Upwork (NASDAQ:UPWK) Given New $33.00 Price Target at JMP Securities

Upwork (NASDAQ:UPWKGet Rating) had its price target trimmed by JMP Securities from $45.00 to $33.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage currently has a market outperform rating on the stock.

Other equities research analysts have also issued reports about the company. BTIG Research lowered their price target on Upwork from $34.00 to $30.00 in a research report on Monday, July 11th. Stifel Nicolaus lowered Upwork from a buy rating to a hold rating and lowered their price target for the company from $30.00 to $20.00 in a research report on Monday, May 16th. MKM Partners reduced their price objective on Upwork from $36.00 to $31.00 in a research note on Monday, April 25th. Needham & Company LLC reduced their price objective on Upwork from $42.00 to $33.00 in a research note on Thursday, April 28th. Finally, Canaccord Genuity Group reduced their price objective on Upwork from $40.00 to $36.00 and set a buy rating for the company in a research note on Thursday, April 28th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Upwork presently has a consensus rating of Moderate Buy and an average target price of $36.14.

Upwork Trading Down 2.2 %

NASDAQ UPWK opened at $18.56 on Thursday. The firm has a market capitalization of $2.41 billion, a P/E ratio of -32.56 and a beta of 1.64. The business has a fifty day simple moving average of $20.25 and a 200 day simple moving average of $21.78. Upwork has a 12 month low of $14.85 and a 12 month high of $61.90. The company has a current ratio of 3.61, a quick ratio of 3.61 and a debt-to-equity ratio of 2.25.

Upwork (NASDAQ:UPWKGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.06. The business had revenue of $156.90 million during the quarter, compared to analyst estimates of $147.78 million. Upwork had a negative return on equity of 27.03% and a negative net margin of 13.79%. Upwork’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.13) EPS. On average, analysts predict that Upwork will post -0.78 EPS for the current fiscal year.

Insider Transactions at Upwork

In other news, CEO Hayden Brown sold 1,311 shares of the stock in a transaction on Monday, July 18th. The stock was sold at an average price of $20.69, for a total transaction of $27,124.59. Following the completion of the transaction, the chief executive officer now owns 834,763 shares in the company, valued at approximately $17,271,246.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Upwork news, CFO Jeff Mccombs sold 3,508 shares of the firm’s stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $16.07, for a total value of $56,373.56. Following the completion of the transaction, the chief financial officer now owns 13,428 shares in the company, valued at approximately $215,787.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hayden Brown sold 1,311 shares of the firm’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $20.69, for a total value of $27,124.59. Following the completion of the transaction, the chief executive officer now owns 834,763 shares of the company’s stock, valued at approximately $17,271,246.47. The disclosure for this sale can be found here. In the last 90 days, insiders sold 53,112 shares of company stock worth $973,229. 8.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in UPWK. National Bank of Canada FI bought a new position in Upwork in the 4th quarter worth about $57,000. NN Investment Partners Holdings N.V. purchased a new stake in shares of Upwork in the 4th quarter valued at about $137,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Upwork in the 4th quarter valued at about $943,000. Commonwealth Equity Services LLC raised its holdings in shares of Upwork by 2.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 39,833 shares of the company’s stock valued at $1,360,000 after acquiring an additional 1,071 shares in the last quarter. Finally, Raymond James Trust N.A. raised its holdings in shares of Upwork by 44.5% in the 4th quarter. Raymond James Trust N.A. now owns 13,250 shares of the company’s stock valued at $453,000 after acquiring an additional 4,083 shares in the last quarter. Institutional investors own 73.43% of the company’s stock.

Upwork Company Profile

(Get Rating)

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 sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development.

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