Upwork (NASDAQ:UPWK) Updates FY24 Earnings Guidance

Upwork (NASDAQ:UPWK) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $0.90-0.94 for the period, compared to the consensus earnings per share estimate of $0.94. The company issued revenue guidance of $735-745 million, compared to the consensus revenue estimate of $778.96 million. Upwork also updated its Q3 guidance to $0.23-0.25 EPS.

Analyst Ratings Changes

A number of brokerages have recently commented on UPWK. Roth Mkm reaffirmed a buy rating and issued a $19.00 target price on shares of Upwork in a report on Wednesday, May 15th. BTIG Research raised shares of Upwork from a neutral rating to a buy rating and set a $16.00 target price for the company in a report on Thursday, May 2nd. Needham & Company LLC reaffirmed a buy rating and issued a $20.00 target price on shares of Upwork in a report on Wednesday, May 15th. UBS Group started coverage on shares of Upwork in a report on Tuesday, July 2nd. They issued a neutral rating and a $12.00 target price for the company. Finally, Royal Bank of Canada cut their price target on shares of Upwork from $18.00 to $15.00 and set a sector perform rating for the company in a report on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and six 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 target price of $17.44.

Upwork Price Performance

UPWK traded down $0.33 on Wednesday, hitting $10.46. 2,910,084 shares of the company were exchanged, compared to its average volume of 1,999,587. The company has a debt-to-equity ratio of 1.02, a quick ratio of 2.93 and a current ratio of 2.93. The business’s fifty day moving average is $10.93 and its 200 day moving average is $12.02. Upwork has a fifty-two week low of $9.56 and a fifty-two week high of $16.36. The firm has a market capitalization of $1.39 billion, a P/E ratio of 29.89 and a beta of 1.57.

Insider Activity

In other news, CAO Olivier Marie sold 3,106 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $12.13, for a total value of $37,675.78. Following the sale, the chief accounting officer now directly owns 7,565 shares in the company, valued at $91,763.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Elizabeth A. Nelson sold 70,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.79, for a total transaction of $825,300.00. Following the sale, the director now owns 32,616 shares in the company, valued at $384,542.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Olivier Marie sold 3,106 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $12.13, for a total transaction of $37,675.78. Following the sale, the chief accounting officer now owns 7,565 shares in the company, valued at approximately $91,763.45. The disclosure for this sale can be found here. Insiders have sold 192,496 shares of company stock worth $2,231,891 over the last ninety 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.