FY2022 EPS Estimates for Upwork Inc. (NASDAQ:UPWK) Increased by Jefferies Financial Group

Upwork Inc. (NASDAQ:UPWKGet Rating) – Stock analysts at Jefferies Financial Group lifted their FY2022 earnings per share (EPS) estimates for Upwork in a report issued on Tuesday, May 31st. Jefferies Financial Group analyst B. Thill now forecasts that the company will post earnings of ($0.79) per share for the year, up from their prior estimate of ($0.80). Jefferies Financial Group also issued estimates for Upwork’s FY2023 earnings at ($0.49) EPS.

A number of other research analysts have also weighed in on the company. The Goldman Sachs Group cut their price objective on Upwork from $46.00 to $44.00 and set a “buy” rating on the stock in a report on Friday, February 11th. Canaccord Genuity Group dropped their target price on Upwork from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Thursday, April 28th. Royal Bank of Canada initiated coverage on Upwork in a report on Monday, May 23rd. They set a “sector perform” rating and a $21.00 target price on the stock. BTIG Research dropped their target price on Upwork from $44.00 to $34.00 and set a “buy” rating on the stock in a report on Monday, April 18th. Finally, Zacks Investment Research upgraded Upwork from a “sell” rating to a “hold” rating in a research report on Friday, April 29th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $38.64.

Shares of NASDAQ UPWK opened at $18.04 on Thursday. The company has a debt-to-equity ratio of 2.25, a current ratio of 3.61 and a quick ratio of 3.61. The stock has a market capitalization of $2.34 billion, a P/E ratio of -31.65 and a beta of 1.84. Upwork has a 1-year low of $14.85 and a 1-year high of $64.49. The business has a fifty day moving average price of $20.22 and a 200 day moving average price of $26.24.

Upwork (NASDAQ:UPWKGet Rating) last issued its earnings results on Wednesday, April 27th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.10. Upwork had a negative return on equity of 27.03% and a negative net margin of 13.79%. The business had revenue of $141.34 million during the quarter, compared to analysts’ expectations of $133.70 million. During the same period in the prior year, the business earned ($0.06) EPS.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zullo Investment Group Inc. acquired a new stake in shares of Upwork in the 4th quarter worth approximately $27,000. Rockefeller Capital Management L.P. grew its holdings in shares of Upwork by 101.6% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 750 shares of the company’s stock worth $33,000 after acquiring an additional 378 shares during the period. Marshall Wace North America L.P. acquired a new stake in shares of Upwork in the 1st quarter worth approximately $38,000. Lindbrook Capital LLC acquired a new stake in shares of Upwork in the 4th quarter worth approximately $52,000. Finally, National Bank of Canada FI acquired a new stake in shares of Upwork in the 4th quarter worth approximately $57,000. Institutional investors own 73.43% of the company’s stock.

In related news, CFO Jeff Mccombs sold 3,508 shares of the business’s stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $16.07, for a total value of $56,373.56. Following the transaction, the chief financial officer now owns 13,428 shares in the company, valued at approximately $215,787.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hayden Brown sold 8,224 shares of the business’s stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $16.07, for a total value of $132,159.68. Following the completion of the transaction, the chief executive officer now owns 805,689 shares in the company, valued at approximately $12,947,422.23. The disclosure for this sale can be found here. Insiders sold a total of 48,021 shares of company stock valued at $961,135 over the last three months. Company insiders own 9.20% of the company’s stock.

Upwork Company Profile (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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