Upwork (NASDAQ:UPWK) Price Target Cut to $13.00 by Analysts at Piper Sandler

Upwork (NASDAQ:UPWK) had its target price reduced by Piper Sandler from $20.00 to $13.00 in a research note issued to investors on Thursday, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other brokerages also recently issued reports on UPWK. Royal Bank of Canada lowered their price target on Upwork from $18.00 to $15.00 and set a sector perform rating for the company in a report on Thursday, May 2nd. Canaccord Genuity Group lowered their target price on Upwork from $19.00 to $15.00 and set a buy rating for the company in a research note on Thursday. UBS Group started coverage on Upwork in a report on Tuesday, July 2nd. They set a neutral rating and a $12.00 target price on the stock. Needham & Company LLC restated a buy rating and issued a $20.00 price target on shares of Upwork in a report on Wednesday, May 15th. Finally, BTIG Research upgraded Upwork from a neutral rating to a buy rating and set a $16.00 price target for the company in a report on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $16.30.

Upwork Stock Performance

NASDAQ UPWK opened at $9.33 on Thursday. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.93 and a quick ratio of 2.93. Upwork has a 1-year low of $8.43 and a 1-year high of $16.36. The firm has a market capitalization of $1.24 billion, a P/E ratio of 26.66 and a beta of 1.57. The business’s 50-day simple moving average is $10.87 and its 200-day simple moving average is $11.91.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Upwork had a net margin of 6.70% and a return on equity of 13.96%. The firm had revenue of $193.13 million for the quarter, compared to analysts’ expectations of $193.05 million. During the same period in the previous year, the company posted ($0.03) earnings per share. Upwork’s revenue was up 14.5% compared to the same quarter last year. Equities analysts predict that Upwork will post 0.52 EPS for the current year.

Insider Activity

In other news, CAO Olivier Marie sold 3,106 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $12.13, for a total transaction of $37,675.78. Following the completion of the transaction, the chief accounting officer now directly owns 7,565 shares in the company, valued at approximately $91,763.45. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CAO Olivier Marie sold 3,106 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $12.13, for a total transaction of $37,675.78. Following the completion of the transaction, the chief accounting officer now directly owns 7,565 shares in the company, valued at approximately $91,763.45. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Elizabeth A. Nelson sold 70,000 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.79, for a total value of $825,300.00. Following the transaction, the director now owns 32,616 shares of the company’s stock, valued at $384,542.64. The disclosure for this sale can be found here. In the last three months, insiders sold 192,496 shares of company stock worth $2,231,891. 7.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Upwork

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Upwork by 5.1% during the first quarter. Vanguard Group Inc. now owns 15,996,306 shares of the company’s stock worth $196,115,000 after purchasing an additional 770,088 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Upwork by 239.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,252,227 shares of the company’s stock worth $33,491,000 after purchasing an additional 1,589,693 shares during the last quarter. Dimensional Fund Advisors LP lifted 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 purchasing an additional 389,006 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Upwork by 71.0% during the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company’s stock worth $17,572,000 after purchasing an additional 679,028 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Upwork by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 977,073 shares of the company’s stock worth $14,529,000 after purchasing an additional 20,703 shares during the last quarter. 77.71% of the stock is currently owned by 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.