Upwork (NASDAQ:UPWK) Updates Q3 2024 Earnings Guidance

Upwork (NASDAQ:UPWK) issued an update on its third quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.230-0.250 for the period, compared to the consensus earnings per share 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 Price Performance

NASDAQ UPWK traded down $0.33 during trading on Wednesday, reaching $10.46. The company’s stock had a trading volume of 2,948,799 shares, compared to its average volume of 1,999,806. The stock has a market capitalization of $1.39 billion, a PE ratio of 29.89 and a beta of 1.57. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.93 and a quick ratio of 2.93. The firm has a fifty day moving average of $10.93 and a 200 day moving average of $12.01. Upwork has a one year low of $9.56 and a one year high of $16.36.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on UPWK shares. Roth Mkm reissued a buy rating and issued a $19.00 price target on shares of Upwork in a report on Wednesday, May 15th. Needham & Company LLC reaffirmed a buy rating and set a $20.00 price target on shares of Upwork in a research note on Wednesday, May 15th. Royal Bank of Canada reduced their price objective 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 target price for the company in a research report on Thursday, May 2nd. Finally, UBS Group assumed coverage on shares of Upwork in a research report on Tuesday, July 2nd. They set a neutral rating and a $12.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Upwork presently has an average rating of Moderate Buy and a consensus price target of $17.44.

Insider Buying and Selling at Upwork

In other news, VP Dave Bottoms sold 2,379 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.73, for a total value of $27,905.67. Following the transaction, the vice president now owns 2,326 shares in the company, valued at $27,283.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Upwork news, CAO Olivier Marie sold 3,106 shares of the company’s stock in a transaction that occurred on 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 owns 7,565 shares of the company’s stock, valued at approximately $91,763.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Dave Bottoms sold 2,379 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $11.73, for a total value of $27,905.67. Following the completion of the sale, the vice president now owns 2,326 shares of the company’s stock, valued at approximately $27,283.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 192,496 shares of company stock worth $2,231,891. 7.60% of the stock is currently 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.