Upwork Inc. (NASDAQ:UPWK) Given Average Rating of “Moderate Buy” by Analysts

Shares of Upwork Inc. (NASDAQ:UPWK) have received a consensus rating of “Moderate Buy” from the thirteen analysts that are currently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $22.60.

Several equities research analysts have weighed in on UPWK shares. Zacks Research downgraded shares of Upwork from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Upwork in a research report on Wednesday, January 21st. Jefferies Financial Group raised their target price on Upwork from $22.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, January 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target on shares of Upwork in a research note on Tuesday, February 10th. Finally, Scotiabank cut their price target on Upwork from $17.00 to $15.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 10th.

Insider Transactions at Upwork

In other Upwork news, CEO Hayden Brown sold 123,152 shares of the business’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total transaction of $1,699,497.60. Following the completion of the sale, the chief executive officer owned 776,067 shares in the company, valued at approximately $10,709,724.60. The trade was a 13.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Erica Gessert sold 26,292 shares of the company’s stock in a transaction 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 transaction, the chief financial officer owned 298,386 shares in the company, valued at approximately $4,117,726.80. The trade was a 8.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 235,186 shares of company stock valued at $3,156,199 over the last ninety days. 7.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Upwork

Hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its holdings in shares of Upwork by 44.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,231,377 shares of the company’s stock worth $381,166,000 after acquiring an additional 5,893,970 shares during the last quarter. Vanguard Group Inc. increased its holdings in Upwork by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 14,989,217 shares of the company’s stock worth $297,086,000 after purchasing an additional 322,455 shares in the last quarter. LSV Asset Management increased its holdings in Upwork by 0.4% during the 4th quarter. LSV Asset Management now owns 6,537,275 shares of the company’s stock worth $129,569,000 after purchasing an additional 23,900 shares in the last quarter. Ancient Art L.P. raised its stake in shares of Upwork by 8.7% in the fourth quarter. Ancient Art L.P. now owns 4,640,814 shares of the company’s stock worth $91,981,000 after purchasing an additional 372,147 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Upwork by 19.2% in the fourth quarter. Invesco Ltd. now owns 3,585,846 shares of the company’s stock worth $71,071,000 after purchasing an additional 576,512 shares during the last quarter. 77.71% of the stock is owned by institutional investors.

Upwork Stock Up 3.7%

NASDAQ:UPWK opened at $10.96 on Friday. Upwork has a twelve month low of $10.52 and a twelve month high of $22.84. The company has a fifty day moving average of $14.63 and a 200-day moving average of $17.29. The firm has a market capitalization of $1.43 billion, a P/E ratio of 13.05 and a beta of 1.07.

Upwork announced that its board has approved a stock buyback plan on Wednesday, February 18th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to buy up to 18% of its stock through open market purchases. Stock buyback plans are usually an indication 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.