Upwork (NASDAQ:UPWK) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Upwork (NASDAQ:UPWK) issued its quarterly earnings data on Wednesday. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.02, Fidelity Earnings reports. The business had revenue of $78.80 million during the quarter, compared to analysts’ expectations of $77.75 million. Upwork had a negative return on equity of 7.62% and a negative net margin of 7.09%. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.04) EPS.

NASDAQ UPWK traded down $0.09 during trading hours on Friday, reaching $12.77. The company’s stock had a trading volume of 3,615,000 shares, compared to its average volume of 911,771. The firm has a market capitalization of $1.70 billion and a price-to-earnings ratio of -33.61. Upwork has a 1-year low of $11.81 and a 1-year high of $25.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.77 and a quick ratio of 1.77. The company’s 50-day moving average is $14.20 and its two-hundred day moving average is $15.52.

A number of equities analysts recently weighed in on UPWK shares. Zacks Investment Research cut Upwork from a “buy” rating to a “hold” rating in a report on Friday, October 11th. ValuEngine raised Upwork from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Citigroup reduced their price target on Upwork from $26.00 to $23.00 and set a “buy” rating for the company in a report on Tuesday, September 24th. Stifel Nicolaus reduced their price target on Upwork from $19.00 to $16.00 and set a “hold” rating for the company in a report on Thursday. Finally, First Analysis started coverage on Upwork in a report on Thursday, October 31st. They issued an “outperform” rating and a $18.00 price target for the company. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Upwork presently has a consensus rating of “Buy” and an average target price of $20.67.

In related news, major shareholder Steven M. Spurlock sold 30,454 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $15.00, for a total value of $456,810.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Stephane Kasriel sold 120,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $14.59, for a total value of $1,750,800.00. Following the completion of the transaction, the chief executive officer now owns 245,932 shares of the company’s stock, valued at $3,588,147.88. The disclosure for this sale can be found here. Insiders sold 631,759 shares of company stock valued at $9,275,922 over the last quarter. 40.81% of the stock is currently owned by company insiders.

Upwork Company Profile

Upwork Inc operates an online marketplace that enables businesses (clients) to find and work with various independent professionals and agencies (freelancers). The company's platform provides access to talent with approximately 5,000 skills across approximately 70 categories, including content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and Web development.

Recommended Story: What is a blue-chip stock?

Earnings History for Upwork (NASDAQ:UPWK)

Receive News & Ratings for Upwork Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Upwork and related companies with MarketBeat.com's FREE daily email newsletter.