Upwork (NASDAQ:UPWK) Given New $18.00 Price Target at Royal Bank of Canada

Upwork (NASDAQ:UPWK) had its price objective increased by equities researchers at Royal Bank of Canada from $16.00 to $18.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 10.46% from the company’s current price.

A number of other equities analysts have also recently commented on UPWK. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price objective (up from $13.00) on shares of Upwork in a research report on Thursday, November 7th. UBS Group lifted their price target on Upwork from $18.00 to $19.00 and gave the stock a “neutral” rating in a report on Thursday. Jefferies Financial Group upped their price objective on Upwork from $19.00 to $20.00 and gave the company a “buy” rating in a report on Monday, January 6th. Canaccord Genuity Group raised their target price on shares of Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, BTIG Research raised their price target on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.91.

Upwork Stock Up 4.9 %

Shares of NASDAQ:UPWK traded up $0.77 during midday trading on Thursday, hitting $16.30. The stock had a trading volume of 2,394,929 shares, compared to its average volume of 2,396,566. The company has a market cap of $2.18 billion, a P/E ratio of 25.88 and a beta of 1.57. Upwork has a 12 month low of $8.43 and a 12 month high of $18.14. The business’s 50-day simple moving average is $16.38 and its 200-day simple moving average is $13.41. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.79. Upwork had a net margin of 11.26% and a return on equity of 22.84%. On average, sell-side analysts forecast that Upwork will post 0.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Erica Gessert sold 4,279 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $17.11, for a total value of $73,213.69. Following the completion of the transaction, the chief financial officer now owns 133,093 shares of the company’s stock, valued at $2,277,221.23. This represents a 3.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Dave Bottoms sold 5,360 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $17.11, for a total transaction of $91,709.60. Following the completion of the sale, the vice president now owns 9,642 shares in the company, valued at $164,974.62. This represents a 35.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 184,186 shares of company stock worth $3,056,877 in the last ninety days. 7.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Upwork

A number of institutional investors and hedge funds have recently bought and sold shares of the company. KBC Group NV boosted its stake in shares of Upwork by 45.4% during the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after purchasing an additional 1,497 shares in the last quarter. CWM LLC raised its holdings in Upwork by 71.9% in the 3rd quarter. CWM LLC now owns 5,896 shares of the company’s stock valued at $62,000 after buying an additional 2,467 shares during the last quarter. Quarry LP boosted its position in Upwork by 42.6% during the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock worth $65,000 after buying an additional 1,851 shares during the period. Nkcfo LLC bought a new stake in Upwork during the 4th quarter worth approximately $82,000. Finally, SBI Securities Co. Ltd. acquired a new position in Upwork in the 4th quarter valued at approximately $84,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

About Upwork

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.