Upwork (NASDAQ:UPWK) Issues Q4 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) issued an update on its fourth quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.240-0.260 for the period, compared to the consensus EPS estimate of 0.220. The company issued revenue guidance of $178.0 million-$183.0 million, compared to the consensus revenue estimate of $175.7 million. Upwork also updated its FY 2024 guidance to 1.000-1.020 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Piper Sandler restated an “overweight” rating and issued a $18.00 price target (up from $13.00) on shares of Upwork in a research report on Thursday. Roth Mkm lifted their target price on Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday. UBS Group dropped their price target on Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Citigroup cut their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, September 25th. Finally, Royal Bank of Canada lowered their price objective on Upwork from $15.00 to $11.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Upwork Stock Performance

Shares of UPWK traded down $0.32 during trading hours on Friday, reaching $15.93. 4,345,260 shares of the company’s stock traded hands, compared to its average volume of 2,174,758. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 25.29 and a beta of 1.49. The business’s fifty day simple moving average is $11.12 and its two-hundred day simple moving average is $10.99. Upwork has a twelve month low of $8.43 and a twelve 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.

Upwork (NASDAQ:UPWK) last issued its quarterly 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. Upwork had a net margin of 11.26% and a return on equity of 23.59%. The company had revenue of $193.13 million during the quarter, compared to analyst estimates of $193.05 million. During the same period in the prior year, the business posted ($0.03) EPS. The business’s revenue for the quarter 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 year.

Insiders Place Their Bets

In related news, CFO Erica Gessert sold 4,491 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the completion of the transaction, the chief financial officer now owns 111,255 shares of the company’s stock, 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 through the SEC website. In related news, CFO Erica Gessert sold 4,491 shares of the 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 $47,469.87. Following the completion of the sale, the chief financial officer now directly owns 111,255 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available at the SEC website. Also, VP Dave Bottoms sold 5,818 shares of Upwork stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the transaction, the vice president now owns 5,818 shares in the company, valued at approximately $57,074.58. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 176,783 shares of company stock worth $1,800,221 over the last ninety days. 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.