Upwork Inc. (NASDAQ:UPWK – Get Rating)’s stock price traded down 7.6% during mid-day trading on Monday after BTIG Research lowered their price target on the stock from $34.00 to $30.00. The company traded as low as $22.39 and last traded at $22.40. 4,507 shares were traded during mid-day trading, a decline of 100% from the average session volume of 1,534,573 shares. The stock had previously closed at $24.25.
A number of other analysts have also commented on UPWK. Needham & Company LLC cut their price target on Upwork from $42.00 to $33.00 in a report on Thursday, April 28th. MKM Partners cut their price target on Upwork from $36.00 to $31.00 in a report on Monday, April 25th. Stifel Nicolaus lowered Upwork from a “buy” rating to a “hold” rating and cut their price target for the company from $30.00 to $20.00 in a report on Monday, May 16th. Royal Bank of Canada started coverage on Upwork in a report on Monday, May 23rd. They issued a “sector perform” rating and a $21.00 price target on the stock. Finally, Canaccord Genuity Group dropped their target price on Upwork from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, March 18th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Upwork presently has an average rating of “Moderate Buy” and a consensus price target of $37.43.
In other news, Director Leela Srinivasan sold 3,896 shares of the firm’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $20.06, for a total value of $78,153.76. Following the completion of the sale, the director now directly owns 39,210 shares in the company, valued at approximately $786,552.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Hayden Brown sold 1,405 shares of the firm’s stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $20.02, for a total value of $28,128.10. Following the completion of the sale, the chief executive officer now owns 798,100 shares of the company’s stock, valued at $15,977,962. The disclosure for this sale can be found here. Insiders sold a total of 52,997 shares of company stock valued at $969,908 over the last quarter. 8.90% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of UPWK. Baillie Gifford & Co. lifted its position in Upwork by 2.0% in the 1st quarter. Baillie Gifford & Co. now owns 6,433,548 shares of the company’s stock valued at $149,516,000 after acquiring an additional 126,945 shares in the last quarter. Greenoaks Capital Partners LLC raised its holdings in shares of Upwork by 265.1% in the 1st quarter. Greenoaks Capital Partners LLC now owns 3,212,761 shares of the company’s stock worth $74,665,000 after purchasing an additional 2,332,761 shares during the period. Hawk Ridge Capital Management LP purchased a new position in Upwork in the 1st quarter valued at approximately $61,144,000. State Street Corp grew its stake in Upwork by 1.9% in the 1st quarter. State Street Corp now owns 2,350,936 shares of the company’s stock valued at $54,636,000 after buying an additional 44,681 shares in the last quarter. Finally, Dorsey Asset Management LLC grew its stake in Upwork by 7.9% in the 1st quarter. Dorsey Asset Management LLC now owns 1,558,109 shares of the company’s stock valued at $36,210,000 after buying an additional 114,491 shares in the last quarter. Institutional investors own 73.43% of the company’s stock
The firm has a market capitalization of $2.83 billion, a PE ratio of -38.81 and a beta of 1.64. The company has a debt-to-equity ratio of 2.25, a quick ratio of 3.61 and a current ratio of 3.61. The business’s 50 day moving average is $19.42 and its two-hundred day moving average is $22.89.
Upwork (NASDAQ:UPWK – Get Rating) last released its quarterly earnings data on Wednesday, April 27th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.10. Upwork had a negative net margin of 13.79% and a negative return on equity of 27.03%. The business had revenue of $141.34 million during the quarter, compared to analyst estimates of $133.70 million. During the same period in the previous year, the business earned ($0.06) EPS. As a group, equities research analysts predict that Upwork Inc. will post -0.79 EPS for the current year.
About Upwork (NASDAQ:UPWK)
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.