Upwork (NASDAQ:UPWK) Updates 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.

Upwork Stock Down 2.0 %

Shares of UPWK stock traded down $0.32 during trading hours on Friday, reaching $15.93. 4,345,260 shares of the company’s stock were exchanged, compared to its average volume of 2,174,758. Upwork has a fifty-two week low of $8.43 and a fifty-two week high of $17.79. The stock’s 50 day moving average is $11.12 and its 200-day moving average is $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. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 25.29 and a beta of 1.49.

Upwork (NASDAQ:UPWK) last announced its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. Upwork had a return on equity of 23.59% and a net margin of 11.26%. The company had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. During the same period in the prior year, the company posted ($0.03) EPS. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. Analysts predict that Upwork will post 0.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on UPWK shares. Piper Sandler reissued 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. The Goldman Sachs Group raised their target price on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday. Citigroup dropped their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. Royal Bank of Canada decreased their target price on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Finally, JMP Securities increased their price target on shares of Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a report on Thursday. 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 has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Insider Activity

In other news, CFO Erica Gessert sold 20,353 shares of Upwork stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $196,406.45. Following the sale, the chief financial officer now owns 107,313 shares in the company, valued at $1,035,570.45. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Upwork news, CEO Hayden Brown sold 31,506 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the sale, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Erica Gessert sold 20,353 shares of the business’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 $196,406.45. Following the transaction, the chief financial officer now directly owns 107,313 shares in the company, valued at approximately $1,035,570.45. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 176,783 shares of company stock worth $1,800,221 in the last quarter. Corporate 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.