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 Ratings Changes

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday. BTIG Research increased their price objective on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday. Canaccord Genuity Group boosted their target price on Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday. JMP Securities upped their target price on Upwork from $14.00 to $18.00 and gave the stock a “market outperform” rating in a research report on Thursday. Finally, Roth Mkm lifted their price target on shares of Upwork from $13.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Upwork Stock Performance

Upwork stock traded down $0.32 during mid-day trading on Friday, reaching $15.93. The company 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. The company has a 50 day moving average of $11.12 and a 200-day moving average of $10.99. Upwork has a 52 week low of $8.43 and a 52 week high of $17.79.

Upwork (NASDAQ:UPWK) last released its 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. Upwork had a net margin of 11.26% and a return on equity of 23.59%. The business had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. During the same quarter last year, the company earned ($0.03) earnings per share. The firm’s revenue was up 14.5% on a year-over-year basis. On average, sell-side analysts expect that Upwork will post 0.51 EPS for the current fiscal year.

Insiders Place Their Bets

In other Upwork news, 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 transaction of $47,469.87. Following the sale, the chief financial officer now owns 111,255 shares in the company, valued at $1,175,965.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Dave Bottoms sold 5,626 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total value of $59,466.82. Following the completion of the transaction, the vice president now directly owns 15,196 shares of the company’s stock, valued at approximately $160,621.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Erica Gessert sold 4,491 shares of the business’s 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 sale, 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 176,783 shares of company stock worth $1,800,221. 7.60% of the stock is currently owned by company 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.