Upwork (NASDAQ:UPWK) Cut to Hold at Zacks Research

Zacks Research lowered shares of Upwork (NASDAQ:UPWK) from a strong-buy rating to a hold rating in a report released on Monday,Zacks.com reports.

A number of other research firms also recently weighed in on UPWK. Jefferies Financial Group lifted their target price on Upwork from $22.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Roth Mkm reiterated a “buy” rating and issued a $22.00 price objective (up previously from $19.00) on shares of Upwork in a research report on Wednesday, November 5th. The Goldman Sachs Group lifted their price objective on Upwork from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, November 19th. Scotiabank upped their target price on Upwork from $15.00 to $17.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 4th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Upwork in a research report on Wednesday, November 19th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $23.91.

Upwork Price Performance

NASDAQ:UPWK opened at $17.05 on Monday. The stock has a market cap of $2.23 billion, a P/E ratio of 9.74 and a beta of 1.06. Upwork has a one year low of $11.13 and a one year high of $22.84. The company has a fifty day moving average price of $20.36 and a 200 day moving average price of $17.58.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Monday, November 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.04). Upwork had a return on equity of 41.05% and a net margin of 31.63%.The company had revenue of $201.73 million during the quarter, compared to analyst estimates of $193.33 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, equities research analysts anticipate that Upwork will post 0.84 EPS for the current year.

Insider Buying and Selling

In other news, CFO Erica Gessert sold 9,044 shares of the company’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $20.59, for a total value of $186,215.96. Following the sale, the chief financial officer owned 246,701 shares of the company’s stock, valued at approximately $5,079,573.59. This represents a 3.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gary Steele sold 12,500 shares of the stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $17.51, for a total transaction of $218,875.00. Following the sale, the director owned 85,129 shares of the company’s stock, valued at $1,490,608.79. This trade represents a 12.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 523,248 shares of company stock valued at $10,029,741. 7.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Upwork

A number of institutional investors and hedge funds have recently added to or reduced their stakes in UPWK. Accredited Wealth Management LLC increased its holdings in shares of Upwork by 5,280.0% during the third quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock worth $25,000 after buying an additional 1,320 shares in the last quarter. Clearstead Advisors LLC grew its position in Upwork by 998.4% during the 3rd quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock worth $26,000 after acquiring an additional 1,278 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Upwork by 594.4% during the 4th quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock valued at $27,000 after purchasing an additional 1,165 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Upwork during the 2nd quarter valued at $30,000. Finally, Fifth Third Bancorp raised its position in Upwork by 2,405.7% in the 3rd quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock valued at $33,000 after purchasing an additional 1,684 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

About Upwork

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.