Brokerages Set Upwork Inc (UPWK) PT at $22.20

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Upwork Inc (NASDAQ:UPWK) has been assigned an average recommendation of “Hold” from the six brokerages that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $22.20.

Separately, Zacks Investment Research cut Upwork from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th.

In other Upwork news, major shareholder Globespan Management Associate sold 2,000,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $18.00, for a total transaction of $36,000,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Upwork in the fourth quarter valued at $16,901,000. Lord Abbett & CO. LLC acquired a new stake in shares of Upwork in the fourth quarter valued at $12,994,000. Geode Capital Management LLC acquired a new stake in shares of Upwork in the fourth quarter valued at $10,383,000. Northern Trust Corp acquired a new stake in shares of Upwork in the fourth quarter valued at $4,842,000. Finally, Columbus Circle Investors acquired a new stake in shares of Upwork in the fourth quarter valued at $1,745,000. 35.67% of the stock is owned by institutional investors and hedge funds.

UPWK stock opened at $20.01 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.01 and a current ratio of 2.01. Upwork has a 52-week low of $15.68 and a 52-week high of $25.00.

Upwork (NASDAQ:UPWK) last posted its earnings results on Thursday, February 28th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $67.34 million for the quarter, compared to analyst estimates of $65.63 million. Research analysts forecast that Upwork will post -0.16 EPS for the current fiscal year.

Upwork Company Profile

Upwork Inc operates an online platform that connects businesses and freelancers. Its platform comprise freelancers in content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and web development categories. The company was formerly known as Elance-oDesk, Inc and changed its name to Upwork Inc in May 2015.

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Analyst Recommendations for Upwork (NASDAQ:UPWK)

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