The Vanguard Group, Inc. recently announced the acquisition of new stake in Upwork Inc. (NASDAQ:UPWK). The institutional investor has increased its shareholding in the Industrials company by 2.34% to 6.93 million shares with purchase of 0.16 million shares. This fresh investment now brings its stake to 6.02% valued currently at $104.08 million. In addition, BlackRock Fund Advisors raised its holdings by 1.5 million to 5.21 million shares.
With over 3.74 million Upwork Inc. (UPWK) shares trading Tuesday and a closing price of $15.29 on the day, the dollar volume was approximately $57.25 million. The shares have shown a positive weekly performance of 5.38% and its price on 09/01/20 gained nearly 0.39%. Currently, there are 116.52M common shares owned by the public and among those 108.68M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for UPWK have a consensus price objective of $18.43. The analysts have set the share’s price value over the next 12 months at a high of $20.00 and a low of $17.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Upwork Inc. stock is 2.00 for the next 12 months. The average price target is 15.85% above its last price level and an upside to the estimated low will see the stock gain 10.06% over that period. But an upside of 23.55% will see the stock hit the forecast high price target while mean target price for the stock is $18.00.
Insiders at the company have transacted a total of 96 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 56 of these insider trades were purchases, accounting for 2,871,220 shares. Insider sales of the common stock occurred on 40 occasions, with total insider shares sold totaling 5,252,916 shares.
The top 3 mutual fund holders in Upwork Inc. are American Funds Small Cap World Fu, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. American Funds Small Cap World Fu owns 6.35 million shares of the company’s stock, all valued at over $95.31 million. Vanguard Total Stock Market Index bought 734.0 shares to see its total holdings expand to 2.26 million shares valued at over $33.89 million and representing 1.96% of the shares outstanding. Vanguard Small Cap Index Fund sold 21800.0 shares to bring its total holdings to over 2.0 million shares at a value of $30.02 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.74% of the shares outstanding.
Shares of Upwork Inc. (NASDAQ: UPWK) opened at $15.40, up $0.17 from a prior closing price of $15.23. However, the script later closed the day at $15.29, up 0.39%. The company’s stock has a 5-day price change of 5.38% and 25.23% over the past three months. UPWK shares are trading 43.30% year to date (YTD), with the 12-month market performance up to 9.84% higher. It has a 12-month low price of $5.14 and touched a high of $17.59 over the same period. Currently, 3.74 million shares have been traded, compared to an average intraday trading volume of 2.83 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.74%, 4.70%, and 40.21% respectively.
Institutional ownership of Upwork Inc. (NASDAQ: UPWK) shares accounts for 74.00% of the company’s 116.52M shares outstanding. Mutual fund holders own 32.16%, while other institutional holders and individual stakeholders account for 35.28% and 25.75% respectively.
It has a market capitalization of $1.80B. The earnings-per-share (ttm) stands at -$0.27. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.26% over the week and 5.56% over the month.
Analysts forecast that Upwork Inc. (UPWK) will achieve an EPS of -$0.07 for the current quarter, -$0.07 for the next quarter and -$0.17 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.09 while analysts give the company a high EPS estimate of -$0.06. Comparatively, EPS for the current quarter was -$0.03 a year ago. Earnings per share for the fiscal year are expected to increase by 18.90%, and 48.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Upwork Inc. (UPWK) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 2 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the UPWK, a number of firms have released research notes about the stock. MKM Partners stated their Buy rating for the stock in a research note on August 27, 2020, with the firm’s price target at $20. Guggenheim coverage for the Upwork Inc. (UPWK) stock in a research note released on January 24, 2020 offered a Neutral rating with a price target of $11. Citigroup was of a view on January 02, 2020 that the stock is Neutral, while First Analysis Sec gave the stock Outperform rating on November 01, 2019, issuing a price target of $18. Jefferies on their part issued Buy rating on June 26, 2019.