Upwork Inc. (NASDAQ:UPWK) Expected to Post Earnings of -$0.10 Per Share

Wall Street brokerages predict that Upwork Inc. (NASDAQ:UPWK – Get Rating) will report earnings of ($0.10) per share for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Upwork’s earnings, with estimates ranging from ($0.10) to ($0.09). Upwork posted earnings per share of ($0.13) in the same quarter last year, which would indicate a positive year-over-year growth rate of 23.1%. The company is expected to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Upwork will report full year earnings of ($0.17) per share for the current fiscal year, with EPS estimates ranging from ($0.18) to ($0.16). For the next financial year, analysts forecast that the firm will report earnings of $0.24 per share, with EPS estimates ranging from $0.09 to $0.42. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Upwork.

Upwork (NASDAQ:UPWK – Get Rating) last released its earnings results on Wednesday, April 27th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.10. The firm had revenue of $141.34 million for the quarter, compared to analyst estimates of $133.70 million. Upwork had a negative return on equity of 27.03% and a negative net margin of 13.79%. During the same quarter last year, the firm posted ($0.06) EPS.

Several brokerages have recently weighed in on UPWK. Stifel Nicolaus lowered Upwork from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $30.00 to $20.00 in a report on Monday, May 16th. Canaccord Genuity Group decreased their price objective on Upwork from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Thursday, April 28th. Piper Sandler decreased their price objective on Upwork from $40.00 to $30.00 in a report on Tuesday, March 8th. BTIG Research decreased their price objective on Upwork from $44.00 to $34.00 and set a “buy” rating on the stock in a report on Monday, April 18th. Finally, JMP Securities decreased their price target on Upwork from $55.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, February 11th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Upwork has a consensus rating of “Buy” and a consensus price target of $41.67.

In other news, CEO Hayden Brown sold 1,405 shares of the business’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $20.02, for a total transaction of $28,128.10. Following the completion of the sale, the chief executive officer now owns 798,100 shares in the company, valued at $15,977,962. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kevin Harvey bought 65,828 shares of the company’s stock in a transaction dated Thursday, May 12th. The shares were purchased at an average price of $16.32 per share, with a total value of $1,074,312.96. Following the transaction, the director now owns 813,992 shares of the company’s stock, valued at $13,284,349.44. The disclosure for this purchase can be found here. In the last quarter, insiders sold 48,021 shares of company stock valued at $961,135. Corporate insiders own 25.30% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Zullo Investment Group Inc. acquired a new stake in shares of Upwork during the fourth quarter worth $27,000. Rockefeller Capital Management L.P. grew its stake in shares of Upwork by 101.6% during the third quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company’s stock worth $33,000 after purchasing an additional 378 shares during the period. Marshall Wace North America L.P. acquired a new stake in shares of Upwork during the first quarter worth $38,000. Lindbrook Capital LLC acquired a new stake in shares of Upwork during the fourth quarter worth $52,000. Finally, National Bank of Canada FI acquired a new stake in shares of Upwork during the fourth quarter worth $57,000. Institutional investors own 73.43% of the company’s stock.

Shares of NASDAQ:UPWK traded up $0.26 during trading on Friday, hitting $18.33. 1,730,955 shares of the stock were exchanged, compared to its average volume of 1,818,018. Upwork has a 1-year low of $14.85 and a 1-year high of $64.49. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of -32.16 and a beta of 1.84. The company’s fifty day simple moving average is $20.82 and its 200-day simple moving average is $27.73. The company has a debt-to-equity ratio of 2.25, a quick ratio of 3.61 and a current ratio of 3.61.

About Upwork (Get Rating)

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 sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development.

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