Upwork (NASDAQ:UPWK) Sets New 52-Week High – Still a Buy?

Upwork Inc. (NASDAQ:UPWK)’s share price hit a new 52-week high on Wednesday . The company traded as high as $17.91 and last traded at $17.71, with a volume of 714429 shares. The stock had previously closed at $17.04.

Analyst Ratings Changes

A number of equities research analysts have recently commented on UPWK shares. BTIG Research lifted their price objective on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group increased their target price on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and issued a $18.00 target price (up previously from $13.00) on shares of Upwork in a report on Thursday, November 7th. Citigroup raised their price objective on Upwork from $11.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. Finally, JMP Securities raised their price target on shares of Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Upwork currently has an average rating of “Moderate Buy” and a consensus price target of $18.36.

Upwork Stock Up 4.6 %

The firm has a market capitalization of $2.38 billion, a P/E ratio of 27.05 and a beta of 1.58. The stock has a fifty day moving average price of $14.40 and a two-hundred day moving average price of $11.84. 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 (NASDAQ:UPWK) last posted its earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.26 by $0.03. The company had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The business’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 earnings per share. Research analysts forecast that Upwork Inc. will post 0.65 EPS for the current year.

Insider Transactions at Upwork

In related news, CEO Hayden Brown sold 30,672 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now owns 1,196,221 shares in the company, valued at $18,098,823.73. This trade represents a 2.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Erica Gessert sold 19,816 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.13, for a total transaction of $299,816.08. Following the completion of the sale, the chief financial officer now owns 128,939 shares of the company’s stock, valued at approximately $1,950,847.07. This trade represents a 13.32 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 98,729 shares of company stock valued at $1,542,658. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Upwork

Hedge funds and other institutional investors have recently made changes to their positions in the company. Divisadero Street Capital Management LP increased its holdings in Upwork by 32.9% in the second quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock worth $35,700,000 after buying an additional 822,518 shares during the last quarter. Verition Fund Management LLC bought a new position in shares of Upwork during the 3rd quarter valued at $8,369,000. Acadian Asset Management LLC lifted its stake in shares of Upwork by 71.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after purchasing an additional 679,028 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in Upwork by 2,216.8% in the third quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company’s stock worth $5,263,000 after purchasing an additional 481,942 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Upwork by 27.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock valued at $19,424,000 after buying an additional 389,006 shares in the last quarter. 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.