Upwork’s (UPWK) “Hold” Rating Reaffirmed at Zacks Investment Research

Zacks Investment Research reissued their hold rating on shares of Upwork (NASDAQ:UPWK) in a research note published on Saturday, Zacks.com reports.

According to Zacks, “Upwork Inc. provides online recruitment services. The Company offers jobs in the categories such as website developers, virtual assistants, sales and marketing experts, accountants and consultants. Upwork Inc. is based in CA, United States. “

Other analysts have also issued research reports about the company. BTIG Research started coverage on Upwork in a report on Thursday, April 11th. They set a buy rating and a $24.00 price target for the company. Jefferies Financial Group raised Upwork from a hold rating to a buy rating and set a $23.00 price target for the company in a report on Wednesday. Finally, Cantor Fitzgerald started coverage on Upwork in a report on Tuesday, June 18th. They set an overweight rating for the company. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $22.83.

NASDAQ:UPWK opened at $16.08 on Friday. The firm’s 50-day moving average is $15.43. Upwork has a 52-week low of $14.08 and a 52-week high of $25.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.74 and a quick ratio of 1.74.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The company had revenue of $68.92 million for the quarter, compared to the consensus estimate of $69.15 million. Equities research analysts predict that Upwork will post -0.2 EPS for the current year.

In other news, major shareholder Globespan Management Associate sold 2,000,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $18.00, for a total value of $36,000,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Han-Shen Yuan sold 100,000 shares of the company’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $15.87, for a total value of $1,587,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,607,451 shares of company stock valued at $45,687,211. Corporate insiders own 40.81% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Upwork during the fourth quarter valued at approximately $16,901,000. Lord Abbett & CO. LLC bought a new position in Upwork during the fourth quarter valued at approximately $12,994,000. Geode Capital Management LLC bought a new position in Upwork during the fourth quarter valued at approximately $10,383,000. State of Wisconsin Investment Board bought a new position in Upwork during the first quarter valued at approximately $9,984,000. Finally, Amundi Pioneer Asset Management Inc. bought a new position in Upwork during the first quarter valued at approximately $8,493,000. 35.43% of the stock is owned by hedge funds and other institutional investors.

About Upwork

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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