Upwork (NASDAQ:UPWK) Lifted to Buy at BTIG Research

BTIG Research upgraded shares of Upwork (NASDAQ:UPWK) from a neutral rating to a buy rating in a report issued on Thursday morning, MarketBeat Ratings reports. They currently have $16.00 target price on the stock.

Other analysts have also recently issued reports about the stock. The Goldman Sachs Group raised their price target on shares of Upwork from $20.00 to $22.00 and gave the company a buy rating in a report on Thursday, February 15th. JMP Securities upped their price target on Upwork from $16.00 to $17.00 and gave the stock a market outperform rating in a research report on Thursday, February 15th. Jefferies Financial Group upgraded Upwork from a hold rating to a buy rating and boosted their target price for the stock from $13.00 to $20.00 in a research note on Monday, January 8th. Royal Bank of Canada increased their price target on Upwork from $17.00 to $18.00 and gave the company a sector perform rating in a research note on Thursday, February 15th. Finally, Needham & Company LLC upped their price objective on shares of Upwork from $18.00 to $20.00 and gave the company a buy rating in a report on Thursday, February 15th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $17.30.

Upwork Trading Down 0.8 %

UPWK opened at $12.89 on Thursday. Upwork has a 52 week low of $6.56 and a 52 week high of $16.36. The company has a market capitalization of $1.71 billion, a P/E ratio of 36.83 and a beta of 1.66. The stock’s fifty day moving average is $12.19 and its two-hundred day moving average is $13.19. The company has a quick ratio of 3.01, a current ratio of 2.93 and a debt-to-equity ratio of 1.02.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, February 14th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $183.93 million for the quarter, compared to the consensus estimate of $178.43 million. Upwork had a net margin of 6.70% and a return on equity of 13.96%. Analysts forecast that Upwork will post 0.42 earnings per share for the current year.

Insider Transactions at Upwork

In other Upwork news, CEO Hayden Brown sold 43,714 shares of Upwork stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $12.86, for a total transaction of $562,162.04. Following the completion of the transaction, the chief executive officer now owns 1,165,980 shares in the company, valued at approximately $14,994,502.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 67,531 shares of company stock worth $851,894 over the last 90 days. 9.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Upwork

Hedge funds have recently bought and sold shares of the stock. Quadrant Capital Group LLC grew its holdings in Upwork by 67.8% in the fourth 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 period. Daiwa Securities Group Inc. purchased a new position in Upwork during the fourth quarter worth approximately $33,000. CWM LLC increased its position in Upwork by 107.1% during the third quarter. CWM LLC now owns 4,323 shares of the company’s stock worth $49,000 after purchasing an additional 2,236 shares during the last quarter. Essex Investment Management Co. LLC lifted its holdings in Upwork by 56.2% in the first quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock valued at $58,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Sherbrooke Park Advisers LLC acquired a new stake in shares of Upwork during the 3rd quarter worth about $135,000. Hedge funds and other 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.