Brokerages Set Upwork Inc. (NASDAQ:UPWK) PT at $22.60

Shares of Upwork Inc. (NASDAQ:UPWK) have been assigned an average rating of “Moderate Buy” from the thirteen ratings firms that are currently covering the company, 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 twelve-month target price among analysts that have covered the stock in the last year is $22.60.

Several research analysts recently weighed in on UPWK shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Upwork in a research note on Wednesday, January 21st. Zacks Research downgraded shares of Upwork from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Citigroup cut their target price on shares of Upwork from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Tuesday, February 10th. Canaccord Genuity Group set a $22.00 price target on shares of Upwork in a report on Tuesday, February 10th. Finally, Jefferies Financial Group upped their price objective on shares of Upwork from $22.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, January 5th.

Insider Buying and Selling at Upwork

In other news, CFO Erica Gessert sold 26,292 shares of Upwork stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $362,829.60. Following the transaction, the chief financial officer owned 298,386 shares in the company, valued at $4,117,726.80. The trade was a 8.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hayden Brown sold 123,152 shares of the business’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 $1,699,497.60. Following the completion of the transaction, the chief executive officer owned 776,067 shares of the company’s stock, valued at $10,709,724.60. This represents a 13.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 235,186 shares of company stock valued at $3,156,199. Company insiders own 7.50% of the company’s stock.

Institutional Trading of Upwork

Hedge funds have recently bought and sold shares of the stock. Accredited Wealth Management LLC raised its holdings in shares of 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 last quarter. Clearstead Advisors LLC boosted its holdings 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 during the last quarter. Farther Finance Advisors LLC grew its position in Upwork by 594.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock valued at $27,000 after purchasing an additional 1,165 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Upwork in the 2nd quarter valued at $30,000. Finally, Fifth Third Bancorp increased its stake in Upwork by 2,405.7% in the 3rd 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 during the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Stock Performance

Shares of UPWK opened at $10.87 on Friday. Upwork has a 1 year low of $10.73 and a 1 year high of $22.84. The stock has a market cap of $1.42 billion, a P/E ratio of 12.94 and a beta of 1.07. The stock’s 50-day moving average price is $14.99 and its two-hundred day moving average price is $17.37.

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