Upwork (NASDAQ:UPWK) Earns "Buy" Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Upwork (NASDAQ:UPWK - Free Report) in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a $19.00 price objective on the stock.

A number of other brokerages have also issued reports on UPWK. Roth Mkm decreased their target price on shares of Upwork from $20.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, February 13th. Jefferies Financial Group lowered their price objective on Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Monday, April 7th. UBS Group increased their target price on Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. BTIG Research cut Upwork from a "buy" rating to a "neutral" rating in a report on Friday, April 4th. Finally, Royal Bank of Canada increased their price objective on shares of Upwork from $16.00 to $18.00 and gave the stock a "sector perform" rating in a report on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.50.

Upwork Price Performance

Shares of NASDAQ UPWK traded up $0.36 during midday trading on Tuesday, hitting $16.81. The company had a trading volume of 219,435 shares, compared to its average volume of 2,230,941. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 10.98 and a beta of 1.52. Upwork has a twelve month low of $8.43 and a twelve month high of $18.14. The business has a 50-day simple moving average of $13.35 and a two-hundred day simple moving average of $15.00. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.09. Upwork had a return on equity of 50.83% and a net margin of 28.02%. The business had revenue of $192.71 million during the quarter, compared to the consensus estimate of $188.49 million. During the same quarter in the previous year, the company posted $0.22 EPS. The business's revenue was up .9% on a year-over-year basis. Equities research analysts anticipate that Upwork will post 0.84 earnings per share for the current year.

Insiders Place Their Bets

In other Upwork news, CFO Erica Gessert sold 4,316 shares of the company's stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $56,410.12. Following the sale, the chief financial officer now owns 160,945 shares in the company, valued at $2,103,551.15. This represents a 2.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Hayden Brown sold 21,122 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $16.15, for a total value of $341,120.30. Following the transaction, the chief executive officer now owns 1,275,083 shares in the company, valued at $20,592,590.45. This trade represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 193,108 shares of company stock worth $3,046,648 over the last quarter. 7.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Upwork

Large investors have recently added to or reduced their stakes in the stock. Mesirow Financial Investment Management Inc. grew its stake in shares of Upwork by 5.7% in the first quarter. Mesirow Financial Investment Management Inc. now owns 27,228 shares of the company's stock worth $347,000 after purchasing an additional 1,465 shares in the last quarter. KBC Group NV increased its stake in Upwork by 39.6% during the 4th quarter. KBC Group NV now owns 6,690 shares of the company's stock valued at $109,000 after buying an additional 1,899 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Upwork by 3.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 67,716 shares of the company's stock worth $1,107,000 after buying an additional 2,148 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Upwork by 1.4% in the 4th quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock worth $2,914,000 after acquiring an additional 2,387 shares during the period. Finally, King Luther Capital Management Corp boosted its holdings in shares of Upwork by 1.0% in the fourth quarter. King Luther Capital Management Corp now owns 263,802 shares of the company's stock valued at $4,313,000 after acquiring an additional 2,636 shares in the last quarter. 77.71% of the stock is owned by institutional investors and hedge funds.

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.