Upwork (NASDAQ:UPWK) Price Target Lowered to $11.00 at Citigroup

Upwork (NASDAQ:UPWK) had its price target cut by Citigroup from $13.00 to $11.00 in a research report released on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts also recently commented on the stock. Roth Mkm reduced their price objective on shares of Upwork from $19.00 to $13.00 and set a buy rating for the company in a research note on Friday, August 16th. Canaccord Genuity Group reduced their price target on Upwork from $19.00 to $15.00 and set a buy rating on the stock in a research report on Thursday, August 8th. The Goldman Sachs Group reduced their price target on Upwork from $24.00 to $21.00 and set a buy rating on the stock in a research report on Thursday, August 8th. Piper Sandler reduced their price target on Upwork from $20.00 to $13.00 and set an overweight rating on the stock in a research report on Thursday, August 8th. Finally, UBS Group reduced their price target on Upwork from $12.00 to $11.00 and set a neutral rating on the stock in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Upwork currently has an average rating of Moderate Buy and an average target price of $15.27.

Upwork Stock Performance

Shares of NASDAQ:UPWK opened at $10.55 on Wednesday. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 30.14 and a beta of 1.54. Upwork has a 52 week low of $8.43 and a 52 week high of $16.36. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. The firm has a 50 day moving average of $10.19 and a 200 day moving average of $11.00.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $193.13 million during 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%. Upwork’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. On average, sell-side analysts predict that Upwork will post 0.51 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Erica Gessert sold 4,491 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $47,469.87. Following the sale, the chief financial officer now directly owns 111,255 shares of the company’s stock, valued at $1,175,965.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Erica Gessert sold 4,491 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $47,469.87. Following the sale, the chief financial officer now directly owns 111,255 shares of the company’s stock, valued at $1,175,965.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Elizabeth A. Nelson sold 75,000 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total transaction of $790,500.00. Following the sale, the director now directly owns 48,915 shares in the company, valued at $515,564.10. The disclosure for this sale can be found here. Insiders have sold 176,785 shares of company stock valued at $1,800,489 over the last ninety days. 7.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Upwork

Hedge funds have recently added to or reduced their stakes in the business. Plato Investment Management Ltd purchased a new stake in Upwork in the second quarter valued at $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Upwork in the second quarter valued at $29,000. Quadrant Capital Group LLC boosted its stake in shares of Upwork by 67.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock worth $30,000 after acquiring an additional 803 shares in the last quarter. Quarry LP boosted its stake in shares of Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after acquiring an additional 2,220 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Upwork during the 1st quarter worth about $49,000. 77.71% of the stock is owned by hedge funds and other institutional investors.

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.