Upwork (NASDAQ:UPWK) Updates Q3 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) updated its third quarter 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.230-0.250 for the period, compared to the consensus estimate of 0.240. The company issued revenue guidance of $179.0 million-$184.0 million, compared to the consensus revenue estimate of $194.8 million. Upwork also updated its FY 2024 guidance to 0.900-0.940 EPS.

Upwork Trading Down 3.1 %

NASDAQ UPWK traded down $0.33 on Wednesday, reaching $10.46. The stock had a trading volume of 2,948,799 shares, compared to its average volume of 1,999,806. Upwork has a 12-month low of $9.56 and a 12-month high of $16.36. The stock has a fifty day moving average price of $10.93 and a two-hundred day moving average price of $12.01. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 29.89 and a beta of 1.57. The company has a quick ratio of 2.93, a current ratio of 2.93 and a debt-to-equity ratio of 1.02.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Needham & Company LLC reissued a buy rating and set a $20.00 target price on shares of Upwork in a research note on Wednesday, May 15th. Roth Mkm reissued a buy rating and set a $19.00 price target on shares of Upwork in a research report on Wednesday, May 15th. UBS Group began coverage on shares of Upwork in a research note on Tuesday, July 2nd. They issued a neutral rating and a $12.00 price objective for the company. Royal Bank of Canada cut their target price on shares of Upwork from $18.00 to $15.00 and set a sector perform rating on the stock in a research note on Thursday, May 2nd. Finally, BTIG Research raised shares of Upwork from a neutral rating to a buy rating and set a $16.00 price target for the company in a research report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $17.44.

Insider Buying and Selling

In other Upwork 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 of the company’s stock, valued at approximately $91,763.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Olivier Marie sold 3,106 shares of the company’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 transaction, the chief accounting officer now directly owns 7,565 shares of the company’s stock, valued at approximately $91,763.45. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Erica Gessert sold 4,537 shares of the stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $10.22, for a total value of $46,368.14. Following the completion of the transaction, the chief financial officer now owns 90,166 shares in the company, valued at approximately $921,496.52. The disclosure for this sale can be found here. Insiders sold 192,496 shares of company stock worth $2,231,891 over the last 90 days. 7.60% of the stock is 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.