Upwork (NASDAQ:UPWK) Updates Q4 Earnings Guidance

Upwork (NASDAQ:UPWK) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.24-0.26 for the period, compared to the consensus earnings per share 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.

Upwork Stock Performance

Shares of Upwork stock traded down $0.32 on Friday, hitting $15.93. 4,342,422 shares of the company’s stock were exchanged, compared to its average volume of 2,174,758. The company has a 50-day simple moving average of $11.00 and a 200-day simple moving average of $10.96. The stock has a market capitalization of $2.10 billion, a PE ratio of 25.79 and a beta of 1.49. Upwork has a 1 year low of $8.43 and a 1 year high of $17.79. The company has a debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00.

Upwork (NASDAQ:UPWK) last released its earnings results 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 company had revenue of $193.13 million for the quarter, compared to analysts’ expectations of $193.05 million. During the same quarter in the previous year, the company earned ($0.03) EPS. Upwork’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, equities analysts anticipate that Upwork will post 0.51 EPS for the current year.

Analysts Set New Price Targets

UPWK has been the topic of a number of analyst reports. Royal Bank of Canada lowered 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. Citigroup lowered their target price on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. BTIG Research lifted 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. Roth Mkm lifted their price target on shares of Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a report on Thursday. Finally, Canaccord Genuity Group lifted their price target on shares of Upwork from $15.00 to $18.00 and gave the company a “buy” rating in a report on Thursday. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.00.

Insider Transactions at Upwork

In other news, CFO Erica Gessert sold 4,491 shares of the business’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 sale, the chief financial officer now directly owns 111,255 shares in the company, valued at $1,175,965.35. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Elizabeth A. Nelson sold 75,000 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $10.54, for a total transaction of $790,500.00. Following the transaction, the director now directly owns 48,915 shares in the company, valued at approximately $515,564.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Erica Gessert sold 4,491 shares of the company’s 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 transaction, the chief financial officer now owns 111,255 shares in the company, valued at $1,175,965.35. The trade was a 0.00 % decrease in their ownership of the stock. 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 in the last three months. Insiders own 7.60% of the company’s stock.

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.