Upwork's (UPWK) Sector Perform Rating Reiterated at Royal Bank of Canada

Upwork (NASDAQ:UPWK - Get Free Report)'s stock had its "sector perform" rating restated by Royal Bank of Canada in a report released on Tuesday,Benzinga reports. They presently have a $18.00 price target on the stock. Royal Bank of Canada's price objective would suggest a potential upside of 6.64% from the stock's current price.

Other analysts also recently issued reports about the stock. Citigroup cut their price objective on shares of Upwork from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Tuesday. Roth Mkm dropped their price objective on Upwork from $20.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, February 13th. Needham & Company LLC reissued a "buy" rating and issued a $19.00 price target on shares of Upwork in a research report on Tuesday. Scotiabank assumed coverage on Upwork in a report on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 target price for the company. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $18.00 target price on shares of Upwork in a research note on Thursday, January 30th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $18.50.

Upwork Price Performance

NASDAQ:UPWK traded up $0.43 on Tuesday, hitting $16.88. The company had a trading volume of 1,711,703 shares, compared to its average volume of 2,238,808. Upwork has a 52 week low of $8.43 and a 52 week high of $18.14. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 11.03 and a beta of 1.52. The firm has a 50 day moving average of $13.40 and a two-hundred day moving average of $15.06.

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. The business had revenue of $192.71 million during the quarter, compared to the consensus estimate of $188.49 million. Upwork had a net margin of 28.02% and a return on equity of 50.83%. The firm's quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the company posted $0.22 earnings per share. On average, research analysts anticipate that Upwork will post 0.84 earnings per share for the current year.

Insider Activity

In other Upwork news, insider Dave Bottoms sold 5,411 shares of the firm's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total value of $70,721.77. Following the sale, the insider now directly owns 9,593 shares in the company, valued at $125,380.51. This trade represents a 36.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Elizabeth A. Nelson sold 75,000 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $17.58, for a total transaction of $1,318,500.00. Following the completion of the transaction, the director now owns 16,299 shares in the company, valued at approximately $286,536.42. This trade represents a 82.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 233,108 shares of company stock worth $3,683,448 in the last 90 days. Company insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Upwork

Several institutional investors and hedge funds have recently made changes to their positions in UPWK. Price T Rowe Associates Inc. MD grew its holdings in Upwork by 51.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company's stock worth $253,405,000 after acquiring an additional 5,289,493 shares during the last quarter. LSV Asset Management grew its position in Upwork by 364.5% in the 1st quarter. LSV Asset Management now owns 5,351,406 shares of the company's stock worth $69,836,000 after purchasing an additional 4,199,244 shares in the last quarter. Invesco Ltd. grew its position in Upwork by 1,674.0% during the fourth quarter. Invesco Ltd. now owns 1,748,320 shares of the company's stock valued at $28,585,000 after buying an additional 1,649,766 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in shares of Upwork by 86.7% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,303,035 shares of the company's stock valued at $54,005,000 after buying an additional 1,534,078 shares during the last quarter. Finally, Contour Asset Management LLC bought a new position in shares of Upwork in the fourth quarter worth $24,633,000. Institutional investors and hedge funds own 77.71% of the company's stock.

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.