Upwork (NASDAQ:UPWK) Shares Down 6%

Upwork Inc. (NASDAQ:UPWK)’s share price was down 6% during trading on Monday . The company traded as low as $8.77 and last traded at $8.77. Approximately 789,696 shares traded hands during trading, a decline of 62% from the average daily volume of 2,059,588 shares. The stock had previously closed at $9.33.

Analyst Ratings Changes

A number of analysts have issued reports on UPWK shares. Royal Bank of Canada cut their price target on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Thursday. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Upwork in a research report on Wednesday, May 15th. BTIG Research upgraded Upwork from a “neutral” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Thursday, May 2nd. The Goldman Sachs Group lowered their target price on Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday. Finally, UBS Group reduced their price target on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.30.

Upwork Price Performance

The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 25.20 and a beta of 1.57. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. The stock has a fifty day moving average of $10.87 and a 200-day moving average of $11.91.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The business had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. During the same quarter in the prior year, the business posted ($0.03) EPS. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, equities research analysts predict that Upwork Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity at Upwork

In other Upwork news, VP Dave Bottoms sold 2,379 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.73, for a total transaction of $27,905.67. Following the completion of the sale, the vice president now owns 2,326 shares of the company’s stock, valued at $27,283.98. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Upwork news, VP Dave Bottoms sold 2,379 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.73, for a total value of $27,905.67. Following the transaction, the vice president now directly owns 2,326 shares of the company’s stock, valued at $27,283.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Olivier Marie sold 3,106 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $12.13, for a total value of $37,675.78. Following the completion of the sale, the chief accounting officer now directly owns 7,565 shares of the company’s stock, valued at approximately $91,763.45. The disclosure for this sale can be found here. Insiders sold 192,496 shares of company stock valued at $2,231,891 in the last ninety days. Corporate insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Plato Investment Management Ltd acquired a new position in Upwork during the 2nd quarter worth $27,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Upwork in the second quarter worth about $29,000. Quadrant Capital Group LLC increased its holdings in Upwork by 67.8% in the fourth quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock valued at $30,000 after buying an additional 803 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in Upwork during the fourth quarter valued at approximately $33,000. Finally, Headlands Technologies LLC bought a new position in Upwork during the 1st quarter worth approximately $49,000. 77.71% of the stock is owned by hedge funds and other institutional investors.

Upwork Company Profile

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 administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.