Upwork (NASDAQ:UPWK) Stock Rating Upgraded by Zacks Investment Research

Upwork (NASDAQ:UPWKGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Upwork Inc. provides online recruitment services. The Company offers jobs in the categories such as website developers, virtual assistants, sales and marketing experts, accountants and consultants. Upwork Inc. is based in CA, United States. “

A number of other analysts have also recently issued reports on the stock. Canaccord Genuity Group reduced their target price on shares of Upwork from $45.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, March 18th. The Goldman Sachs Group reduced their target price on shares of Upwork from $46.00 to $44.00 and set a “buy” rating for the company in a research note on Friday, February 11th. JMP Securities reduced their price objective on shares of Upwork from $55.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, February 11th. Needham & Company LLC reduced their price objective on shares of Upwork from $60.00 to $42.00 and set a “buy” rating for the company in a research note on Friday, February 11th. Finally, TheStreet cut shares of Upwork from a “c-” rating to a “d+” rating in a research note on Wednesday, January 26th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $46.75.

UPWK traded down $0.85 on Wednesday, reaching $20.30. 12,226 shares of the company traded hands, compared to its average volume of 1,652,179. The stock’s 50 day moving average price is $22.72 and its 200-day moving average price is $33.32. Upwork has a 52-week low of $17.85 and a 52-week high of $64.49. The company has a market cap of $2.62 billion, a price-to-earnings ratio of -46.14 and a beta of 1.91. The company has a debt-to-equity ratio of 2.16, a current ratio of 3.98 and a quick ratio of 3.98.

Upwork (NASDAQ:UPWKGet Rating) last announced its quarterly earnings data on Thursday, February 10th. The company reported ($0.18) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.01). The company had revenue of $136.86 million for the quarter, compared to analysts’ expectations of $131.79 million. Upwork had a negative net margin of 11.19% and a negative return on equity of 19.76%. The business’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.01 earnings per share. As a group, equities research analysts forecast that Upwork will post -0.79 earnings per share for the current fiscal year.

In other Upwork news, CEO Hayden Brown sold 12,429 shares of the company’s stock in a transaction dated Friday, February 18th. The shares were sold at an average price of $24.41, for a total transaction of $303,391.89. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Eric Gilpin sold 4,019 shares of the company’s stock in a transaction dated Friday, February 18th. The shares were sold at an average price of $24.41, for a total transaction of $98,103.79. The disclosure for this sale can be found here. Insiders sold a total of 47,484 shares of company stock worth $1,098,001 in the last three months. Insiders own 9.20% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in Upwork by 6.8% during the 3rd quarter. BlackRock Inc. now owns 8,009,219 shares of the company’s stock valued at $360,654,000 after purchasing an additional 509,479 shares during the period. Baillie Gifford & Co. raised its position in shares of Upwork by 5.0% in the 4th quarter. Baillie Gifford & Co. now owns 6,306,603 shares of the company’s stock valued at $215,434,000 after acquiring an additional 300,589 shares during the period. Geode Capital Management LLC raised its position in shares of Upwork by 19.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,337,110 shares of the company’s stock valued at $105,240,000 after acquiring an additional 385,715 shares during the period. State Street Corp raised its position in shares of Upwork by 2.7% in the 4th quarter. State Street Corp now owns 2,306,255 shares of the company’s stock valued at $78,782,000 after acquiring an additional 60,854 shares during the period. Finally, ATOMVEST Ltd raised its position in shares of Upwork by 4.0% in the 3rd quarter. ATOMVEST Ltd now owns 1,892,312 shares of the company’s stock valued at $85,211,000 after acquiring an additional 72,000 shares during the period. Institutional investors own 69.59% of the company’s stock.

About Upwork (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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