Upwork (NASDAQ:UPWK) Issues Q4 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) issued an update on its fourth quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.240-0.260 for the period, compared to the consensus EPS 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.

Upwork Stock Up 1.3 %

Shares of UPWK stock traded up $0.19 during mid-day trading on Wednesday, hitting $14.58. The stock had a trading volume of 4,331,228 shares, compared to its average volume of 2,129,457. Upwork has a 12-month low of $8.43 and a 12-month high of $16.36. The firm has a market capitalization of $1.92 billion, a P/E ratio of 26.51 and a beta of 1.49. The firm’s 50-day moving average is $10.76 and its two-hundred day moving average is $10.90. 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 (NASDAQ:UPWK) last issued its 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. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The business had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. During the same period in the prior year, the business earned ($0.03) EPS. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, analysts predict that Upwork will post 0.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

UPWK has been the subject of a number of analyst reports. Piper Sandler decreased their price objective on Upwork from $20.00 to $13.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Citigroup decreased their price objective on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Wednesday, September 25th. Royal Bank of Canada decreased their price objective on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. UBS Group decreased their price objective on Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group decreased their price objective on Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Upwork presently has an average rating of “Moderate Buy” and a consensus target price of $15.27.

Insider Buying and Selling at Upwork

In other Upwork news, CEO Hayden Brown sold 31,506 shares of the stock in a transaction dated Monday, August 19th. The stock was 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 in the company, valued at approximately $11,488,913.65. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Dave Bottoms sold 5,626 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $59,466.82. Following the transaction, the vice president now directly owns 15,196 shares of the company’s stock, valued at approximately $160,621.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $304,032.90. Following the completion of the transaction, the chief executive officer now directly owns 1,190,561 shares in the company, valued at $11,488,913.65. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 176,783 shares of company stock worth $1,800,221. 7.60% of the stock is 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.