Upwork (NASDAQ:UPWK) Earns Market Outperform Rating from JMP Securities

Key Points

• Upwork's stock received a "market outperform" rating from JMP Securities, with a price target of $20.00, suggesting a potential upside of 19.35% from its previous close.
• The company recently reported earnings per share of $0.35, exceeding expectations, alongside a revenue of $194.94 million for the quarter, which is up 0.9% from the previous year.
• Upwork's Board of Directors approved a stock repurchase program allowing the company to buy back up to $100 million in shares, indicating confidence in its stock value.

Upwork (NASDAQ:UPWK - Get Free Report)'s stock had its "market outperform" rating reissued by analysts at JMP Securities in a research note issued on Friday,Benzinga reports. They currently have a $20.00 price objective on the stock. JMP Securities' price objective would suggest a potential upside of 19.35% from the stock's previous close.

Several other research firms have also recently issued reports on UPWK. Wall Street Zen cut shares of Upwork from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Citigroup restated an "outperform" rating on shares of Upwork in a research report on Friday, May 16th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $18.00 price target on shares of Upwork in a report on Monday, June 2nd. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.67.

Upwork Trading Up 2.4%

Shares of Upwork stock opened at $16.76 on Friday. The stock has a market cap of $2.22 billion, a PE ratio of 9.59 and a beta of 1.43. The firm has a fifty day moving average price of $13.96 and a 200 day moving average price of $14.10. Upwork has a 1 year low of $9.75 and a 1 year high of $18.14. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.36 and a quick ratio of 3.36.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.09. Upwork had a return on equity of 44.83% and a net margin of 31.75%.The company had revenue of $194.94 million for the quarter, compared to the consensus estimate of $187.56 million. During the same period last year, the firm earned $0.26 EPS. The firm's revenue for the quarter was up .9% compared to the same quarter last year. Equities research analysts predict that Upwork will post 0.84 earnings per share for the current year.

Upwork announced that its Board of Directors has initiated a stock repurchase program on Wednesday, September 3rd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Upwork

In other Upwork news, insider Dave Bottoms sold 2,060 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $13.84, for a total value of $28,510.40. Following the transaction, the insider directly owned 2,035 shares of the company's stock, valued at $28,164.40. This trade represents a 50.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Erica Gessert sold 19,036 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $13.84, for a total value of $263,458.24. Following the completion of the sale, the chief financial officer owned 209,202 shares of the company's stock, valued at $2,895,355.68. This trade represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 159,608 shares of company stock worth $2,187,556 in the last 90 days. 7.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Upwork

A number of hedge funds have recently added to or reduced their stakes in UPWK. Elevation Point Wealth Partners LLC acquired a new stake in shares of Upwork in the second quarter valued at $30,000. LRI Investments LLC increased its holdings in Upwork by 415.9% during the 2nd quarter. LRI Investments LLC now owns 2,528 shares of the company's stock worth $34,000 after purchasing an additional 2,038 shares during the period. EMC Capital Management acquired a new stake in Upwork in the 2nd quarter valued at about $45,000. EverSource Wealth Advisors LLC raised its position in Upwork by 19,361.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,503 shares of the company's stock valued at $47,000 after purchasing an additional 3,485 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in shares of Upwork by 3,492.8% in the 1st quarter. IFP Advisors Inc now owns 3,988 shares of the company's stock valued at $52,000 after buying an additional 3,877 shares during the period. 77.71% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.