RBC Capital Mkts lifts Upwork Inc. [UPWK] price estimate. Who else is bullish?

Upwork Inc. [NASDAQ: UPWK] stock went on a downward path that fall over -0.70% on Friday, amounting to a one-week price decrease of less than -2.34%. The company report on August 25, 2022 that Upwork Report Finds U.S Businesses Increasingly Turn to Independent Talent as a Key Workforce Strategy.

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Companies facing a protracted labor shortage use skilled independent professionals to win the war for talent, innovate their businesses and weather disruption.

Upwork (NASDAQ: UPWK), the world’s work marketplace, today released its seventh annual “Future Workforce Report.” Reflecting survey data from over 1,000 U.S. hiring managers, the 2022 report finds that businesses are reevaluating longstanding notions around how to access talent as well as resource, construct and scale teams. In particular, businesses are using independent talent to build agility and adapt to economic uncertainty, solve critical talent and skills challenges, innovate, and move quickly to gain a competitive advantage.

Over the last 12 months, UPWK stock dropped by -61.81%. The one-year Upwork Inc. stock forecast points to a potential upside of 41.79. The average equity rating for UPWK stock is currently 2.00, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $2.34 billion, with 130.06 million shares outstanding and 118.85 million shares in the current float. Compared to the average trading volume of 1.22M shares, UPWK stock reached a trading volume of 730921 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Upwork Inc. [UPWK]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for UPWK shares is $29.36 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on UPWK stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

RBC Capital Mkts have made an estimate for Upwork Inc. shares, keeping their opinion on the stock as Sector Perform, with their previous recommendation back on May 23, 2022. While these analysts kept the previous recommendation, Stifel dropped their target price from $30 to $20. The new note on the price target was released on May 17, 2022, representing the official price target for Upwork Inc. stock. Previously, the target price had yet another drop from $40 to $34, while Stifel kept a Buy rating on UPWK stock. On February 11, 2022, analysts decreased their price target for UPWK shares from 60 to 42.

The Average True Range (ATR) for Upwork Inc. is set at 1.04, with the Price to Sales ratio for UPWK stock in the period of the last 12 months amounting to 4.16. The Price to Book ratio for the last quarter was 9.04, with the Price to Cash per share for the same quarter was set at 4.87.

UPWK Stock Performance Analysis:

Upwork Inc. [UPWK] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.34. With this latest performance, UPWK shares dropped by -18.46% in over the last four-week period, additionally sinking by -21.46% over the last 6 months – not to mention a drop of -61.81% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for UPWK stock in for the last two-week period is set at 37.93, with the RSI for the last a single of trading hit 34.03, and the three-weeks RSI is set at 40.91 for Upwork Inc. [UPWK]. The present Moving Average for the last 50 days of trading for this stock 20.26, while it was recorded at 17.32 for the last single week of trading, and 23.98 for the last 200 days.

Insight into Upwork Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Upwork Inc. [UPWK] shares currently have an operating margin of -10.63 and a Gross Margin at +72.91. Upwork Inc.’s Net Margin is presently recorded at -11.19.

Return on Equity for this stock declined to -20.13, with Return on Assets sitting at -6.99.

Upwork Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.60 and a Current Ratio set at 3.60.

Upwork Inc. [UPWK] Insider Position Details

There are presently around $1,741 million, or 81.30% of UPWK stock, in the hands of institutional investors. The top three institutional holders of UPWK stocks are: VANGUARD GROUP INC with ownership of 10,828,652, which is approximately 0.82% of the company’s market cap and around 1.00% of the total institutional ownership; BLACKROCK INC., holding 7,980,978 shares of the stock with an approximate value of $136.4 million in UPWK stocks shares; and JACKSON SQUARE PARTNERS, LLC, currently with $128.45 million in UPWK stock with ownership of nearly 0.334% of the company’s market capitalization.

112 institutional holders increased their position in Upwork Inc. [NASDAQ:UPWK] by around 13,799,192 shares. Additionally, 121 investors decreased positions by around 8,283,071 shares, while 35 investors held positions by with 79,796,395 shares. The mentioned changes placed institutional holdings at 101,878,658 shares, according to the latest SEC report filing. UPWK stock had 33 new institutional investments in for a total of 3,361,718 shares, while 39 institutional investors sold positions of 1,401,549 shares during the same period.


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