Upwork (NASDAQ:UPWK) Price Target Cut to $20.00 by Analysts at Jefferies Financial Group

Upwork (NASDAQ:UPWK) had its price objective reduced by Jefferies Financial Group from $21.00 to $20.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also recently issued reports on the company. UBS Group increased their price objective on Upwork from $18.00 to $19.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. JMP Securities reiterated a “market outperform” rating and issued a $18.00 price objective on shares of Upwork in a research note on Thursday, January 30th. Scotiabank started coverage on shares of Upwork in a report on Wednesday, March 12th. They issued a “sector perform” rating and a $15.00 target price on the stock. Roth Mkm lowered their price target on shares of Upwork from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Finally, Needham & Company LLC raised their price objective on shares of Upwork from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Upwork currently has an average rating of “Moderate Buy” and a consensus target price of $18.58.

Upwork Price Performance

UPWK opened at $11.96 on Monday. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of 7.82 and a beta of 1.60. 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’s 50-day moving average price is $14.67 and its 200 day moving average price is $14.59. Upwork has a 12-month low of $8.43 and a 12-month high of $18.14.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.24 by $0.79. Upwork had a net margin of 28.02% and a return on equity of 50.83%. As a group, sell-side analysts expect that Upwork will post 0.84 earnings per share for the current year.

Insider Activity

In related news, CFO Erica Gessert sold 4,316 shares of the stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $13.07, for a total transaction of $56,410.12. Following the completion of the sale, the chief financial officer now owns 160,945 shares in the company, valued at $2,103,551.15. This represents a 2.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hayden Brown sold 9,075 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 transaction of $118,610.25. Following the completion of the transaction, the chief executive officer now owns 1,223,741 shares in the company, valued at approximately $15,994,294.87. This represents a 0.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 193,365 shares of company stock valued at $3,050,760. Insiders own 7.60% of the company’s stock.

Institutional Trading of Upwork

Several hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in Upwork by 1,235.1% in the first 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 acquired a new stake in shares of Upwork in the 4th quarter valued at approximately $82,000. SBI Securities Co. Ltd. acquired a new stake in shares of Upwork in the 4th quarter valued at approximately $84,000. Financial Management Professionals Inc. purchased a new stake in shares of Upwork in the fourth quarter valued at approximately $97,000. Finally, Quarry LP raised its position in Upwork by 42.6% in the third quarter. Quarry LP now owns 6,201 shares of the company’s stock worth $65,000 after acquiring an additional 1,851 shares in the last quarter. Hedge funds and other institutional investors 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.