Upwork (NASDAQ:UPWK) Updates 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.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on UPWK. 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 research report on Thursday. BTIG Research upped their price objective on Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Thursday. UBS Group cut their target price on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Roth Mkm increased their price objective on shares of Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Canaccord Genuity Group boosted their target price on shares of Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Upwork has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Upwork Trading Down 2.0 %

Upwork stock traded down $0.32 during midday trading on Friday, reaching $15.93. The stock had a trading volume of 4,345,260 shares, compared to its average volume of 2,174,758. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 25.29 and a beta of 1.49. Upwork has a 52-week low of $8.43 and a 52-week high of $17.79. The company has a fifty day moving average of $11.12 and a 200 day moving average of $10.99.

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 the consensus estimate of $0.23 by $0.03. The firm had revenue of $193.13 million for the quarter, compared to the consensus estimate of $193.05 million. Upwork had a return on equity of 23.59% and a net margin of 11.26%. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) earnings per share. On average, analysts anticipate that Upwork will post 0.51 earnings per share for the current fiscal year.

Insider Transactions at Upwork

In other news, 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 value of $47,469.87. Following the transaction, the chief financial officer now directly owns 111,255 shares in the company, valued at approximately $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 SEC, which is accessible through the SEC website. In other news, VP Dave Bottoms sold 5,626 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 $59,466.82. Following the transaction, the vice president now directly owns 15,196 shares in the company, valued at approximately $160,621.72. This trade 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 accessible through this link. Also, CFO Erica Gessert sold 4,491 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 $47,469.87. Following the completion of the transaction, the chief financial officer now owns 111,255 shares in the company, valued at $1,175,965.35. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 176,783 shares of company stock worth $1,800,221. 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.