Royal Bank of Canada Reaffirms Buy Rating for Upwork (NASDAQ:UPWK)
Royal Bank of Canada restated their buy rating on shares of Upwork (NASDAQ:UPWK) in a research report sent to investors on Sunday, AnalystRatings.com reports. They currently have a $25.00 price objective on the stock.
Other equities research analysts also recently issued reports about the company. Zacks Investment Research upgraded Upwork from a sell rating to a hold rating in a report on Saturday, July 13th. Jefferies Financial Group upgraded Upwork from a hold rating to a buy rating and set a $23.00 price objective for the company in a report on Wednesday, June 26th. Finally, Cantor Fitzgerald started coverage on Upwork in a report on Tuesday, June 18th. They set an overweight rating for the company. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Upwork presently has an average rating of Buy and an average target price of $23.00.
Shares of UPWK stock opened at $15.47 on Friday. The company has a market capitalization of $1.71 billion and a P/E ratio of -40.71. The business has a 50 day simple moving average of $16.15. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.74 and a current ratio of 1.74. Upwork has a fifty-two week low of $14.08 and a fifty-two week high of $25.00.
In other news, Director Dan Marriott sold 1,200,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $15.06, for a total transaction of $18,072,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Han-Shen Yuan sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were 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 90 days, insiders have sold 1,697,461 shares of company stock valued at $25,773,042. Corporate insiders own 40.81% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Upwork by 139.6% during the second quarter. BlackRock Inc. now owns 3,951,764 shares of the company’s stock valued at $63,544,000 after buying an additional 2,302,364 shares during the last quarter. Federated Investors Inc. PA boosted its position in shares of Upwork by 40.6% during the first quarter. Federated Investors Inc. PA now owns 1,298,234 shares of the company’s stock valued at $24,848,000 after buying an additional 375,034 shares during the last quarter. Baillie Gifford & Co. purchased a new position in shares of Upwork during the second quarter valued at approximately $20,650,000. Geode Capital Management LLC purchased a new position in shares of Upwork during the fourth quarter valued at approximately $10,383,000. Finally, State of Wisconsin Investment Board purchased a new position in shares of Upwork during the first quarter valued at approximately $9,984,000. 35.56% of the stock is currently owned by institutional investors.
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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