$148.38 million in sales expected for Upwork Inc. (NASDAQ:UPWK) this quarter
Analysts expect Upwork Inc. (NASDAQ:UPWK – Get Rating) to report revenue of $148.38 million for the current quarter, according to Zacks. Three analysts have released earnings estimates for Upwork, with estimates ranging from $147.10 million to $149.08 million. Upwork posted sales of $124.18 million in the same quarter last year, suggesting a positive year-over-year growth rate of 19.5%. The company is due to release its next earnings report on Monday, January 1.
On average, analysts expect Upwork to post $600.23 million in revenue for the current fiscal year, with estimates ranging from $599.50 to $601.03 million. For next year, analysts expect the company to post sales of $739.88 million, with estimates ranging from $702.80 million to $759.05 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts who provide coverage for Upwork.
Upwork (NASDAQ:UPWK – Get Rating) last released its results on Wednesday, April 27. The company reported ($0.19) earnings per share for the quarter, beating analyst consensus estimates of ($0.29) by $0.10. The company posted revenue of $141.34 million in the quarter, versus analyst estimates of $133.70 million. Upwork had a negative return on equity of 27.03% and a negative net margin of 13.79%. In the same quarter of the previous year, the company achieved EPS of ($0.06).
Several research analysts have recently commented on UPWK shares. TheStreet downgraded Upwork from a “c-” rating to a “d+” rating in a report on Wednesday, January 26. Canaccord Genuity Group reduced its price target on Upwork from $40.00 to $36.00 and set a “buy” rating for the company in a Thursday, April 28 report. Piper Sandler reduced her price target on Upwork from $40.00 to $30.00 in a Tuesday, March 8 report. MKM Partners reduced its price target on Upwork from $36.00 to $31.00 in a Monday, April 25 report. Finally, Zacks Investment Research upgraded Upwork from a “sell” rating to a “hold” rating in a Friday, April 29 report. Three analysts gave the stock a hold rating and eleven gave the company a buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $40.08.
Separately, CEO Hayden Brown sold 8,224 shares of the company in a trade on Wednesday, May 18. The stock was sold at an average price of $16.07, for a total value of $132,159.68. As a result of the sale, the CEO now directly owns 805,689 shares of the company, valued at $12,947,422.23. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Additionally, CFO Jeff Mccombs sold 3,508 shares of the company in a trade on Wednesday, May 18. The stock was sold at an average price of $16.07, for a total value of $56,373.56. Following the completion of the sale, the CFO now directly owns 13,428 shares of the company, valued at $215,787.96. The disclosure of this sale can be found here. In the past 90 days, insiders have sold 48,021 shares of the company valued at $961,135. 25.30% of the shares are held by company insiders.
Several hedge funds and other institutional investors have recently increased or reduced their stake in the company. BlackRock Inc. increased its stake in Upwork shares by 6.8% in the third quarter. BlackRock Inc. now owns 8,009,219 shares of the company worth $360,654,000 after acquiring an additional 509,479 shares in the last quarter. Baillie Gifford & Co. increased its stake in Upwork shares by 2.0% in the first quarter. Baillie Gifford & Co. now owns 6,433,548 shares of the company worth $149,516,000 after acquiring an additional 126,945 shares in the last quarter. Greenoaks Capital Partners LLC increased its stake in Upwork shares by 265.1% in the first quarter. Greenoaks Capital Partners LLC now owns 3,212,761 shares of the company worth $74,665,000 after acquiring an additional 2,332,761 shares in the last quarter. Hawk Ridge Capital Management LP bought a new stake in shares of Upwork in the first quarter at a value of $61,144,000. Finally, State Street Corp increased its stake in Upwork shares by 1.9% in the first quarter. State Street Corp now owns 2,350,936 shares of the company worth $54,636,000 after acquiring 44,681 additional shares in the last quarter. 73.43% of the shares are currently held by hedge funds and other institutional investors.
UPWK stock opened at $17.79 on Tuesday. The company has a quick ratio of 3.61, a current ratio of 3.61 and a debt ratio of 2.25. The company has a market capitalization of $2.31 billion, a PE ratio of -31.21 and a beta of 1.84. Upwork has a twelve month minimum of $14.85 and a twelve month maximum of $64.49. The stock has a 50-day simple moving average of $20.81 and a 200-day simple moving average of $27.35.
About Upwork (Get a rating)
Upwork Inc, together with its subsidiaries, operates a job marketplace that connects businesses with various freelance professionals and agencies in the United States, India, the Philippines and overseas. The company job market provides access to talent with various skills in various categories including sales and marketing, customer service, data science and analytics, design and creative, web development , mobile and software.
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