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Upwork (UPWK) Receives a Buy from JMP Securities

JMP Securities analyst Andrew Boone maintained a Buy rating on Upwork (UPWKResearch Report) today and set a price target of $33.00. The company’s shares closed last Wednesday at $23.14.

According to TipRanks.com, Boone ‘s ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -28.0% and a 15.1% success rate. Boone covers the Technology sector, focusing on stocks such as DoubleVerify Holdings, Zillow Group Class A, and Fiverr International.

Currently, the analyst consensus on Upwork is a Moderate Buy with an average price target of $26.86.

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Based on Upwork’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $141 million and GAAP net loss of $24.74 million. In comparison, last year the company earned revenue of $114 million and had a GAAP net loss of $7.84 million.

Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is neutral on the stock.

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Upwork, Inc. operates an online marketplace that enables businesses to find, hire, and pay freelancers for short-term and longer-term projects. It provides managed services and marketplace offerings such as Upwork Standard, Upwork Enterprise, and Upwork Payroll. The company was founded in December 2013 and is headquartered in Mountain View, CA.

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