Upwork (NASDAQ:UPWK) Issues FY 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 1.000-1.020 for the period, compared to the consensus EPS 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.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on UPWK. Canaccord Genuity Group lifted their target price on Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday. Roth Mkm lifted their price objective on shares of Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday. Royal Bank of Canada cut their price objective on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. JMP Securities raised their target price on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a report on Thursday. Finally, The Goldman Sachs Group boosted their price target on Upwork from $21.00 to $24.00 and gave the company a “buy” 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’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Upwork Trading Down 2.0 %

Shares of UPWK traded down $0.32 during trading hours on Friday, hitting $15.93. 4,345,260 shares of the stock were exchanged, compared to its average volume of 2,174,758. The firm has a market capitalization of $2.10 billion, a P/E ratio of 25.29 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. Upwork has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The business has a 50-day moving average of $11.12 and a 200-day moving average of $10.99.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data 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. Upwork had a return on equity of 23.59% and a net margin of 11.26%. The firm had revenue of $193.13 million during the quarter, compared to analyst estimates of $193.05 million. During the same period last year, the company posted ($0.03) EPS. The business’s quarterly revenue was up 14.5% on a year-over-year basis. On average, research analysts expect that Upwork will post 0.51 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Hayden Brown sold 9,444 shares of Upwork stock in a transaction 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 owns 1,178,850 shares in the company, valued at $12,460,444.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Upwork news, CEO Hayden Brown sold 9,444 shares of the firm’s stock in a transaction 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 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Erica Gessert sold 20,353 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 transaction of $196,406.45. Following the completion of the sale, the chief financial officer now directly owns 107,313 shares of the company’s stock, valued at approximately $1,035,570.45. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 176,783 shares of company stock worth $1,800,221. Corporate insiders own 7.60% of the company’s stock.

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.