Upwork (NASDAQ:UPWK) Upgraded by Wall Street Zen to Strong-Buy Rating

Upwork (NASDAQ:UPWK - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Saturday.

Several other research analysts have also weighed in on the stock. JMP Securities increased their target price on shares of Upwork from $18.00 to $20.00 and gave the stock a "market outperform" rating in a research note on Friday, May 16th. Needham & Company LLC reissued a "buy" rating and issued a $19.00 price objective on shares of Upwork in a research note on Tuesday, May 6th. Jefferies Financial Group lowered their price objective on shares of Upwork from $21.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Roth Mkm lowered their price objective on shares of Upwork from $20.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Finally, Scotiabank began coverage on shares of Upwork in a research note on Wednesday, March 12th. They issued a "sector perform" rating and a $15.00 price objective for the company. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $18.67.

Upwork Trading Up 0.1%

Upwork stock traded up $0.01 during midday trading on Friday, hitting $15.61. 1,166,551 shares of the stock were exchanged, compared to its average volume of 2,251,233. Upwork has a fifty-two week low of $8.43 and a fifty-two week high of $18.14. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of 10.20 and a beta of 1.52. The stock's 50-day simple moving average is $14.22 and its 200 day simple moving average is $15.29. The company has a current ratio of 3.39, a quick ratio of 3.39 and a debt-to-equity ratio of 0.62.

Upwork (NASDAQ:UPWK - Get Free Report) last announced 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 company had revenue of $192.71 million during the quarter, compared to analyst estimates of $188.49 million. Upwork had a net margin of 28.02% and a return on equity of 50.83%. Upwork's revenue was up .9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.22 earnings per share. On average, equities analysts anticipate that Upwork 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 that occurred on Tuesday, May 13th. The shares were sold at an average price of $17.47, for a total transaction of $4,367,500.00. Following the sale, the director now owns 1,867,769 shares of the company's stock, valued at approximately $32,629,924.43. This trade represents a 11.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dave Bottoms sold 5,411 shares of the firm's stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $13.07, for a total transaction of $70,721.77. Following the sale, the insider now directly owns 9,593 shares in the company, valued at approximately $125,380.51. The trade was a 36.06% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 566,868 shares of company stock valued at $9,478,580. 7.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Upwork

A number of institutional investors and hedge funds have recently made changes to their positions in UPWK. IFP Advisors Inc increased its stake in shares of Upwork by 3,492.8% during the 1st quarter. IFP Advisors Inc now owns 3,988 shares of the company's stock valued at $52,000 after acquiring an additional 3,877 shares during the last quarter. GAMMA Investing LLC lifted its stake in Upwork by 1,235.1% during the first quarter. GAMMA Investing LLC now owns 4,072 shares of the company's stock worth $53,000 after purchasing an additional 3,767 shares during the last quarter. Nkcfo LLC bought a new position in Upwork during the fourth quarter worth $82,000. SBI Securities Co. Ltd. acquired a new stake in Upwork in the fourth quarter worth $84,000. Finally, KBC Group NV increased its holdings in shares of Upwork by 39.6% during the fourth quarter. KBC Group NV now owns 6,690 shares of the company's stock valued at $109,000 after purchasing an additional 1,899 shares during the period. 77.71% of the stock is owned by institutional investors and hedge funds.

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.