Upwork (NASDAQ:UPWK) Updates FY 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 1.000-1.020 for the period, compared to the consensus earnings per share estimate of 0.940. The company issued revenue guidance of $756.0 million-$761.0 million, compared to the consensus revenue estimate of $744.2 million. Upwork also updated its Q4 guidance to $0.24-0.26 EPS.

Upwork Stock Performance

NASDAQ:UPWK traded down $0.32 during trading on Friday, reaching $15.93. The company’s stock had a trading volume of 4,345,260 shares, compared to its average volume of 2,174,758. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 25.29 and a beta of 1.49. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00. The firm has a 50 day moving average of $11.12 and a 200-day moving average of $10.99. Upwork has a 12 month low of $8.43 and a 12 month high of $17.79.

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

Analysts Set New Price Targets

UPWK has been the topic of several recent analyst reports. The Goldman Sachs Group raised their price target on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a report on Thursday. Roth Mkm raised their price target on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a report on Thursday. Canaccord Genuity Group raised their price target on Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday. UBS Group lowered their price target on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $18.00 price target (up previously from $13.00) on shares of Upwork in a report on Thursday. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.00.

Insider Activity

In other Upwork news, CEO Hayden Brown sold 9,444 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $99,823.08. Following the transaction, the chief executive officer now directly owns 1,178,850 shares in the company, valued at approximately $12,460,444.50. 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 accessible through this hyperlink. In related news, CEO Hayden Brown sold 9,444 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $99,823.08. Following the completion of the sale, the chief executive officer now directly owns 1,178,850 shares of the company’s stock, valued at approximately $12,460,444.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Erica Gessert sold 4,491 shares of Upwork stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $47,469.87. Following the transaction, the chief financial officer now directly owns 111,255 shares in the company, valued at $1,175,965.35. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 176,783 shares of company stock valued at $1,800,221 in the last ninety days. 7.60% of the stock is currently owned by company 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.