Upwork (NASDAQ:UPWK) Sets New 52-Week High

Upwork Inc. (NASDAQ:UPWK) shares hit a new 52-week high, trading at $20.60. Analysts have issued buy ratings, with price targets ranging from $22 to $27. The company reported Q3 earnings with a $100 million stock buyback program. Insiders sold shares, and institutional investors modified holdings. Upwork's stock is considered undervalued, with a consensus rating of "Moderate Buy."

Upwork Inc. (NASDAQ:UPWK - Get Free Report) shares hit a new 52-week high on Tuesday . The stock traded as high as $20.60 and last traded at $20.5330, with a volume of 806437 shares. The stock had previously closed at $19.88.

Wall Street Analysts Forecast Growth

Upwork's Stock Soars on Q3 Blowout and a New AI Blueprint

Several equities analysts recently issued reports on the company. Canaccord Genuity Group boosted their price target on Upwork from $22.00 to $24.00 and gave the company a "buy" rating in a research report on Wednesday, November 19th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 target price on shares of Upwork in a report on Wednesday, November 19th. Citizens Jmp reaffirmed a "market outperform" rating and set a $27.00 price target on shares of Upwork in a report on Wednesday, November 19th. Jefferies Financial Group reissued a "buy" rating and issued a $22.00 price objective on shares of Upwork in a research note on Tuesday, November 4th. Finally, Royal Bank Of Canada raised their target price on shares of Upwork from $18.00 to $21.00 and gave the stock a "sector perform" rating in a research note on Tuesday, November 4th. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $22.92.

Check Out Our Latest Report on UPWK

Upwork Trading Up 6.0%

$100 Million Buyback in Upwork Stock Follows a Strong Quarter

The stock's 50 day moving average price is $17.52 and its two-hundred day moving average price is $15.61. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 12.01 and a beta of 1.02.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings data on Monday, November 3rd. The company reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.25 by ($0.04). Upwork had a return on equity of 41.05% and a net margin of 31.63%.The company had revenue of $201.73 million for the quarter, compared to analysts' expectations of $193.33 million. During the same period in the prior year, the firm posted $0.30 EPS. The firm's quarterly revenue was up 4.1% on a year-over-year basis. Upwork has set its FY 2025 guidance at 1.350-1.370 EPS and its Q4 2025 guidance at 0.310-0.330 EPS. On average, sell-side analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Upwork's Earnings Beat Fuels Stock Rally—Is Freelancing Booming?

Upwork declared that its Board of Directors has initiated a stock repurchase program on Wednesday, September 3rd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 4.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Insider Transactions at Upwork

In other news, Director Gary Steele sold 12,500 shares of Upwork stock in a transaction on Friday, November 21st. The stock was sold at an average price of $17.51, for a total transaction of $218,875.00. Following the completion of the transaction, the director owned 85,129 shares of the company's stock, valued at $1,490,608.79. The trade was a 12.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Hayden Brown sold 275,000 shares of the business's stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $19.43, for a total transaction of $5,343,250.00. Following the completion of the sale, the chief executive officer owned 697,894 shares in the company, valued at $13,560,080.42. This represents a 28.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 582,132 shares of company stock worth $11,080,002 over the last ninety days. 7.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of UPWK. Accredited Wealth Management LLC lifted its stake in Upwork by 5,280.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company's stock valued at $25,000 after buying an additional 1,320 shares in the last quarter. Clearstead Advisors LLC raised its holdings in shares of Upwork by 998.4% in the third quarter. Clearstead Advisors LLC now owns 1,406 shares of the company's stock worth $26,000 after acquiring an additional 1,278 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Upwork by 2,405.7% in the third quarter. Fifth Third Bancorp now owns 1,754 shares of the company's stock valued at $33,000 after acquiring an additional 1,684 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in shares of Upwork during the second quarter valued at $30,000. Finally, LRI Investments LLC boosted its stake in shares of Upwork by 415.9% during the second quarter. LRI Investments LLC now owns 2,528 shares of the company's stock valued at $34,000 after acquiring an additional 2,038 shares during the last quarter. 77.71% of the stock is currently owned by institutional investors and hedge funds.

Upwork Company Profile

(Get Free Report)

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.

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Upwork (NASDAQ:UPWK) Sets New 52-Week High - Time to Buy?