Upwork (NASDAQ:UPWK) Stock Price Down 4.7%

Upwork Inc. (NASDAQ:UPWK) was down 4.7% during trading on Monday . The company traded as low as $12.50 and last traded at $12.59. Approximately 1,456,835 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 1,980,389 shares. The stock had previously closed at $13.21.

Analysts Set New Price Targets

UPWK has been the subject of a number of research reports. JMP Securities lifted their target price on shares of Upwork from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Thursday, August 3rd. Piper Sandler upped their target price on Upwork from $13.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, August 3rd. Citigroup raised their price target on Upwork from $9.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, August 7th. Needham & Company LLC boosted their price target on Upwork from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. Finally, BTIG Research cut Upwork from a “buy” rating to a “neutral” rating in a research report on Monday, August 28th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $16.00.

Upwork Price Performance

The business has a fifty day moving average of $12.87 and a 200 day moving average of $10.70. The company has a debt-to-equity ratio of 1.16, a current ratio of 3.06 and a quick ratio of 3.06. The stock has a market cap of $1.69 billion, a PE ratio of -26.42 and a beta of 1.47.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, August 2nd. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.07. Upwork had a negative net margin of 4.33% and a negative return on equity of 10.36%. The company had revenue of $168.61 million during the quarter, compared to the consensus estimate of $162.71 million. Sell-side analysts anticipate that Upwork Inc. will post -0.08 earnings per share for the current year.

Insider Buying and Selling at Upwork

In related news, CEO Hayden Brown sold 28,485 shares of the firm’s stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $9.14, for a total value of $260,352.90. Following the sale, the chief executive officer now owns 1,012,262 shares of the company’s stock, valued at approximately $9,252,074.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Olivier Marie sold 5,835 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $15.20, for a total value of $88,692.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,313 shares of the company’s stock, valued at approximately $50,357.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hayden Brown sold 28,485 shares of the business’s stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $9.14, for a total value of $260,352.90. Following the transaction, the chief executive officer now owns 1,012,262 shares of the company’s stock, valued at approximately $9,252,074.68. The disclosure for this sale can be found here. Insiders sold a total of 69,043 shares of company stock worth $829,622 over the last ninety days. Company insiders own 9.00% of the company’s stock.

Hedge Funds Weigh In On Upwork

Several large investors have recently bought and sold shares of UPWK. Russell Investments Group Ltd. raised its position in Upwork by 575.3% in the first quarter. Russell Investments Group Ltd. now owns 2,600 shares of the company’s stock worth $29,000 after acquiring an additional 2,215 shares in the last quarter. Quarry LP raised its position in Upwork by 92.5% during the first quarter. Quarry LP now owns 3,486 shares of the company’s stock valued at $39,000 after buying an additional 1,675 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Upwork by 100.6% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 5,452 shares of the company’s stock worth $59,000 after acquiring an additional 2,734 shares in the last quarter. UBS Group AG boosted its position in Upwork by 30.7% during the 3rd quarter. UBS Group AG now owns 4,634 shares of the company’s stock worth $63,000 after acquiring an additional 1,089 shares during the period. Finally, Harbour Investments Inc. purchased a new position in Upwork during the 1st quarter valued at about $65,000. Institutional investors and hedge funds own 75.46% of the company’s stock.

About Upwork

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.