Upwork (NASDAQ:UPWK) Issues FY 2024 Earnings Guidance

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

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Royal Bank of Canada reduced their target price on 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 reduced their target price on Upwork from $24.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Canaccord Genuity Group reduced their target price on Upwork from $19.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Piper Sandler reduced their target price on Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Finally, Roth Mkm reduced their price objective on Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.27.

Upwork Trading Up 1.3 %

Shares of Upwork stock traded up $0.19 during trading on Wednesday, reaching $14.58. 4,331,228 shares of the stock were exchanged, compared to its average volume of 2,129,457. 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 stock’s fifty day moving average is $10.76 and its 200 day moving average is $10.90. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of 26.51 and a beta of 1.49. Upwork has a 1 year low of $8.43 and a 1 year high of $16.36.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $193.13 million during the quarter, compared to analyst estimates of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. Upwork’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) earnings per share. As a group, equities research analysts expect that Upwork will post 0.51 earnings per share for the current fiscal year.

Insider Transactions at Upwork

In other news, CFO Erica Gessert sold 4,491 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the sale, the chief financial officer now directly owns 111,255 shares in the company, valued at approximately $1,175,965.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Upwork news, CFO Erica Gessert sold 4,491 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $47,469.87. Following the completion of the sale, the chief financial officer now directly owns 111,255 shares in the company, valued at $1,175,965.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Elizabeth A. Nelson sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total transaction of $790,500.00. Following the completion of the sale, the director now owns 48,915 shares of the company’s stock, valued at $515,564.10. This trade 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. Company 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.