Fintel reports that on August 28, 2023, BTIG downgraded their outlook for Upwork (NASDAQ:UPWK) from Buy to Neutral.

Analyst Price Forecast Suggests 17.02% Downside

As of August 2, 2023, the average one-year price target for Upwork is 12.24. The forecasts range from a low of 8.08 to a high of $17.85. The average price target represents a decrease of 17.02% from its latest reported closing price of 14.75.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Upwork is 744MM, an increase of 14.59%. The projected annual non-GAAP EPS is 0.03.

What is the Fund Sentiment?

There are 388 funds or institutions reporting positions in Upwork. This is a decrease of 43 owner(s) or 9.98% in the last quarter. Average portfolio weight of all funds dedicated to UPWK is 0.19%, a decrease of 8.06%. Total shares owned by institutions increased in the last three months by 3.74% to 118,582K shares. The put/call ratio of UPWK is 0.99, indicating a bullish outlook.

What are Other Shareholders Doing?

Capital International Investors holds 7,570K shares representing 5.61% ownership of the company. In it’s prior filing, the firm reported owning 7,576K shares, representing a decrease of 0.09%. The firm decreased its portfolio allocation in UPWK by 22.68% over the last quarter.

SMCWX – SMALLCAP WORLD FUND INC holds 7,565K shares representing 5.61% ownership of the company. No change in the last quarter.

Baillie Gifford holds 6,916K shares representing 5.13% ownership of the company. In it’s prior filing, the firm reported owning 6,841K shares, representing an increase of 1.09%. The firm decreased its portfolio allocation in UPWK by 20.34% over the last quarter.

Ancient Art holds 5,858K shares representing 4.34% ownership of the company. In it’s prior filing, the firm reported owning 3,078K shares, representing an increase of 47.46%. The firm increased its portfolio allocation in UPWK by 52.62% over the last quarter.

Bank Of America holds 5,573K shares representing 4.13% ownership of the company. In it’s prior filing, the firm reported owning 432K shares, representing an increase of 92.25%. The firm increased its portfolio allocation in UPWK by 986.61% over the last quarter.

Upwork Background Information
(This description is provided by the company.)

Upwork is the world’s largest work marketplace that connects businesses with independent talent, as measured by GSV. We serve everyone from one-person startups to 30% of the Fortune 100 with a powerful, trust-driven platform that enables companies and freelancers to work together in new ways that unlock their potential. Our talent community earned over $2 billion on Upwork in 2019 across more than 8,000 skills, including website & app development, creative & design, customer support, finance & accounting, consulting, and operations.

This article originally appeared on Fintel

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