Upwork (NASDAQ:UPWK) Releases Q4 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) issued an update on its fourth quarter 2024 earnings guidance on Wednesday morning. 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 Ratings Changes

Several equities analysts have recently issued reports on the stock. BTIG Research boosted their price target on shares of Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday. Citigroup cut their price objective on shares of Upwork from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 25th. Canaccord Genuity Group upped their target price on shares of Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday. Piper Sandler reaffirmed an “overweight” rating and set a $18.00 price target (up previously from $13.00) on shares of Upwork in a report on Thursday. Finally, Roth Mkm boosted their price objective on Upwork from $13.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Upwork Price Performance

UPWK traded down $0.32 during trading on Friday, reaching $15.93. The stock had a trading volume of 4,345,260 shares, compared to its average volume of 2,174,758. Upwork has a 1-year low of $8.43 and a 1-year high of $17.79. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of 25.29 and a beta of 1.49. The stock has a 50 day moving average of $11.12 and a two-hundred day moving average of $10.99. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.03. The firm had revenue of $193.13 million for the quarter, compared to analyst estimates of $193.05 million. Upwork had a return on equity of 23.59% and a net margin of 11.26%. Upwork’s revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.03) earnings per share. As a group, equities analysts anticipate that Upwork will post 0.51 EPS for the current fiscal year.

Insider Transactions at Upwork

In other Upwork news, Director Elizabeth A. Nelson sold 75,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total transaction of $790,500.00. Following the sale, the director now owns 48,915 shares in the company, valued at approximately $515,564.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Erica Gessert sold 4,491 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $10.57, for a total transaction of $47,469.87. Following the transaction, the chief financial officer now directly owns 111,255 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. Also, Director Elizabeth A. Nelson sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $10.54, for a total value of $790,500.00. Following the sale, the director now owns 48,915 shares of the company’s stock, valued at $515,564.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 176,783 shares of company stock valued at $1,800,221 in the last three months. 7.60% of the stock is currently owned by corporate 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.