Brokerages Set Upwork Inc. (NASDAQ:UPWK) Target Price at $18.67

Shares of Upwork Inc. (NASDAQ:UPWK - Get Free Report) have received an average rating of "Moderate Buy" from the twelve ratings firms that are currently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $18.67.

Several equities research analysts have recently commented on the stock. Jefferies Financial Group reduced their price target on shares of Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Scotiabank assumed coverage on shares of Upwork in a report on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 target price for the company. Needham & Company LLC reiterated a "buy" rating and set a $19.00 price target on shares of Upwork in a research note on Tuesday, May 6th. Wall Street Zen raised shares of Upwork from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $18.00 target price on shares of Upwork in a report on Monday, June 2nd.

Insider Activity at Upwork

In other Upwork news, CAO Olivier Marie sold 1,879 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $13.50, for a total transaction of $25,366.50. Following the transaction, the chief accounting officer now owns 4,632 shares in the company, valued at approximately $62,532. This represents a 28.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Hayden Brown sold 40,000 shares of Upwork stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $15.92, for a total transaction of $636,800.00. Following the sale, the chief executive officer now owns 1,183,741 shares of the company's stock, valued at $18,845,156.72. The trade was a 3.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 545,454 shares of company stock valued at $9,172,963 in the last ninety days. Corporate insiders own 7.50% of the company's stock.

Institutional Trading of Upwork

Large investors have recently added to or reduced their stakes in the company. Mesirow Financial Investment Management Inc. increased its holdings in shares of Upwork by 5.7% during the 1st quarter. Mesirow Financial Investment Management Inc. now owns 27,228 shares of the company's stock valued at $347,000 after purchasing an additional 1,465 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Upwork by 3.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 67,716 shares of the company's stock valued at $1,107,000 after buying an additional 2,148 shares in the last quarter. Rhumbline Advisers grew its position in shares of Upwork by 1.4% in the fourth quarter. Rhumbline Advisers now owns 178,202 shares of the company's stock valued at $2,914,000 after purchasing an additional 2,387 shares during the period. King Luther Capital Management Corp lifted its stake in Upwork by 1.0% in the 4th quarter. King Luther Capital Management Corp now owns 263,802 shares of the company's stock valued at $4,313,000 after buying an additional 2,636 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Upwork by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,867 shares of the company's stock worth $1,159,000 after buying an additional 2,695 shares during the last quarter. Hedge funds and other institutional investors own 77.71% of the company's stock.

Upwork Trading Up 0.4%

Shares of UPWK stock traded up $0.06 during mid-day trading on Wednesday, reaching $13.63. The stock had a trading volume of 3,114,557 shares, compared to its average volume of 2,303,089. The stock's 50-day moving average price is $14.83 and its two-hundred day moving average price is $14.98. Upwork has a 52-week low of $8.43 and a 52-week high of $18.14. The firm has a market capitalization of $1.79 billion, a PE ratio of 8.16 and a beta of 1.44. The company has a current ratio of 3.41, a quick ratio of 3.41 and a debt-to-equity ratio of 0.60.

Upwork (NASDAQ:UPWK - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.25 by $0.09. The business had revenue of $192.71 million during the quarter, compared to analyst estimates of $188.49 million. Upwork had a net margin of 30.46% and a return on equity of 48.38%. Upwork's quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the business posted $0.22 earnings per share. Equities analysts expect that Upwork will post 0.84 earnings per share for the current fiscal year.

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.