Upwork Inc. (NASDAQ:UPWK) Stock Has Average Target Price of $13.55 According to Analysts

Shares of Upwork Inc. (NASDAQ:UPWK) have received a consensus recommendation of “Hold” from the thirteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $13.55.

UPWK has been the subject of several recent research reports. BTIG Research reiterated a “neutral” rating on shares of Upwork in a research report on Tuesday, November 3rd. Royal Bank Of Canada reissued a “sector perform” rating and set a $8.00 price objective on shares of Upwork in a research note on Tuesday, November 3rd. Weiss Ratings restated a “sell (d+)” rating on shares of Upwork in a research report on Tuesday, October 27th. The Goldman Sachs Group set a $11.50 price objective on Upwork in a research note on Tuesday, August 11th. Finally, Needham & Company LLC lifted their target price on Upwork from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, November 3rd.

Upwork Stock Performance

UPWK stock opened at $9.72 on Friday. The firm has a fifty day moving average price of $8.79 and a 200 day moving average price of $10.41. Upwork has a fifty-two week low of $7.44 and a fifty-two week high of $22.84. The firm has a market cap of $1.22 billion, a PE ratio of 12.00 and a beta of 1.03.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Monday, November 2nd. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.31 by $0.09. Upwork had a net margin of 13.53% and a return on equity of 16.92%. The business had revenue of $185.60 million during the quarter, compared to analyst estimates of $180.22 million.

Insider Activity at Upwork

In other Upwork news, CEO Hayden Brown sold 23,893 shares of Upwork stock in a transaction on Friday, September 18th. The shares were sold at an average price of $8.45, for a total transaction of $201,895.85. Following the completion of the transaction, the chief executive officer directly owned 793,593 shares of the company’s stock, valued at $6,705,860.85. The trade was a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Anthony Kappus sold 45,732 shares of the business’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $8.45, for a total transaction of $386,435.40. Following the transaction, the chief operating officer owned 76,342 shares in the company, valued at $645,089.90. This trade represents a 37.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 178,868 shares of company stock worth $1,509,462. Company insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On Upwork

Several institutional investors have recently made changes to their positions in UPWK. Rockefeller Capital Management L.P. grew its holdings in Upwork by 434.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,881 shares of the company’s stock valued at $37,000 after purchasing an additional 1,529 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Upwork by 43.7% in the second quarter. GAMMA Investing LLC now owns 4,575 shares of the company’s stock worth $38,000 after buying an additional 1,392 shares during the period. Covestor Ltd raised its holdings in shares of Upwork by 40.7% in the third quarter. Covestor Ltd now owns 5,356 shares of the company’s stock worth $44,000 after buying an additional 1,550 shares during the period. IFP Advisors Inc lifted its stake in shares of Upwork by 123.0% during the 3rd quarter. IFP Advisors Inc now owns 8,944 shares of the company’s stock worth $73,000 after acquiring an additional 4,933 shares during the last quarter. Finally, Summit Global Investments bought a new stake in shares of Upwork during the 2nd quarter worth approximately $89,000. Institutional investors own 77.71% of the company’s stock.

Upwork Company Profile

Upwork Inc operates a global work marketplace that connects businesses with independent professionals and agencies. Clients use the platform to find, evaluate, hire and manage talent for projects across areas such as software development, design, marketing, writing, consulting, customer support and administrative services.

The company provides tools for talent discovery, project collaboration, communications, time tracking, contract management and payments. Its offerings serve both individual clients and larger organizations, with features designed to support recurring engagements, contingent-work programs and enterprise talent management.

Upwork was formed in 2015 through the merger of Elance and oDesk, two online freelance-work platforms, and began trading publicly on the Nasdaq stock exchange in 2018.