Upwork (NASDAQ:UPWK) Price Target Cut to $18.00 by Analysts at Citigroup

Upwork (NASDAQ:UPWK - Get Free Report) had its price target cut by investment analysts at Citigroup from $19.00 to $18.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Citigroup's price target points to a potential upside of 13.14% from the company's current price.

A number of other research analysts have also 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 on the stock in a research report on Monday, April 7th. UBS Group boosted their price target on shares of Upwork from $18.00 to $19.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. BTIG Research cut Upwork from a "buy" rating to a "neutral" rating in a report on Friday, April 4th. Royal Bank of Canada lifted their price target on Upwork from $16.00 to $18.00 and gave the stock a "sector perform" rating in a research note on Thursday, February 13th. Finally, Scotiabank started coverage on Upwork in a research note on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.50.

Upwork Price Performance

Upwork stock traded up $2.59 during midday trading on Tuesday, hitting $15.91. 4,252,423 shares of the company's stock were exchanged, compared to its average volume of 2,215,579. The company has a market cap of $2.16 billion, a P/E ratio of 10.44 and a beta of 1.52. The company has a debt-to-equity ratio of 0.62, a quick ratio of 3.39 and a current ratio of 3.39. The stock has a 50-day moving average price of $13.31 and a two-hundred day moving average price of $14.94. Upwork has a 52-week low of $8.43 and a 52-week high of $18.14.

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

Insider Activity at Upwork

In other news, insider Dave Bottoms sold 5,411 shares of the business's stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total value of $70,721.77. Following the completion of the transaction, the insider now owns 9,593 shares in the company, valued at $125,380.51. The trade was a 36.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Elizabeth A. Nelson sold 75,000 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $17.58, for a total value of $1,318,500.00. Following the transaction, the director now directly owns 16,299 shares in the company, valued at approximately $286,536.42. The trade was a 82.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 193,108 shares of company stock valued at $3,046,648 in the last 90 days. Corporate insiders own 7.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UPWK. 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 worth $52,000 after buying an additional 3,877 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Upwork by 1,235.1% during the 1st quarter. GAMMA Investing LLC now owns 4,072 shares of the company's stock valued at $53,000 after purchasing an additional 3,767 shares during the period. Nkcfo LLC purchased a new stake in shares of Upwork during the 4th quarter valued at about $82,000. SBI Securities Co. Ltd. bought a new position in shares of Upwork in the 4th quarter worth approximately $84,000. Finally, Financial Management Professionals Inc. purchased a new stake in Upwork during the fourth quarter valued at approximately $97,000. Institutional investors own 77.71% of the company's stock.

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.

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