Upwork (NASDAQ:UPWK) Updates FY 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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 Up 1.3 %

Shares of NASDAQ UPWK traded up $0.19 on Wednesday, reaching $14.58. 4,331,228 shares of the company’s stock traded hands, compared to its average volume of 2,129,457. Upwork has a 12 month low of $8.43 and a 12 month high of $16.36. The business’s 50 day simple moving average is $10.76 and its two-hundred day simple moving average is $10.90. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 26.51 and a beta of 1.49. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99.

Upwork (NASDAQ:UPWK) last announced 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 the consensus estimate of $193.05 million. Upwork had a net margin of 10.00% and a return on equity of 20.75%. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.03) earnings per share. As a group, equities research analysts forecast that Upwork will post 0.51 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. The Goldman Sachs Group reduced their price target on shares of Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Piper Sandler reduced their price target on shares of Upwork from $20.00 to $13.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Canaccord Genuity Group reduced their price target on shares of Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada reduced their price target on shares of Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. Finally, Citigroup cut their target price on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, September 25th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $15.27.

Insider Transactions at Upwork

In other news, CFO Erica Gessert sold 20,353 shares of the company’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 $196,406.45. Following the completion of the sale, the chief financial officer now directly owns 107,313 shares in the company, valued at $1,035,570.45. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Erica Gessert sold 20,353 shares of Upwork stock in a transaction on Monday, August 19th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Dave Bottoms sold 5,626 shares of Upwork stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.57, for a total value of $59,466.82. Following the transaction, the vice president now owns 15,196 shares in the company, valued at $160,621.72. This trade represents a 0.00 % decrease in their ownership of the stock. 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 90 days. 7.60% of the stock is currently owned by insiders.

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.