Upwork (NASDAQ:UPWK) Stock Price Up 7.5% – Time to Buy?

by · The Cerbat Gem

Upwork Inc. (NASDAQ:UPWK – Get Free Report) shares shot up 7.5% on Tuesday . The company traded as high as $17.27 and last traded at $17.4120. 2,127,246 shares changed hands during trading, a decline of 20% from the average session volume of 2,644,192 shares. The stock had previously closed at $16.19.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Roth Capital reiterated a “buy” rating and set a $22.00 target price (up previously from $19.00) on shares of Upwork in a report on Wednesday, November 5th. Royal Bank Of Canada lifted their price target on Upwork from $18.00 to $21.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 4th. Citigroup reiterated a “neutral” rating and issued a $19.00 price objective (up previously from $16.00) on shares of Upwork in a report on Tuesday, November 4th. Wall Street Zen raised Upwork from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Finally, Needham & Company LLC upped their target price on shares of Upwork from $19.00 to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

View Our Latest Stock Report on UPWK

Upwork Stock Up 7.0%

The stock has a market cap of $2.26 billion, a PE ratio of 9.90 and a beta of 1.57. The stock’s fifty day moving average price is $17.30 and its 200 day moving average price is $15.43.

Upwork (NASDAQ:UPWK – Get Free Report) last released its quarterly earnings data on Monday, November 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.04). Upwork had a net margin of 31.63% and a return on equity of 41.05%. The business had revenue of $201.73 million during the quarter, compared to the consensus estimate of $193.33 million. During the same period last year, the company posted $0.30 earnings per share. The business’s revenue was up 4.1% compared to the same quarter last year. Upwork has set its FY 2025 guidance at 1.350-1.370 EPS. Q4 2025 guidance at 0.310-0.330 EPS. On average, equities research analysts expect that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Upwork announced that its board has approved a stock repurchase plan on Wednesday, September 3rd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Upwork news, CEO Hayden Brown sold 20,000 shares of the business’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the transaction, the chief executive officer owned 1,082,358 shares of the company’s stock, valued at approximately $21,647,160. The trade was a 1.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Erica Gessert sold 8,730 shares of the firm’s stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $19.16, for a total transaction of $167,266.80. Following the sale, the chief financial officer directly owned 218,605 shares in the company, valued at approximately $4,188,471.80. The trade was a 3.84% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 111,982 shares of company stock worth $2,144,222. 7.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Upwork

Large investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. bought a new position in shares of Upwork during the 1st quarter valued at $1,258,000. Cerity Partners LLC increased its position in Upwork by 8.0% during the first quarter. Cerity Partners LLC now owns 68,349 shares of the company’s stock valued at $892,000 after acquiring an additional 5,068 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in Upwork by 747.7% in the first quarter. New York State Common Retirement Fund now owns 297,995 shares of the company’s stock valued at $3,889,000 after acquiring an additional 262,840 shares during the period. Victory Capital Management Inc. boosted its position in Upwork by 59.2% in the first quarter. Victory Capital Management Inc. now owns 131,855 shares of the company’s stock worth $1,721,000 after purchasing an additional 49,036 shares during the last quarter. Finally, Jennison Associates LLC purchased a new position in Upwork in the first quarter worth about $656,000. Institutional investors own 77.71% of the company’s stock.

Upwork Company Profile

(Get Free Report)

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company’s work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.

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