UBS Group Cuts Upwork (NASDAQ:UPWK) Price Target to $23.00

Upwork (NASDAQ:UPWK) had its price target reduced by UBS Group from $26.00 to $23.00 in a report published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued reports about the stock. Wall Street Zen lowered shares of Upwork from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Jefferies Financial Group upped their price objective on shares of Upwork from $22.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, January 5th. Royal Bank Of Canada decreased their target price on shares of Upwork from $24.00 to $20.00 and set a “sector perform” rating for the company in a research note on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of Upwork in a research report on Tuesday. Finally, Scotiabank reduced their price objective on Upwork from $17.00 to $15.00 and set a “sector perform” rating for the company in a research report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Upwork presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Upwork Trading Down 9.6%

UPWK opened at $13.11 on Tuesday. The stock has a fifty day simple moving average of $19.95 and a two-hundred day simple moving average of $17.68. The company has a market cap of $1.71 billion, a price-to-earnings ratio of 15.61 and a beta of 1.06. Upwork has a 12-month low of $11.13 and a 12-month high of $22.84.

Insider Buying and Selling

In other Upwork news, CEO Hayden Brown sold 23,147 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $20.59, for a total value of $476,596.73. Following the completion of the transaction, the chief executive officer directly owned 721,158 shares in the company, valued at approximately $14,848,643.22. The trade was a 3.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gary Steele sold 12,500 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $17.51, for a total transaction of $218,875.00. Following the sale, the director directly owned 85,129 shares of the company’s stock, valued at approximately $1,490,608.79. The trade was a 12.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 523,248 shares of company stock valued at $10,029,741. Company insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Financial Gravity Companies Inc. purchased a new stake in Upwork during the 2nd quarter valued at about $5,118,000. Ruffer LLP purchased a new position in shares of Upwork in the third quarter worth about $2,716,000. Aviance Capital Partners LLC acquired a new stake in shares of Upwork during the second quarter worth about $619,000. Campbell & CO Investment Adviser LLC boosted its position in Upwork by 80.6% in the second quarter. Campbell & CO Investment Adviser LLC now owns 251,263 shares of the company’s stock valued at $3,377,000 after buying an additional 112,133 shares during the last quarter. Finally, Boston Partners boosted its position in Upwork by 61.6% in the second quarter. Boston Partners now owns 262,219 shares of the company’s stock valued at $3,524,000 after buying an additional 99,941 shares during the last quarter. 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.