Upwork Inc (NASDAQ:UPWK) Receives Average Recommendation of “Buy” from Brokerages

Shares of Upwork Inc (NASDAQ:UPWK) have been assigned an average recommendation of “Buy” from the eight analysts that are currently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $22.83.

Several equities analysts have recently commented on UPWK shares. BTIG Research started coverage on Upwork in a research report on Thursday, April 11th. They set a “buy” rating and a $24.00 price objective on the stock. Jefferies Financial Group upgraded Upwork from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a report on Wednesday, June 26th. Cantor Fitzgerald started coverage on Upwork in a report on Tuesday, June 18th. They set an “overweight” rating for the company. Finally, Zacks Investment Research upgraded Upwork from a “sell” rating to a “hold” rating in a report on Saturday, July 13th.

In related news, insider Hayden Brown sold 3,750 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $16.58, for a total transaction of $62,175.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Stephane Kasriel sold 280,000 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $16.35, for a total value of $4,578,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 607,451 shares of company stock valued at $9,687,211 over the last 90 days. 40.81% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. purchased a new stake in Upwork in the 1st quarter worth approximately $38,000. Citigroup Inc. purchased a new stake in Upwork in the 4th quarter worth approximately $60,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Upwork in the 2nd quarter worth approximately $63,000. Barclays PLC purchased a new stake in Upwork in the 4th quarter worth approximately $93,000. Finally, Bank of America Corp DE purchased a new stake in Upwork in the 4th quarter worth approximately $94,000. Institutional investors and hedge funds own 35.40% of the company’s stock.

Shares of Upwork stock traded down $0.47 during trading on Tuesday, hitting $15.23. 6,248 shares of the stock traded hands, compared to its average volume of 678,786. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.74 and a current ratio of 1.74. The company has a market capitalization of $1.70 billion and a PE ratio of -40.24. The business has a fifty day simple moving average of $16.12. Upwork has a 52 week low of $14.08 and a 52 week high of $25.00.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $68.92 million for the quarter, compared to the consensus estimate of $69.15 million. As a group, sell-side analysts expect that Upwork will post -0.2 earnings per share for the current year.

About Upwork

Upwork Inc operates an online marketplace that enables businesses (clients) to find and work with various independent professionals and agencies (freelancers). The company's platform provides access to talent with approximately 5,000 skills across approximately 70 categories, including content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and Web development.

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Analyst Recommendations for Upwork (NASDAQ:UPWK)

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