Upwork (NASDAQ:UPWK) Releases FY 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 1.000-1.020 for the period, compared to the consensus 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 brokerages have commented on UPWK. UBS Group decreased their price objective on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Piper Sandler reissued an “overweight” rating and set a $18.00 price objective (up previously from $13.00) on shares of Upwork in a report on Thursday. Canaccord Genuity Group raised their target price on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday. BTIG Research raised their target price on shares of Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Royal Bank of Canada reduced their target price on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Upwork presently has an average rating of “Moderate Buy” and an average price target of $17.00.

Upwork Trading Down 2.0 %

Shares of NASDAQ:UPWK traded down $0.32 during mid-day trading on Friday, reaching $15.93. The 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 PE ratio of 25.29 and a beta of 1.49. The firm has a 50 day simple moving average of $11.12 and a two-hundred day simple moving average of $10.99. 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 twelve month low of $8.43 and a twelve month high of $17.79.

Upwork (NASDAQ:UPWK) last announced its earnings results 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 net margin of 11.26% and a return on equity of 23.59%. The firm had revenue of $193.13 million for the quarter, compared to the consensus estimate 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 predict that Upwork will post 0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the sale, the vice president now owns 5,818 shares of the company’s stock, valued at approximately $57,074.58. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Dave Bottoms sold 5,818 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total value of $57,074.58. Following the completion of the transaction, the vice president now owns 5,818 shares of the company’s stock, valued at $57,074.58. The trade was 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 through this link. Also, CEO Hayden Brown sold 9,444 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was 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 of the company’s stock, valued at approximately $12,460,444.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 176,783 shares of company stock valued at $1,800,221 over 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.