Upwork (NASDAQ:UPWK) had its target price reduced by research analysts at Needham & Company LLC from $60.00 to $42.00 in a research report issued on Friday, Stock Target Advisor reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 48.88% from the stock’s current price.
Several other brokerages also recently commented on UPWK. The Goldman Sachs Group started coverage on shares of Upwork in a research note on Friday, January 7th. They issued a “buy” rating and a $46.00 price objective for the company. Zacks Investment Research raised shares of Upwork from a “sell” rating to a “hold” rating in a research note on Wednesday, December 29th. TheStreet downgraded shares of Upwork from a “c-” rating to a “d+” rating in a research note on Wednesday, January 26th. JMP Securities dropped their price objective on shares of Upwork from $55.00 to $48.00 in a research note on Friday. Finally, Citigroup increased their price objective on shares of Upwork from $72.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, October 28th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Upwork presently has a consensus rating of “Buy” and a consensus price target of $54.55.
Shares of Upwork stock opened at $28.21 on Friday. The company has a 50 day moving average of $30.58 and a 200-day moving average of $41.60. Upwork has a 1-year low of $22.91 and a 1-year high of $64.49. The company has a current ratio of 3.89, a quick ratio of 3.89 and a debt-to-equity ratio of 2.12. The company has a market cap of $3.62 billion, a PE ratio of -112.84 and a beta of 1.87.
Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Thursday, February 10th. The company reported ($0.05) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.12. Upwork had a negative net margin of 6.94% and a negative return on equity of 11.12%. The company had revenue of $136.86 million during the quarter, compared to the consensus estimate of $131.79 million. During the same quarter in the prior year, the firm posted $0.01 EPS. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. Research analysts forecast that Upwork will post -0.43 earnings per share for the current year.
In other news, CEO Hayden Brown sold 1,170 shares of the stock in a transaction on Tuesday, January 18th. The shares were sold at an average price of $26.54, for a total transaction of $31,051.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Elizabeth A. Nelson sold 5,000 shares of the stock in a transaction on Monday, November 15th. The stock was sold at an average price of $45.78, for a total transaction of $228,900.00. The disclosure for this sale can be found here. Insiders have sold 121,875 shares of company stock valued at $5,176,238 in the last ninety days. Insiders own 9.20% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Signaturefd LLC grew its holdings in Upwork by 54.8% in the third quarter. Signaturefd LLC now owns 907 shares of the company’s stock worth $41,000 after purchasing an additional 321 shares during the period. Arizona State Retirement System grew its holdings in Upwork by 1.2% in the third quarter. Arizona State Retirement System now owns 30,925 shares of the company’s stock worth $1,393,000 after purchasing an additional 354 shares during the period. Rockefeller Capital Management L.P. grew its holdings in Upwork by 101.6% in the third quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company’s stock worth $33,000 after purchasing an additional 378 shares during the period. Comerica Bank grew its holdings in Upwork by 1.4% in the second quarter. Comerica Bank now owns 28,103 shares of the company’s stock worth $1,137,000 after purchasing an additional 392 shares during the period. Finally, State Board of Administration of Florida Retirement System grew its holdings in Upwork by 1.3% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 38,048 shares of the company’s stock worth $1,300,000 after purchasing an additional 482 shares during the period. Institutional investors own 69.44% of the company’s stock.
About Upwork
Upwork, Inc operates an online marketplace that enables businesses to find, hire, and pay freelancers for short-term and longer-term projects. Its marketplace offerings include Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll. The company was founded by Odysseas Tsatalos and Efstratios Karamanlakis in December 2013 and is headquartered in San Francisco, CA.