Upwork (NASDAQ:UPWK) Updates FY24 Earnings Guidance

Upwork (NASDAQ:UPWK) issued an update on its FY24 earnings guidance on Wednesday morning. 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.

Wall Street Analyst Weigh In

UPWK has been the topic of a number of recent research reports. Needham & Company LLC reissued a buy rating and set a $20.00 price objective on shares of Upwork in a report on Wednesday, May 15th. Royal Bank of Canada reduced their price target on Upwork from $18.00 to $15.00 and set a sector perform rating on the stock in a research report on Thursday, May 2nd. BTIG Research upgraded Upwork from a neutral rating to a buy rating and set a $16.00 price objective on the stock in a research report on Thursday, May 2nd. Roth Mkm reiterated a buy rating and issued a $19.00 price objective on shares of Upwork in a research report on Wednesday, May 15th. Finally, UBS Group initiated coverage on Upwork in a research note on Tuesday, July 2nd. They issued a neutral rating and a $12.00 target price for the company. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $17.44.

Upwork Stock Performance

Shares of UPWK traded down $0.33 during trading hours on Wednesday, hitting $10.46. The stock had a trading volume of 2,910,084 shares, compared to its average volume of 1,999,587. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.93 and a quick ratio of 2.93. Upwork has a 12 month low of $9.56 and a 12 month high of $16.36. The firm has a market capitalization of $1.39 billion, a PE ratio of 29.89 and a beta of 1.57. The stock has a fifty day moving average price of $10.93 and a 200 day moving average price of $12.02.

Insider Buying and Selling at Upwork

In other Upwork news, CAO Olivier Marie sold 3,106 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $12.13, for a total transaction of $37,675.78. Following the completion of the sale, the chief accounting officer now owns 7,565 shares of the company’s stock, valued at $91,763.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Upwork news, CFO Erica Gessert sold 69,940 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.61, for a total transaction of $812,003.40. Following the completion of the sale, the chief financial officer now owns 86,271 shares of the company’s stock, valued at $1,001,606.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Olivier Marie sold 3,106 shares of the business’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $12.13, for a total value of $37,675.78. Following the completion of the transaction, the chief accounting officer now owns 7,565 shares in the company, valued at $91,763.45. The disclosure for this sale can be found here. Over the last quarter, insiders sold 192,496 shares of company stock valued at $2,231,891. Company 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.