Upwork (NASDAQ:UPWK) Shares Down 4.1% - What's Next?

Upwork Inc. (NASDAQ:UPWK - Get Free Report) shares dropped 4.1% on Wednesday . The company traded as low as $15.15 and last traded at $14.73. Approximately 220,318 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 2,243,867 shares. The stock had previously closed at $15.36.

Analyst Ratings Changes

UPWK has been the topic of a number of analyst reports. JMP Securities raised their target price on Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a research report on Friday, May 16th. Citigroup reaffirmed an "outperform" rating on shares of Upwork in a research note on Friday, May 16th. Needham & Company LLC reissued a "buy" rating and issued a $19.00 price target on shares of Upwork in a research note on Tuesday, May 6th. Scotiabank began coverage on shares of Upwork in a report on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 price target for the company. Finally, Jefferies Financial Group decreased their price objective on shares of Upwork from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Upwork presently has a consensus rating of "Moderate Buy" and an average target price of $18.67.

Upwork Stock Down 4.4%

The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 9.04 and a beta of 1.44. The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. The business's 50-day moving average is $14.69 and its two-hundred day moving average is $15.25.

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

Insiders Place Their Bets

In other Upwork news, Director Thomas Layton sold 250,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $17.47, for a total transaction of $4,367,500.00. Following the completion of the sale, the director now owns 1,867,769 shares of the company's stock, valued at $32,629,924.43. This trade represents a 11.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dave Bottoms sold 5,411 shares of Upwork 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 completion of the sale, the insider now owns 9,593 shares in the company, valued at $125,380.51. This represents a 36.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 516,702 shares of company stock valued at $8,776,326 in the last three months. 7.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Upwork

A number of hedge funds have recently modified their holdings of UPWK. Rhumbline Advisers lifted its position in 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 buying an additional 2,387 shares during the last quarter. Nkcfo LLC acquired a new position in shares of Upwork in the 4th quarter worth approximately $82,000. Sanctuary Advisors LLC purchased a new position in shares of Upwork during the 4th quarter worth approximately $996,000. Bank of New York Mellon Corp increased its holdings in Upwork by 9.3% in the 4th quarter. Bank of New York Mellon Corp now owns 413,248 shares of the company's stock valued at $6,757,000 after purchasing an additional 35,074 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in Upwork in the fourth quarter valued at approximately $84,000. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

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.