17.17 +0.35 (2.08%)
After hours: 7:58PM EDT
|Bid||17.17 x 2200|
|Ask||17.22 x 1000|
|Day's range||15.33 - 17.03|
|52-week range||5.14 - 17.75|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Earnings date||04 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||13.50|
Shares of Upwork (NASDAQ: UPWK) are up 9.6% in afternoon trading as of 2:15 p.m. EDT, after the freelancing facilitator received a pair of bullish endorsements on Wall Street. This morning, Jefferies & Co. announced it is raising Upwork's price target 20% from $15 to $18 a share, reports StreetInsider.com. The stock had already passed $15 in Friday trading, so Jefferies may have felt compelled to raise its target to support its existing buy rating on the stock -- even at the risk of potentially getting caught wrong-footed when Upwork reports earnings tomorrow.
Upwork (UPWK) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Upwork (Nasdaq: UPWK), the leading online talent solution, today announced 40 recipients of its Work Together Talent Grants program which received 6,300 applicants in total. Launched in April, the initiative was designed to identify and reward projects with a mission directly tied to mitigating COVID-19’s devastating impact on individuals, communities, and economies everywhere. Notably, 60% of the recipients are owned or led by members of underrepresented groups or are diversity-focused organizations and 17.5% of the grantees are U.S. Black owned, led, or focused organizations.
Upwork (NASDAQ: UPWK), the leading online talent platform, today announced its 4th annual Work Without Limits Summit will be held on Tuesday, August 11, 2020. At a time when organizations must rapidly transform their strategy in response to an unprecedented social, health, and economic crisis, this one-day virtual summit with interactive sessions will bring together top experts and executives to share candid stories, novel insights, and strategic plans for businesses seeking long term, innovative solutions for an evolving business environment.
Citrix (CTXS) is well poised to capitalize on ongoing work-from-home trends on the back of robust offerings and solid adoption of its solutions.
Upwork (NASDAQ: UPWK), the leading online talent solution, is teaming with Citrix Systems, Inc. (Nasdaq:CTXS), the global digital workspace leader, to power flexible work. Upwork today announced the launch of the Upwork Talent Solution with Citrix® Workspace™, a unique offering designed to deliver a best-in-class secure remote infrastructure for companies to boost efficiency and productivity as the world increasingly adopts the benefits of remote, on-demand talent.
(Bloomberg) -- Verizon Communications Inc. said it is pausing the placement of ads on Facebook Inc. and Instagram until the social networks can get better control over posts that spread disinformation.“We have strict content policies in place and have zero tolerance when they are breached, we take action,” Verizon Chief Media Officer John Nitti said in a statement. “We’re pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with what we’ve done with YouTube and other partners.”Verizon is one of the largest advertisers to pull its ads from Facebook as part of an effort by civil rights organizations to pressure the social-media company to take action on hate speech and misleading content. Groups including the Anti-Defamation League and Color of Change started the campaign, called Stop Hate For Profit, to encourage advertisers to boycott Facebook ads in July. Verizon’s move follows participation by Recreational Equipment Inc., Patagonia Inc., Upwork Inc., Ben & Jerry’s and other brands.“We applaud Verizon for joining this growing fight against hate and bigotry by pausing their advertising on Facebook’s platforms, until they put people and safety over profit,” Jonathan Greenblatt, chief executive officer of ADL, said in a statement. “This is how real change is made.”Facebook has been telling advertisers that it bases its policies on principles, not business interests, according to its communications with marketers. The Menlo Park, California-based company has been reaching out to advertisers to discuss its recent initiatives on registering voters and distributing verified election information.But it’s not just advertisers that are upset. U.S. lawmakers have also put pressure on Facebook, Twitter Inc. and Google to combat disinformation, including during a House Intelligence Committee hearing last week.“We respect any brand’s decision, and remain focused on the important work of removing hate speech and providing critical voting information,” Carolyn Everson, vice president of Facebook’s global business group, said in a statement. “Our conversations with marketers and civil rights organizations are about how, together, we can be a force for good.”Verizon’s move was reported earlier by Ad Age.(Updates with ADL and Facebook comments starting in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- A number of major apparel brands have promised to pull advertising money from Facebook Inc. as part of a coordinated campaign to pressure the social-media giant to crack down on hate speech and misinformation amid nationwide civil-rights protests and the lead-up to the 2020 U.S. presidential election.Civil rights groups, including the NAACP, the Anti-Defamation League and Color of Change, launched the campaign last week, asking marketers to boycott Facebook ads for the month of July, an effort they’re calling Stop Hate for Profit. The group says that Facebook, which brings in almost all of its revenue from advertising, makes money off user posts that include hate speech, racism and misinformation.A few large marketers were quick to jump on board. Outdoor apparel brand The North Face, owned by CF Corp., on June 19 tweeted “we’re out,” and confirmed to Bloomberg that it has pulled ad spending for both the main Facebook social network and its photo-sharing app Instagram until August. Recreational Equipment Inc., known as REI, which also sells sporting gear, and Upwork Inc., an online marketplace for freelancers, joined the boycott that afternoon. On June 21, Patagonia Inc. also pledged an advertising pause. On Tuesday, outdoor outfitter Arc’teryx said it would halt Facebook spending at least until the end of July, followed closely by popular ice cream maker Ben & Jerry's Homemade Inc., part of Unilever NV.The six companies have more than 19 million combined Facebook followers, and more than 13 million on Instagram. Still, many small businesses, which make up the bulk of Facebook’s advertisers, likely can’t afford to pause spending on the social network, their main online outpost for reaching local customers—a sign of the company’s strength in the digital ad market.“We deeply respect any brand’s decision, and remain focused on the important work of removing hate speech and providing critical voting information,” said Carolyn Everson, vice president of Facebook’s Global Business Group.For years, Facebook has been the target of politicians and nonprofit groups seeking to challenge the company’s power over user data and speech content. Despite previous ad boycott efforts, and a deletefacebook trend online in early 2018, Facebook’s revenue and user growth numbers have never been seriously impacted by user or advertiser protests. Since 2016, when Facebook’s policies became the center of debate following foreign interference efforts during the U.S. election, the social network’s revenue has jumped by 150% to more than $70 billion in 2019.It’s possible the latest boycott will be the first to gain any real traction. Civil rights protests erupted in hundreds of cities across the country last month following the death of an unarmed Black man, George Floyd, at the hands of Minneapolis police officers. Many companies, including Facebook, have donated money and issued statements of support for racial justice groups. Juneteenth, the holiday celebrating the formal end of slavery in the U.S., was adopted widely as a corporate holiday by many companies for the first time this year.“It’s obviously a cultural moment of pain,” said Steve Lesnard, VP of marketing at The North Face, who said the company made the decision in “hopes that Facebook will provide stricter rules.” But support of the boycott also signals support for groups that started it, like the NAACP. “We believe that normal is not good enough and we all need to drive positive change immediately,” Lesnard added.Civil Rights groups have taken issue with Facebook for years. The Menlo Park, California-based social network enabled voter suppression efforts against African Americans in 2016, they say, and then named The Daily Caller, a right-wing outlet with ties to white nationalism, as one of its formal fact-checking partners. Most recently, Facebook left up posts from President Donald Trump threatening protesters that “when the looting starts, the shooting starts,” a phrase with ties to a pro-segregation presidential candidate.Employees at Color of Change, a civil rights nonprofit helping lead the boycott, have phone calls set up with advertisers throughout this week in hopes of encouraging them to halt spending. “It’s not the time for statements of support that are just ‘Black Lives Matter’ and don’t come with real change,” said Jade Magnus Ogunnaike, the group’s senior campaigns director. “Now it’s time to change rules and behaviors.”It’s unclear how much money any of the brands that committed to the boycott actually spend on Facebook advertising — for many national brands, Facebook ads are just a fraction of their overall marketing budgets — or if others will join them in holding back. While more large companies may pause spending, many small businesses, which make up the majority of Facebook advertisers, may not have that luxury. Shutting down Facebook advertising for a month, even for a cause they believe in, would pose a serious threat to online commerce brands in particular, many of which rely on Facebook ads to drive the bulk of their sales, according to multiple ad buyers. Almost 76% of Facebook’s advertising revenue comes from small- and medium-sized businesses — the kind that are unlikely to be in a position to spend a month off the platform — according to research from Deutsche Bank. “They’re in the trenches, and they’re trying to hit their numbers,” said Terry Whalen, president of the digital marketing agency Sum Digital, which works with smaller e-commerce and direct-to-consumer brands. “If you talk about boycotting Facebook, to me that sounds like a fantastic idea to send a message. But for a whole month? That’s just too ambitious.”Many smaller media buyers like Whalen – the kind who spend tens of millions of dollars per year on Facebook ads instead of hundreds of millions — first heard about the boycott from Facebook itself. The company sent its media partners an email last week acknowledging the boycott, and highlighting much of the work Facebook is doing around identifying hate speech using algorithms and defending election integrity, including a new goal to register 4 million voters ahead of the 2020 U.S. general election. “We remain open to meeting with any of these organizations and welcome feedback on the issues they have raised,” the email read.Barry Hott, VP of growth at a software company for driving website sales called Thesis, manages over $4 million in Facebook ad spending per month. He agrees that for many of his clients, Facebook is too valuable to give up. “A huge stream of their revenue is unfortunately tied directly to [Facebook] ads,” he said. “None of these clients can afford to do that.”The dependence on Facebook has been part of a broader industry discussion in recent years about the immense power of major technology companies. Facebook alone accounts for 23.4% of the entire U.S. digital advertising market, according to EMarketer, and more than 50% of the market is controlled by Facebook and Alphabet Inc.’s Google. Not coincidentally, numerous U.S. regulators are investigating the tech industry’s largest companies for antitrust reasons.Facebook investors, meanwhile, don’t seem concerned that some big brands are throwing their names and their dollars behind the boycott. Deutsche Bank’s Lloyd Walmsley, an analyst covering Facebook, said that while he’s heard from many advertisers worried about marketing on social media given the current environment surrounding the protests, he doesn’t anticipate Facebook suffering any kind of long-term business harm. “Looking beyond the very short term, I think this will end up being a speed bump,” he says. Facebook stock closed Tuesday at $242.24 a share, an all-time high.“I don’t suspect that a month-long call to boycott is going to be successful,” said Whalen. “Facebook is too important.”(Updates to include boycott announcement from Ben and Jerry’s in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- The North Face, the sports and outerwear brand owned by VF Corp., said it’s ending paid advertising on Facebook over concern the social-media company is allowing racist content and disinformation to propagate.“We know that for too long harmful, racist rhetoric and misinformation has made the world unequal and unsafe, and we stand with the NAACP and the other organizations who are working to StopHateforProfit,” the company said in an emailed statement following a Twitter posting.REI Co-Op, which also sells sporting gear, and Upwork Inc., an online recruitment services provider, said they will suspend advertising in July.Facebook and Chief Executive Officer Mark Zuckerberg have come under fire for failing to stop the spread of political disinformation and allowing violent or hateful rhetoric to thrive on the site. While Facebook has pulled some campaign ads for President Donald Trump, the site hasn’t taken action on other posts that were removed from social media platforms such as Twitter.Civil-rights groups including the NAACP and the Anti-Defamation League have called for advertisers to pull their money from Facebook in July.(Adds REI and Upwork are also suspending Facebook advertising in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Upwork (Nasdaq: UPWK), the leading online talent platform, today announced an exclusive collaboration in the on-demand talent industry with Business Talent Group (BTG), the leading marketplace for independent management consultants, interim executives, subject matter experts, and project managers. With this collaboration, Upwork and BTG will offer clients access to on-demand talent across both companies’ networks—helping businesses ensure continuity and prepare for the future by connecting them with skilled and proven remote and onsite professionals. In addition, independent professionals on both Upwork and BTG will benefit from increased access to a wider set of clients to protect their income and livelihood during uncertain times.
Penny stocks -- stocks that you can grab for less than $1 per share, usually in very small companies -- are like lottery tickets for investors. Instead of spending your nest egg on penny stocks -- or, worse, actual scratch-off tickets -- there are plenty of companies that are fairly well-established and offer better prospects for investors. While they still have some risks, three companies you might want to consider are Clean Energy Fuels (NASDAQ: CLNE), Stag Industrial (NYSE: STAG), and Upwork (NASDAQ: UPWK).
A number of big tech companies -- like Facebook, Twitter, and Shopify -- have announced work-from-home will be a long-term option for employees. As a result, stock prices for both the leader in the freelancing and remote work industry, Upwork (NASDAQ: UPWK), and more recent newcomer Fiverr (NYSE: FVRR) are up so far in 2020 -- with the former sporting a 13% gain as of this writing, and the latter a massive 210% run-up. Upwork and Fiverr have a fair amount of overlap in what they do.
Shares of Upwork (NASDAQ: UPWK) rose 49.3% during the month of May, according to data from S&P Global Market Intelligence. Upwork's stock had actually been on a downward slide ever since last summer, and it was further beaten-down in March as the COVID-19 pandemic led to big recession fears and a slowdown in overall hiring. During the first quarter, Upwork's revenue grew 21.5% to $83.19, which exceeded expectations.
More than 1,500 stocks have at least doubled since bottoming out in the last two months. Let's look at a few that should keep moving higher.
Wish you'd loaded up on bargain-priced stocks after March's stock market crash? Although cheap stocks nearly always involve a bit of risk, three top stocks trading for less than $20/share right now include Enterprise Products Partners (NYSE: EPD), Upwork (NASDAQ: UPWK), and Clean Energy Fuels (NASDAQ: CLNE). Midstream master limited partnership (MLP) Enterprise Products Partners operates pipelines and storage terminals that move crude oil, natural gas, and refined products around the country.
Shares of Upwork (NASDAQ: UPWK), which operates a website to facilitate freelance work, popped more than 11% in early trading Monday, and remained up a healthy 6.7% at the close. There seemed to be no news whatsoever to explain Upwork's quick move up today. In an article on Marketwatch earlier today, Canaccord Genuity's chief market strategist Tony Dwyer was asked to comment on unusual stock moves in the market of late, and he noted that stocks appear to be trading right now "based on the coronavirus impact and a probable abnormal economic recovery" from the current downturn.
Leading the discussion today are Hayden Brown, Upwork's President and Chief Executive Officer; and Brian Kinion, Upwork's Chief Financial Officer. Following management's prepared remarks, we will be happy to take your questions.
Defined as companies with market caps between $300 million and $2 billion, small-cap stocks have the potential for big returns. Here is a list of three small-cap stocks to buy in May. The first pick, Glu Mobile (NASDAQ: GLUU), is a bet on the fast-growing mobile gaming industry. The other two picks, Upwork (NASDAQ: UPWK) and American Outdoor Brands Corp. (NASDAQ: AOBC), are bets on the freelancing revolution and America's passion for firearms in times of uncertainty.