Upwork (UPWK) Announces Quarterly Earnings Results, Hits Expectations

Upwork (NASDAQ:UPWK) posted its earnings results on Wednesday. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04), Briefing.com reports. The company had revenue of $64.10 million for the quarter, compared to analyst estimates of $62.24 million. The firm’s revenue for the quarter was up 22.6% compared to the same quarter last year.

NASDAQ:UPWK opened at $18.07 on Friday. Upwork has a 1 year low of $15.84 and a 1 year high of $23.49.

Several analysts recently commented on the company. Guggenheim initiated coverage on Upwork in a report on Wednesday, October 24th. They set a “buy” rating and a $25.00 target price on the stock. Royal Bank of Canada initiated coverage on Upwork in a report on Monday, October 29th. They issued an “outperform” rating and a $24.00 price objective on the stock. Jefferies Financial Group initiated coverage on Upwork in a report on Monday, October 29th. They issued a “hold” rating and a $20.00 price objective on the stock. Stifel Nicolaus began coverage on Upwork in a research note on Monday, October 29th. They issued a “hold” rating and a $18.00 price target on the stock. Finally, Citigroup began coverage on Upwork in a research report on Monday, October 29th. They set a “buy” rating and a $23.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $22.20.

In other news, SVP Hayden Brown sold 54,246 shares of the business’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $13.95, for a total value of $756,731.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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About Upwork

Upwork Inc operates an online platform that connects businesses and freelancers. Its platform comprise freelancers in content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and web development categories. The company was formerly known as Elance-oDesk, Inc and changed its name to Upwork Inc in May 2015.

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