Upwork Inc. (NASDAQ:UPWK) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Upwork Inc. (NASDAQ:UPWK) has received an average rating of “Moderate Buy” from the thirteen ratings firms that are currently covering the stock, Marketbeat reports. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $22.60.

Several analysts have recently weighed in on the stock. Scotiabank dropped their price target on shares of Upwork from $17.00 to $15.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 10th. Citigroup decreased their price objective on Upwork from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, February 10th. UBS Group lowered their price objective on Upwork from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Zacks Research cut Upwork from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Finally, Jefferies Financial Group lifted their target price on Upwork from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, January 5th.

Upwork Trading Down 1.2%

Upwork stock opened at $11.19 on Friday. The company has a 50-day moving average price of $15.17 and a 200 day moving average price of $17.38. Upwork has a 12-month low of $11.03 and a 12-month high of $22.84. The stock has a market cap of $1.46 billion, a P/E ratio of 13.32 and a beta of 1.07.

Upwork declared that its board has authorized a share repurchase program on Wednesday, February 18th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 18% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, CFO Erica Gessert sold 9,278 shares of the business’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $12.31, for a total value of $114,212.18. Following the sale, the chief financial officer directly owned 307,240 shares in the company, valued at approximately $3,782,124.40. The trade was a 2.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hayden Brown sold 23,745 shares of the company’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $12.31, for a total transaction of $292,300.95. Following the completion of the transaction, the chief executive officer directly owned 798,732 shares in the company, valued at $9,832,390.92. The trade was a 2.89% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 235,186 shares of company stock valued at $3,156,199. 7.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Upwork

A number of hedge funds have recently made changes to their positions in the stock. Accredited Wealth Management LLC raised its position in Upwork by 5,280.0% in the third quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock valued at $25,000 after purchasing an additional 1,320 shares during the period. Clearstead Advisors LLC lifted its stake in Upwork by 998.4% during the third quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock worth $26,000 after purchasing an additional 1,278 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Upwork by 594.4% during the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock worth $27,000 after buying an additional 1,165 shares during the period. Elevation Point Wealth Partners LLC acquired a new stake in shares of Upwork in the second quarter valued at $30,000. Finally, Fifth Third Bancorp grew its stake in shares of Upwork by 2,405.7% in the third quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock valued at $33,000 after buying an additional 1,684 shares in the last quarter. Hedge funds and other institutional investors own 77.71% of the company’s stock.

Upwork Company Profile

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.