Upwork Inc. (NASDAQ:UPWK - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $20.41 and last traded at $19.33, with a volume of 4707781 shares traded. The stock had previously closed at $20.07.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on UPWK. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $18.00 price target on shares of Upwork in a research note on Monday, June 2nd. JMP Securities reiterated a "market outperform" rating and issued a $20.00 price objective on shares of Upwork in a report on Friday, September 12th. Finally, Wall Street Zen cut shares of Upwork from a "buy" rating to a "hold" rating in a report on Saturday. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.67.
Get Our Latest Stock Analysis on Upwork
Upwork Price Performance
The company has a quick ratio of 3.36, a current ratio of 3.36 and a debt-to-equity ratio of 0.59. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 11.11 and a beta of 1.43. The company's 50-day moving average is $14.65 and its 200-day moving average is $14.25.
Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.09. Upwork had a net margin of 31.75% and a return on equity of 44.83%. The firm had revenue of $194.94 million during the quarter, compared to analyst estimates of $187.56 million. During the same quarter in the prior year, the business posted $0.26 earnings per share. The company's quarterly revenue was up .9% compared to the same quarter last year. Equities research analysts expect that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.
Upwork declared that its board has initiated a stock buyback program on Wednesday, September 3rd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 4.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.
Insider Buying and Selling
In other news, CFO Erica Gessert sold 19,036 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 transaction 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 approximately $2,895,355.68. This trade represents a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Hayden Brown sold 60,000 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $13.76, for a total transaction of $825,600.00. Following the sale, the chief executive officer directly owned 1,093,485 shares of the company's stock, valued at approximately $15,046,353.60. The trade was a 5.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 222,576 shares of company stock valued at $3,670,318 over the last quarter. Corporate insiders own 7.60% of the company's stock.
Institutional Trading of Upwork
Several hedge funds have recently modified their holdings of UPWK. Ameriprise Financial Inc. increased its holdings in shares of Upwork by 385.2% during the fourth quarter. Ameriprise Financial Inc. now owns 232,128 shares of the company's stock worth $3,795,000 after buying an additional 184,289 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Upwork by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,867 shares of the company's stock valued at $1,159,000 after purchasing an additional 2,695 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Upwork by 49.1% during the fourth quarter. ProShare Advisors LLC now owns 35,092 shares of the company's stock valued at $574,000 after purchasing an additional 11,553 shares during the last quarter. Tidal Investments LLC bought a new stake in shares of Upwork during the fourth quarter valued at approximately $669,000. Finally, Polar Asset Management Partners Inc. bought a new stake in shares of Upwork during the fourth quarter valued at approximately $2,013,000. Institutional investors and hedge funds own 77.71% of the company's stock.
Upwork Company Profile
(
Get Free Report)
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.
See Also
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