Upwork’s (UPWK) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Upwork (NASDAQ:UPWK) in a research note released on Thursday morning,Benzinga reports. The firm currently has a $18.00 price objective on the stock, up from their prior price objective of $13.00.

Other analysts also recently issued reports about the stock. UBS Group cut their price objective on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Canaccord Genuity Group dropped their target price on shares of Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. The Goldman Sachs Group dropped their target price on shares of Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Royal Bank of Canada dropped their target price on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Finally, Roth Mkm lowered their price objective on shares of Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Upwork currently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Upwork Stock Down 2.0 %

Shares of NASDAQ UPWK opened at $15.93 on Thursday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00. The firm has a market cap of $2.10 billion, a P/E ratio of 25.29 and a beta of 1.49. Upwork has a 1 year low of $8.43 and a 1 year high of $17.79. The firm’s 50 day moving average price is $11.12 and its 200 day moving average price is $10.99.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The business had revenue of $193.13 million for the quarter, compared to the consensus estimate of $193.05 million. Upwork had a net margin of 11.26% and a return on equity of 23.59%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.03) EPS. As a group, sell-side analysts anticipate that Upwork will post 0.51 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Erica Gessert sold 4,491 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 111,255 shares of the company’s stock, valued at $1,175,965.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Erica Gessert sold 4,491 shares of Upwork stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the sale, the chief financial officer now owns 111,255 shares of the company’s stock, valued at approximately $1,175,965.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hayden Brown sold 9,444 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $99,823.08. Following the completion of the transaction, the chief executive officer now directly owns 1,178,850 shares of the company’s stock, valued at approximately $12,460,444.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 176,783 shares of company stock valued at $1,800,221. 7.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd purchased a new stake in shares of Upwork in the 2nd quarter worth about $27,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Upwork during the 2nd quarter valued at about $29,000. Quarry LP grew its position in Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after purchasing an additional 2,220 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Upwork during the 1st quarter valued at about $49,000. Finally, KBC Group NV grew its position in Upwork by 45.4% during the 3rd quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after purchasing an additional 1,497 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors.

About Upwork

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.