Royal Bank of Canada Issues Positive Forecast for TaskUs (NASDAQ:TASK) Stock Price

TaskUs (NASDAQ:TASK) had its price target hoisted by stock analysts at Royal Bank of Canada from $18.00 to $20.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 41.74% from the stock’s previous close.

Several other equities analysts also recently commented on the stock. Morgan Stanley raised shares of TaskUs from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $18.00 to $21.00 in a research note on Friday, December 13th. Bank of America upgraded shares of TaskUs from a “neutral” rating to a “buy” rating and set a $18.00 price objective on the stock in a report on Monday, December 9th. Finally, Robert W. Baird upped their price objective on shares of TaskUs from $16.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, TaskUs currently has an average rating of “Hold” and a consensus price target of $17.25.

TaskUs Stock Performance

NASDAQ TASK opened at $14.11 on Thursday. TaskUs has a 52-week low of $10.56 and a 52-week high of $19.60. The company has a debt-to-equity ratio of 0.50, a quick ratio of 3.02 and a current ratio of 3.02. The company has a market capitalization of $1.26 billion, a P/E ratio of 23.92, a P/E/G ratio of 3.92 and a beta of 2.21. The company has a fifty day moving average of $16.05 and a 200-day moving average of $14.52.

TaskUs (NASDAQ:TASK) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.12). The business had revenue of $274.24 million during the quarter, compared to the consensus estimate of $268.65 million. TaskUs had a return on equity of 17.73% and a net margin of 5.58%. As a group, equities research analysts predict that TaskUs will post 0.9 EPS for the current fiscal year.

Insider Activity

In related news, CAO Steven Amaya sold 75,579 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $18.11, for a total transaction of $1,368,735.69. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Stephan Daoust sold 62,159 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $18.23, for a total transaction of $1,133,158.57. The disclosure for this sale can be found here. Insiders have sold a total of 140,338 shares of company stock worth $2,548,902 over the last 90 days. 29.26% of the stock is currently owned by insiders.

Institutional Trading of TaskUs

A number of hedge funds and other institutional investors have recently modified their holdings of the company. US Bancorp DE grew its stake in TaskUs by 101.2% during the third quarter. US Bancorp DE now owns 5,001 shares of the company’s stock valued at $65,000 after acquiring an additional 2,516 shares in the last quarter. Olympiad Research LP bought a new stake in shares of TaskUs in the 3rd quarter worth about $143,000. Victory Capital Management Inc. bought a new stake in TaskUs during the 3rd quarter valued at about $223,000. Cornercap Investment Counsel Inc. bought a new stake in TaskUs during the 3rd quarter valued at about $230,000. Finally, Royce & Associates LP raised its holdings in shares of TaskUs by 8.9% in the 3rd quarter. Royce & Associates LP now owns 669,579 shares of the company’s stock valued at $8,651,000 after purchasing an additional 54,770 shares in the last quarter. 44.64% of the stock is owned by hedge funds and other institutional investors.

About TaskUs

TaskUs, Inc provides digital outsourcing services for companies in Philippines, the United States, India, and internationally. It offers digital customer experience that consists of omni-channel customer care services primarily delivered through non-voice digital channels; and other solutions, including experience and customer care services for new product or market launches, and customer acquisition solutions.