Upwork (NASDAQ:UPWK) Releases Q4 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) updated its fourth quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.240-0.260 for the period, compared to the consensus estimate of 0.220. The company issued revenue guidance of $178.0 million-$183.0 million, compared to the consensus revenue estimate of $175.7 million. Upwork also updated its FY 2024 guidance to 1.000-1.020 EPS.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Roth Mkm dropped their target price on Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Royal Bank of Canada dropped their target price on Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. UBS Group dropped their target price on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Canaccord Genuity Group dropped their price objective on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, The Goldman Sachs Group dropped their price objective on Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $15.27.

Upwork Trading Up 1.3 %

Upwork stock traded up $0.19 during trading on Wednesday, reaching $14.58. 4,331,228 shares of the company were exchanged, compared to its average volume of 2,129,457. Upwork has a 52-week low of $8.43 and a 52-week high of $16.36. The company has a market capitalization of $1.92 billion, a P/E ratio of 26.51 and a beta of 1.49. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00. The stock’s 50 day simple moving average is $10.76 and its two-hundred day simple moving average is $10.90.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.03. The company had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.03) earnings per share. On average, equities research analysts expect that Upwork will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Upwork news, CFO Erica Gessert sold 4,491 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the sale, the chief financial officer now owns 111,255 shares of the company’s stock, valued at $1,175,965.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Upwork news, CFO Erica Gessert sold 4,491 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the sale, the chief financial officer now owns 111,255 shares of the company’s stock, valued at $1,175,965.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the sale, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 176,783 shares of company stock valued at $1,800,221 over the last quarter. 7.60% of the stock is owned by insiders.

About Upwork

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company’s work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.