Upwork (NASDAQ:UPWK) PT Lowered to $20.00 at Royal Bank of Canada

Upwork (NASDAQ:UPWK) had its price target decreased by Royal Bank of Canada to $20.00 in a research note issued to investors on Thursday, The Fly reports. Royal Bank of Canada currently has an outperform rating on the stock.

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A number of other equities research analysts have also weighed in on UPWK. ValuEngine upgraded shares of Upwork from a hold rating to a buy rating in a report on Wednesday, October 2nd. Citigroup decreased their price objective on shares of Upwork from $26.00 to $23.00 and set a buy rating for the company in a report on Tuesday, September 24th. Zacks Investment Research lowered shares of Upwork from a buy rating to a hold rating in a report on Friday, October 11th. Finally, First Analysis started coverage on shares of Upwork in a report on Thursday, October 31st. They set an outperform rating and a $18.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Upwork presently has an average rating of Buy and an average price target of $20.67.

UPWK traded down $0.09 during trading on Thursday, hitting $12.77. 3,615,000 shares of the company traded hands, compared to its average volume of 911,771. Upwork has a 1 year low of $11.81 and a 1 year high of $25.00. The stock’s 50-day simple moving average is $14.20 and its two-hundred day simple moving average is $15.52. The company has a market cap of $1.70 billion and a PE ratio of -33.61. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.06.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Upwork had a negative net margin of 7.09% and a negative return on equity of 7.62%. The company had revenue of $78.80 million during the quarter, compared to analyst estimates of $77.75 million. During the same quarter last year, the business posted ($0.04) EPS. The firm’s revenue for the quarter was up 22.9% on a year-over-year basis. Equities analysts expect that Upwork will post -0.15 EPS for the current year.

In other Upwork news, SVP Han-Shen Yuan sold 100,000 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $15.00, for a total transaction of $1,500,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Steven M. Spurlock sold 30,454 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $15.00, for a total transaction of $456,810.00. The disclosure for this sale can be found here. Insiders have sold a total of 631,759 shares of company stock worth $9,275,922 in the last three months. Insiders own 40.81% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Marshall Wace North America L.P. purchased a new position in Upwork during the 1st quarter valued at about $38,000. Point72 Hong Kong Ltd purchased a new position in Upwork during the 2nd quarter valued at about $44,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Upwork during the 2nd quarter valued at about $63,000. Royal Bank of Canada increased its position in Upwork by 349.8% during the 2nd quarter. Royal Bank of Canada now owns 4,071 shares of the company’s stock valued at $65,000 after purchasing an additional 3,166 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. increased its position in Upwork by 22.9% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,674 shares of the company’s stock valued at $107,000 after purchasing an additional 1,245 shares during the period. 44.33% of the stock is currently owned by institutional investors and hedge funds.

Upwork Company Profile

Upwork Inc operates an online marketplace that enables businesses (clients) to find and work with various independent professionals and agencies (freelancers). The company's platform provides access to talent with approximately 5,000 skills across approximately 70 categories, including content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and Web development.

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