $16.38 and a two-hundred day moving average price of $13.41. The company has a debt-to-equity ratio of 0.87, a quick ratio of 3.18 and a current ratio of 3.18. Upwork has a 12 month low of $8.43 and a 12 month high of $18.14. The company has a market capitalization of $2.18 billion, a P/E ratio of 25.88 and a beta of 1.57.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.79. Upwork had a net margin of 11.26% and a return on equity of 22.84%. Equities analysts predict that Upwork will post 0.65 EPS for the current fiscal year.

Insider Activity at Upwork

In other Upwork news, VP Dave Bottoms sold 5,360 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $17.11, for a total value of $91,709.60. Following the transaction, the vice president now directly owns 9,642 shares of the company’s stock, valued at $164,974.62. This trade represents a 35.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hayden Brown sold 30,672 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.13, for a total value of $464,067.36. Following the transaction, the chief executive officer now owns 1,196,221 shares in the company, valued at approximately $18,098,823.73. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 184,186 shares of company stock valued at $3,056,877. 7.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Upwork

A number of institutional investors have recently added to or reduced their stakes in UPWK. KBC Group NV grew its holdings in Upwork by 45.4% in the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after buying an additional 1,497 shares in the last quarter. CWM LLC boosted its position in shares of Upwork by 71.9% during the 3rd quarter. CWM LLC now owns 5,896 shares of the company’s stock valued at $62,000 after acquiring an additional 2,467 shares during the last quarter. Quarry LP grew its holdings in shares of Upwork by 42.6% in the third quarter. Quarry LP now owns 6,201 shares of the company’s stock valued at $65,000 after purchasing an additional 1,851 shares during the period. Nkcfo LLC acquired a new stake in Upwork during the fourth quarter worth about $82,000. Finally, SBI Securities Co. Ltd. purchased a new position in Upwork during the fourth quarter worth about $84,000. Hedge funds and other institutional investors own 77.71% of the company’s stock.

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.