Scotiabank Cuts Upwork (NASDAQ:UPWK) Price Target to $15.00

Upwork (NASDAQ:UPWK) had its price target reduced by Scotiabank from $17.00 to $15.00 in a report published on Tuesday,Benzinga reports. They currently have a sector perform rating on the stock.

A number of other equities analysts have also recently issued reports on UPWK. UBS Group reissued a “buy” rating and set a $26.00 price objective on shares of Upwork in a research report on Wednesday, January 14th. Royal Bank Of Canada reduced their price objective on shares of Upwork from $24.00 to $20.00 and set a “sector perform” rating for the company in a research report on Tuesday. The Goldman Sachs Group lifted their target price on shares of Upwork from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, November 19th. Wall Street Zen lowered Upwork from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. Finally, Zacks Research downgraded Upwork from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Upwork has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Upwork Stock Down 9.6%

Shares of Upwork stock opened at $13.11 on Tuesday. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 15.61 and a beta of 1.06. The company’s fifty day moving average is $19.95 and its 200 day moving average is $17.68. Upwork has a twelve month low of $11.13 and a twelve month high of $22.84.

Insider Activity at Upwork

In related news, CEO Hayden Brown sold 23,147 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $20.59, for a total value of $476,596.73. Following the transaction, the chief executive officer owned 721,158 shares in the company, valued at approximately $14,848,643.22. This represents a 3.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gary Steele sold 12,500 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $17.51, for a total value of $218,875.00. Following the transaction, the director directly owned 85,129 shares of the company’s stock, valued at approximately $1,490,608.79. This trade represents a 12.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 523,248 shares of company stock worth $10,029,741. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in shares of Upwork by 68.9% during the 1st quarter. Royal Bank of Canada now owns 191,587 shares of the company’s stock valued at $2,501,000 after buying an additional 78,123 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Upwork by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,466 shares of the company’s stock valued at $972,000 after acquiring an additional 3,599 shares during the period. Millennium Management LLC lifted its position in shares of Upwork by 364.0% during the first quarter. Millennium Management LLC now owns 789,638 shares of the company’s stock worth $10,305,000 after acquiring an additional 619,459 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Upwork by 10.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 338,680 shares of the company’s stock worth $4,420,000 after acquiring an additional 31,378 shares during the period. Finally, LRI Investments LLC boosted its holdings in shares of Upwork by 415.9% in the second quarter. LRI Investments LLC now owns 2,528 shares of the company’s stock worth $34,000 after acquiring an additional 2,038 shares during the period. Institutional investors own 77.71% of the company’s stock.

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.