Upwork (NASDAQ:UPWK) Given New $19.00 Price Target at Citigroup

Upwork (NASDAQ:UPWK) had its price target boosted by equities research analysts at Citigroup from $11.00 to $19.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price points to a potential upside of 12.16% from the stock’s previous close.

A number of other analysts also recently weighed in on UPWK. The Goldman Sachs Group lifted their price target on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. JMP Securities increased their price objective on shares of Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a research note on Thursday, November 7th. BTIG Research lifted their target price on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Canaccord Genuity Group increased their price target on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Piper Sandler reissued an “overweight” rating and issued a $18.00 price target (up from $13.00) on shares of Upwork in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.73.

Upwork Trading Up 0.2 %

Shares of UPWK stock traded up $0.03 on Friday, hitting $16.94. The stock had a trading volume of 523,590 shares, compared to its average volume of 2,179,391. The company’s 50 day moving average price is $12.80 and its 200-day moving average price is $11.36. The company has a debt-to-equity ratio of 0.87, a current ratio of 3.18 and a quick ratio of 3.18. Upwork has a 1 year low of $8.43 and a 1 year high of $17.79. The firm has a market capitalization of $2.26 billion, a P/E ratio of 26.89 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The firm had revenue of $193.78 million during the quarter, compared to the consensus estimate of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.12 earnings per share. Analysts anticipate that Upwork will post 0.65 earnings per share for the current year.

Insider Buying and Selling

In other Upwork news, CEO Hayden Brown sold 20,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $10.01, for a total value of $200,200.00. Following the completion of the sale, the chief executive officer now owns 1,170,561 shares of the company’s stock, valued at $11,717,315.61. The trade was a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Olivier Marie sold 9,153 shares of Upwork stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $15.92, for a total transaction of $145,715.76. Following the completion of the transaction, the chief accounting officer now directly owns 1,294 shares in the company, valued at approximately $20,600.48. This represents a 87.61 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 199,808 shares of company stock worth $2,501,163. 7.60% of the stock is owned by company insiders.

Institutional Trading of Upwork

Several hedge funds have recently added to or reduced their stakes in UPWK. Divisadero Street Capital Management LP raised its position in shares of Upwork by 32.9% during the second quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company’s stock valued at $35,700,000 after buying an additional 822,518 shares during the last quarter. Invenomic Capital Management LP boosted its stake in shares of Upwork by 12.5% in the 3rd quarter. Invenomic Capital Management LP now owns 2,334,612 shares of the company’s stock valued at $24,397,000 after purchasing an additional 260,274 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Upwork by 27.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company’s stock worth $19,424,000 after buying an additional 389,006 shares during the last quarter. Acadian Asset Management LLC raised its position in Upwork by 71.0% in the 2nd quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock valued at $17,572,000 after purchasing an additional 679,028 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Upwork by 1.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,011,508 shares of the company’s stock worth $10,570,000 after buying an additional 14,680 shares in the last quarter. 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.