Upwork (NASDAQ:UPWK) PT Lowered to $33.00 at Needham & Company LLC

Upwork (NASDAQ:UPWKGet Rating) had its price objective reduced by investment analysts at Needham & Company LLC from $42.00 to $33.00 in a report issued on Thursday, The Fly reports. Needham & Company LLC’s target price indicates a potential upside of 51.72% from the stock’s current price.

Several other research firms also recently commented on UPWK. Piper Sandler dropped their price objective on Upwork from $40.00 to $30.00 in a research note on Tuesday, March 8th. Zacks Investment Research upgraded Upwork from a “sell” rating to a “hold” rating in a research note on Wednesday, April 20th. Canaccord Genuity Group dropped their price objective on Upwork from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Thursday. TheStreet cut shares of Upwork from a “c-” rating to a “d+” rating in a report on Wednesday, January 26th. Finally, BTIG Research lowered their target price on shares of Upwork from $44.00 to $34.00 and set a “buy” rating on the stock in a report on Monday, April 18th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $42.83.

Shares of NASDAQ UPWK opened at $21.75 on Thursday. Upwork has a twelve month low of $17.85 and a twelve month high of $64.49. The stock’s 50 day moving average price is $21.94 and its 200-day moving average price is $32.19. The company has a market capitalization of $2.82 billion, a PE ratio of -43.84 and a beta of 1.91. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 2.16.

Upwork (NASDAQ:UPWKGet Rating) last posted its quarterly earnings data on Wednesday, April 27th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.26. Upwork had a negative return on equity of 19.76% and a negative net margin of 11.19%. During the same period in the prior year, the business earned ($0.06) EPS. As a group, research analysts expect that Upwork will post -0.79 EPS for the current fiscal year.

In related news, CEO Hayden Brown sold 1,405 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 798,100 shares in the company, valued at $15,977,962. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jeff Mccombs sold 1,661 shares of the company’s stock in a transaction on Friday, February 18th. The stock was sold at an average price of $24.42, for a total transaction of $40,561.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,889 shares of company stock worth $1,126,129. Insiders own 25.30% of the company’s stock.

A number of large investors have recently made changes to their positions in UPWK. Marshall Wace North America L.P. purchased a new stake in Upwork during the first quarter valued at about $38,000. First Trust Advisors LP bought a new position in Upwork in the first quarter worth about $1,712,000. Amundi Pioneer Asset Management Inc. bought a new position in Upwork in the first quarter worth about $8,493,000. Commonwealth Equity Services LLC raised its stake in Upwork by 2.5% in the third quarter. Commonwealth Equity Services LLC now owns 38,762 shares of the company’s stock worth $1,745,000 after buying an additional 950 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in Upwork by 73.3% in the third quarter. SG Americas Securities LLC now owns 61,172 shares of the company’s stock worth $2,755,000 after buying an additional 25,867 shares in the last quarter. 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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