Upwork (NASDAQ:UPWK) Releases Q4 Earnings Guidance

Upwork (NASDAQ:UPWK) updated its fourth quarter earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $0.24-0.26 for the period, compared to the consensus estimate of $0.22. The company issued revenue guidance of $178-183 million, compared to the consensus revenue estimate of $175.70 million. Upwork also updated its FY 2024 guidance to 1.000-1.020 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have commented on UPWK. Canaccord Genuity Group upped their price target on Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday. Royal Bank of Canada decreased their price target on Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. BTIG Research upped their price target on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday. Citigroup reduced their price objective on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. Finally, JMP Securities increased their price objective on Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a research note on Thursday. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Upwork Stock Down 2.0 %

NASDAQ:UPWK traded down $0.32 during trading hours on Friday, hitting $15.93. The company’s stock had a trading volume of 4,342,422 shares, compared to its average volume of 2,174,758. The stock has a market capitalization of $2.10 billion, a P/E ratio of 25.79 and a beta of 1.49. The stock has a fifty day moving average of $11.00 and a 200-day moving average of $10.96. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 0.99. Upwork has a 52-week low of $8.43 and a 52-week high of $17.79.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, August 7th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.23 by $0.03. The firm had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. Upwork had a return on equity of 23.59% and a net margin of 11.26%. Upwork’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.03) earnings per share. On average, equities analysts forecast that Upwork will post 0.51 earnings per share for the current year.

Insiders Place Their Bets

In other Upwork news, CEO Hayden Brown sold 31,506 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $304,032.90. Following the transaction, the chief executive officer now owns 1,190,561 shares of the company’s stock, valued at approximately $11,488,913.65. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Hayden Brown sold 31,506 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $304,032.90. Following the completion of the sale, the chief executive officer now owns 1,190,561 shares in the company, valued at approximately $11,488,913.65. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Dave Bottoms sold 5,818 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the sale, the vice president now owns 5,818 shares of the company’s stock, valued at $57,074.58. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 176,783 shares of company stock valued at $1,800,221. 7.60% of the stock is currently owned by insiders.

Upwork Company Profile

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.