Upwork (NASDAQ:UPWK) Given New $18.00 Price Target at JMP Securities

Upwork (NASDAQ:UPWK) had its target price raised by JMP Securities from $14.00 to $18.00 in a research report report published on Thursday,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

A number of other research analysts have also commented on the stock. Roth Mkm raised their price objective on shares of Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday. Citigroup decreased their price target on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 25th. Canaccord Genuity Group decreased their price target on shares of Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (up previously from $13.00) on shares of Upwork in a research report on Thursday. Finally, The Goldman Sachs Group lifted their price target on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Upwork Stock Performance

UPWK opened at $15.93 on Thursday. The business’s 50 day moving average is $11.12 and its 200-day moving average is $10.99. The stock has a market cap of $2.10 billion, a PE ratio of 25.29 and a beta of 1.49. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 0.99. Upwork has a twelve month low of $8.43 and a twelve month high of $17.79.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 23.59%. The business had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. During the same quarter last year, the business earned ($0.03) earnings per share. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, analysts predict that Upwork will post 0.51 earnings per share for the current year.

Insider Buying and Selling at Upwork

In other Upwork news, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction on Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $304,032.90. Following the completion of the sale, the chief executive officer now owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the sale, the chief executive officer now owns 1,190,561 shares of the company’s stock, valued at approximately $11,488,913.65. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Erica Gessert sold 20,353 shares of Upwork stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $196,406.45. Following the completion of the transaction, the chief financial officer now owns 107,313 shares in the company, valued at $1,035,570.45. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 176,783 shares of company stock valued at $1,800,221 in the last quarter. Company insiders own 7.60% of the company’s stock.

Institutional Trading of Upwork

A number of institutional investors and hedge funds have recently added to or reduced their stakes in UPWK. Plato Investment Management Ltd acquired a new position in Upwork in the second quarter valued at about $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Upwork during the second quarter worth approximately $29,000. Quarry LP lifted its position 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 purchasing an additional 2,220 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Upwork during the first quarter worth approximately $49,000. Finally, KBC Group NV raised its stake in shares of Upwork by 45.4% during the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock worth $50,000 after buying an additional 1,497 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.