Upwork (NASDAQ:UPWK) Updates Q4 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) updated its fourth quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.240-0.260 for the period, compared to the consensus 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 commented on UPWK. UBS Group lowered their price objective on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. BTIG Research upped their price target on shares of Upwork from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Thursday. The Goldman Sachs Group boosted their target price on Upwork from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday. Citigroup reduced their price target on Upwork from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, September 25th. Finally, Royal Bank of Canada reduced their target price on shares of 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 investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Upwork Stock Performance

Shares of Upwork stock traded down $0.32 during trading on Friday, reaching $15.93. The company’s stock had a trading volume of 4,345,260 shares, compared to its average volume of 2,174,758. The business’s fifty day moving average price is $11.12 and its 200-day moving average price is $10.99. Upwork has a one year low of $8.43 and a one year high of $17.79. 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 debt-to-equity ratio of 0.99, a quick ratio of 3.00 and a current ratio of 3.00.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data 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 return on equity of 23.59% and a net margin of 11.26%. The company had revenue of $193.13 million during the quarter, compared to analysts’ expectations of $193.05 million. During the same period in the prior year, the business earned ($0.03) earnings per share. Upwork’s revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities research analysts predict that Upwork will post 0.51 earnings per share for the current year.

Insiders Place Their Bets

In other Upwork news, CEO Hayden Brown sold 31,506 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the transaction, the chief executive officer now owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Erica Gessert sold 20,353 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $196,406.45. Following the completion of the transaction, the chief financial officer now owns 107,313 shares of the company’s stock, valued at $1,035,570.45. 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 available at this hyperlink. Also, CEO Hayden Brown sold 31,506 shares of Upwork stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the sale, the chief executive officer now directly owns 1,190,561 shares in the company, valued at $11,488,913.65. The trade was 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 ninety days. Insiders own 7.60% of the company’s stock.

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.