Upwork Inc. (NASDAQ:UPWK) Receives $22.60 Average Target Price from Analysts

Upwork Inc. (NASDAQ:UPWK) has earned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $22.60.

Several equities research analysts have recently weighed in on UPWK shares. Citizens Jmp reiterated a “market outperform” rating and set a $27.00 target price on shares of Upwork in a research note on Wednesday, November 19th. Citigroup decreased their price objective on Upwork from $19.00 to $17.00 and set a “neutral” rating for the company in a research report on Tuesday, February 10th. UBS Group dropped their target price on Upwork from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Wall Street Zen upgraded Upwork from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Upwork in a research report on Wednesday, January 21st.

Insiders Place Their Bets

In other news, CFO Erica Gessert sold 26,292 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $362,829.60. Following the completion of the transaction, the chief financial officer directly owned 298,386 shares of the company’s stock, valued at approximately $4,117,726.80. This represents a 8.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Dave Bottoms sold 17,013 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total value of $234,779.40. Following the completion of the sale, the insider directly owned 15,994 shares of the company’s stock, valued at $220,717.20. This represents a 51.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 235,204 shares of company stock worth $3,602,486. Company insiders own 7.50% of the company’s stock.

Hedge Funds Weigh In On Upwork

A number of institutional investors and hedge funds have recently made changes to their positions in UPWK. Handelsbanken Fonder AB lifted its stake in shares of Upwork by 2.2% in the fourth quarter. Handelsbanken Fonder AB now owns 32,200 shares of the company’s stock valued at $638,000 after purchasing an additional 700 shares during the period. Straightline Group LLC increased its holdings in Upwork by 2.4% in the fourth quarter. Straightline Group LLC now owns 39,222 shares of the company’s stock valued at $777,000 after buying an additional 920 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Upwork by 4.0% in the third quarter. Raymond James Financial Inc. now owns 24,004 shares of the company’s stock valued at $446,000 after buying an additional 928 shares in the last quarter. King Luther Capital Management Corp lifted its position in shares of Upwork by 0.4% during the 2nd quarter. King Luther Capital Management Corp now owns 264,789 shares of the company’s stock valued at $3,559,000 after acquiring an additional 987 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in shares of Upwork by 594.4% during the 4th quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock worth $27,000 after acquiring an additional 1,165 shares in the last quarter. 77.71% of the stock is owned by institutional investors and hedge funds.

Upwork Price Performance

Shares of Upwork stock opened at $13.43 on Monday. The firm’s fifty day simple moving average is $17.79 and its 200-day simple moving average is $17.75. Upwork has a 12 month low of $11.13 and a 12 month high of $22.84. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 15.99 and a beta of 1.07.

Upwork declared that its board has initiated a stock repurchase program on Wednesday, February 18th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to purchase up to 18% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

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.