Upwork Inc. (UPWK) - What Are Analysts Thinking About This Stock?

Key Points

• Analyst sentiment is largely neutral: 13 brokerages give Upwork an average “Hold” rating—nine holds, three buys and one sell—with an average 12-month price target of $13.55.
• Recent analyst actions were mixed: UBS and Scotiabank raised their targets to $10, Needham raised its target to $13 and maintained a buy rating, while Canaccord cut its target to $9 and rated the stock hold.
• Upwork’s latest quarterly results beat expectations, with earnings of $0.40 per share versus $0.31 expected and revenue of $185.6 million versus a $180.2 million consensus.

Upwork Inc. (NASDAQ:UPWK - Get Free Report) has been given an average rating of "Hold" by the thirteen brokerages that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, nine have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $13.55.

A number of equities research analysts recently commented on UPWK shares. UBS Group increased their price target on Upwork from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Tuesday. Scotiabank lifted their price target on shares of Upwork from $8.00 to $10.00 and gave the company a "sector perform" rating in a research note on Tuesday. BTIG Research reiterated a "neutral" rating on shares of Upwork in a research note on Tuesday. Needham & Company LLC boosted their price objective on Upwork from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Canaccord Genuity Group dropped their target price on shares of Upwork from $10.00 to $9.00 and set a "hold" rating on the stock in a report on Wednesday, August 12th.

Upwork Trading Down 2.9%

Shares of Upwork stock opened at $10.02 on Friday. Upwork has a 12 month low of $7.44 and a 12 month high of $22.84. The firm has a market cap of $1.25 billion, a PE ratio of 12.37 and a beta of 1.03. The stock has a 50 day moving average of $8.77 and a 200 day moving average of $10.46.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings results on Monday, November 2nd. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.09. The firm had revenue of $185.60 million for the quarter, compared to the consensus estimate of $180.22 million. Upwork had a net margin of 13.53% and a return on equity of 17.28%.

Insider Activity at Upwork

In related news, CFO Erica Gessert sold 22,844 shares of the firm's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $8.43, for a total transaction of $192,574.92. Following the sale, the chief financial officer directly owned 364,789 shares of the company's stock, valued at $3,075,171.27. This trade represents a 5.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Hayden Brown sold 73,241 shares of the firm's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $8.43, for a total transaction of $617,421.63. Following the completion of the transaction, the chief executive officer directly owned 771,076 shares in the company, valued at $6,500,170.68. This trade represents a 8.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 178,868 shares of company stock valued at $1,509,462 in the last ninety days. Corporate insiders own 4.90% of the company's stock.

Hedge Funds Weigh In On Upwork

Institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. lifted its position in Upwork by 434.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,881 shares of the company's stock worth $37,000 after buying an additional 1,529 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Upwork by 43.7% in the second quarter. GAMMA Investing LLC now owns 4,575 shares of the company's stock valued at $38,000 after purchasing an additional 1,392 shares during the period. Covestor Ltd raised its holdings in shares of Upwork by 40.7% in the third quarter. Covestor Ltd now owns 5,356 shares of the company's stock worth $44,000 after acquiring an additional 1,550 shares during the last quarter. IFP Advisors Inc boosted its position in Upwork by 123.0% during the 3rd quarter. IFP Advisors Inc now owns 8,944 shares of the company's stock worth $73,000 after purchasing an additional 4,933 shares during the period. Finally, Summit Global Investments acquired a new stake in shares of Upwork during the second quarter worth $89,000. Institutional investors and hedge funds own 77.71% of the company's stock.

About Upwork

Upwork Inc operates a global work marketplace that connects businesses with independent professionals and agencies. Clients use the platform to find, evaluate, hire and manage talent for projects across areas such as software development, design, marketing, writing, consulting, customer support and administrative services.

The company provides tools for talent discovery, project collaboration, communications, time tracking, contract management and payments. Its offerings serve both individual clients and larger organizations, with features designed to support recurring engagements, contingent-work programs and enterprise talent management.

Upwork was formed in 2015 through the merger of Elance and oDesk, two online freelance-work platforms, and began trading publicly on the Nasdaq stock exchange in 2018.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.