Upwork (NASDAQ:UPWK) Issues FY 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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 Ratings Changes

UPWK has been the topic of a number of research analyst reports. Royal Bank of Canada reduced their price target 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. The Goldman Sachs Group increased their price objective on shares of Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday. Piper Sandler reiterated an “overweight” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Upwork in a report on Thursday. UBS Group cut 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. Finally, Citigroup lowered their target price on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, September 25th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Upwork presently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

Upwork Stock Performance

UPWK stock traded down $0.32 during trading on Friday, hitting $15.93. The company had a trading volume of 4,345,260 shares, compared to its average volume of 2,174,758. Upwork has a 1-year low of $8.43 and a 1-year high of $17.79. The firm has a 50-day moving average price of $11.12 and a 200-day moving average price of $10.99. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. The firm has a market cap of $2.10 billion, a PE ratio of 25.29 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $193.05 million. During the same period last year, the firm posted ($0.03) EPS. Upwork’s quarterly revenue was up 14.5% on a year-over-year basis. On average, analysts expect that Upwork will post 0.51 earnings per share for the current year.

Insider Activity at Upwork

In other Upwork news, CEO Hayden Brown sold 31,506 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total transaction of $304,032.90. Following the transaction, the chief executive officer now directly owns 1,190,561 shares in the company, valued at approximately $11,488,913.65. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Elizabeth A. Nelson sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the transaction, the director now directly owns 48,915 shares of the company’s stock, valued at $515,564.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hayden Brown sold 31,506 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the sale, the chief executive officer now owns 1,190,561 shares in the company, valued at approximately $11,488,913.65. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 176,783 shares of company stock worth $1,800,221 over the last three months. 7.60% of the stock is currently owned by corporate 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.