Upwork (NASDAQ:UPWK) Price Target Lowered to $36.00 at Canaccord Genuity Group

Upwork (NASDAQ:UPWKGet Rating) had its price target lowered by equities research analysts at Canaccord Genuity Group from $40.00 to $36.00 in a report released on Thursday, The Fly reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 86.63% from the stock’s previous close.

A number of other research firms have also weighed in on UPWK. Stifel Nicolaus reduced their price objective on shares of Upwork from $40.00 to $34.00 and set a “buy” rating for the company in a research note on Friday, February 11th. Zacks Investment Research raised Upwork from a “sell” rating to a “hold” rating in a research report on Wednesday, April 20th. Needham & Company LLC reduced their target price on Upwork from $60.00 to $42.00 and set a “buy” rating for the company in a report on Friday, February 11th. Canaccord Genuity Group lowered their price objective on shares of Upwork from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, March 18th. Finally, The Goldman Sachs Group dropped their target price on Upwork from $46.00 to $44.00 and set a “buy” rating on the stock in a research report on Friday, February 11th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $43.58.

Shares of UPWK stock opened at $19.29 on Thursday. Upwork has a 12 month low of $17.85 and a 12 month high of $64.49. The stock has a market cap of $2.50 billion, a PE ratio of -43.84 and a beta of 1.91. The company’s fifty day moving average price is $21.94 and its 200-day moving average price is $32.19. The company has a current ratio of 3.98, a quick ratio of 3.98 and a debt-to-equity ratio of 2.16.

Upwork (NASDAQ:UPWKGet Rating) last announced its quarterly earnings data on Wednesday, April 27th. The company reported ($0.03) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.29) by $0.26. Upwork had a negative net margin of 11.19% and a negative return on equity of 19.76%. During the same period in the previous year, the firm earned ($0.06) EPS. On average, sell-side analysts forecast that Upwork will post -0.79 earnings per share for the current fiscal year.

In related news, CFO Jeff Mccombs sold 1,661 shares of the firm’s stock in a transaction on Friday, February 18th. The stock was sold at an average price of $24.42, for a total value of $40,561.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hayden Brown sold 1,405 shares of the stock in a transaction on Monday, April 18th. The shares were sold at an average price of $20.02, for a total transaction of $28,128.10. Following the completion of the sale, the chief executive officer now directly owns 798,100 shares in the company, valued at approximately $15,977,962. The disclosure for this sale can be found here. Insiders have sold a total of 48,889 shares of company stock valued at $1,126,129 over the last quarter. Corporate insiders own 25.30% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of UPWK. Zullo Investment Group Inc. bought a new position in shares of Upwork in the fourth quarter worth about $27,000. Rockefeller Capital Management L.P. lifted its holdings in Upwork by 101.6% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company’s stock valued at $33,000 after buying an additional 378 shares in the last quarter. Marshall Wace North America L.P. purchased a new stake in Upwork in the 1st quarter valued at about $38,000. Lindbrook Capital LLC bought a new position in Upwork in the 4th quarter worth about $52,000. Finally, National Bank of Canada FI purchased a new position in shares of Upwork during the fourth quarter worth approximately $57,000. Hedge funds and other 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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