Upwork (NASDAQ:UPWK) Issues Q4 Earnings Guidance

Upwork (NASDAQ:UPWK) updated its fourth quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.24-0.26 for the period, compared to the consensus EPS 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

Several brokerages have recently issued reports on UPWK. 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 report on Thursday, August 8th. JMP Securities boosted their price objective on Upwork from $14.00 to $18.00 and gave the company a “market outperform” rating in a report on Thursday. Canaccord Genuity Group boosted their price objective on Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday. Citigroup decreased their price objective on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, September 25th. Finally, BTIG Research boosted their price objective on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Upwork has an average rating of “Moderate Buy” and an average price target of $17.00.

Upwork Price Performance

NASDAQ:UPWK traded down $0.32 during trading hours on Friday, hitting $15.93. 4,342,422 shares of the stock were exchanged, compared to its average volume of 2,174,758. Upwork has a 52-week low of $8.43 and a 52-week high of $17.79. The firm’s fifty day moving average price is $11.00 and its 200 day moving average price is $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. The company has a market cap of $2.10 billion, a P/E ratio of 25.79 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 EPS 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 company had revenue of $193.13 million during the quarter, compared to analyst estimates of $193.05 million. During the same period in the previous year, the business earned ($0.03) EPS. Upwork’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, equities research analysts anticipate that Upwork will post 0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Elizabeth A. Nelson sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total value of $790,500.00. Following the completion of the sale, the director now directly owns 48,915 shares in the company, valued at $515,564.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Elizabeth A. Nelson sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total value of $790,500.00. Following the completion of the sale, the director now directly owns 48,915 shares in the company, valued at $515,564.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Erica Gessert sold 20,353 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $196,406.45. Following the completion of the sale, the chief financial officer now owns 107,313 shares of the company’s stock, valued at $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 sold 176,783 shares of company stock worth $1,800,221. Corporate insiders own 7.60% of the company’s stock.

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.