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.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on UPWK shares. JMP Securities upped their target price on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a report on Thursday. The Goldman Sachs Group increased their price objective on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a research report on Thursday. Roth Mkm increased their price target on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Royal Bank of Canada dropped their price objective 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. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $17.00.

Upwork Stock Performance

Shares of Upwork stock traded down $0.32 during trading hours on Friday, hitting $15.93. 4,345,260 shares of the company’s stock traded hands, compared to its average volume of 2,174,758. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 25.29 and a beta of 1.49. Upwork has a 12-month low of $8.43 and a 12-month high of $17.79. The company has a debt-to-equity ratio of 0.99, a current ratio of 3.00 and a quick ratio of 3.00. The company has a fifty day simple moving average of $11.12 and a 200-day simple moving average of $10.99.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate 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 11.26% and a return on equity of 23.59%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.03) earnings per share. Equities research analysts anticipate that Upwork will post 0.51 EPS for the current fiscal year.

Insider Buying and Selling at Upwork

In other news, CEO Hayden Brown sold 9,444 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total transaction of $99,823.08. Following the completion of the sale, the chief executive officer now owns 1,178,850 shares in the company, valued at $12,460,444.50. 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. In other Upwork news, CEO Hayden Brown sold 9,444 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $99,823.08. Following the completion of the sale, the chief executive officer now directly owns 1,178,850 shares of the company’s stock, valued at $12,460,444.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Dave Bottoms sold 5,818 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $9.81, for a total value of $57,074.58. Following the transaction, the vice president now directly owns 5,818 shares in the company, valued at $57,074.58. This 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 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.