Upwork (NASDAQ:UPWK) Releases Quarterly Earnings Results, Beats Estimates By $0.26 EPS

Upwork (NASDAQ:UPWKGet Rating) announced its quarterly earnings data on Wednesday. The company reported ($0.03) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.26, MarketWatch Earnings reports. Upwork had a negative net margin of 11.19% and a negative return on equity of 19.76%. During the same quarter in the prior year, the business posted ($0.06) EPS. Upwork updated its Q2 guidance to ($0.06)-($0.10) EPS.

Shares of NASDAQ:UPWK opened at $21.63 on Friday. The firm has a fifty day simple moving average of $21.88 and a two-hundred day simple moving average of $31.96. Upwork has a 52 week low of $17.85 and a 52 week high of $64.49. The company has a quick ratio of 3.98, a current ratio of 3.98 and a debt-to-equity ratio of 2.16. The stock has a market capitalization of $2.80 billion, a P/E ratio of -49.16 and a beta of 1.91.

In other news, insider Eric Gilpin sold 4,019 shares of the firm’s stock in a transaction dated Friday, February 18th. The shares were sold at an average price of $24.41, for a total value of $98,103.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jeff Mccombs sold 1,661 shares of the company’s stock in a transaction dated Friday, February 18th. The shares were sold at an average price of $24.42, for a total transaction of $40,561.62. The disclosure for this sale can be found here. Insiders have sold a total of 48,889 shares of company stock worth $1,126,129 over the last 90 days. Corporate insiders own 25.30% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in UPWK. Wells Fargo & Company MN boosted its stake in shares of Upwork by 35.1% during the fourth quarter. Wells Fargo & Company MN now owns 124,564 shares of the company’s stock valued at $4,256,000 after purchasing an additional 32,339 shares during the period. Zullo Investment Group Inc. purchased a new position in Upwork in the fourth quarter worth $27,000. Deutsche Bank AG increased its position in shares of Upwork by 22.1% during the fourth quarter. Deutsche Bank AG now owns 417,460 shares of the company’s stock worth $14,260,000 after purchasing an additional 75,676 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of Upwork by 2.8% during the 4th quarter. California State Teachers Retirement System now owns 169,809 shares of the company’s stock valued at $5,801,000 after purchasing an additional 4,655 shares during the last quarter. Finally, Thrivent Financial for Lutherans acquired a new stake in shares of Upwork in the 4th quarter worth $14,891,000. 69.59% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages recently commented on UPWK. JMP Securities cut their price objective on Upwork from $55.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, February 11th. TheStreet cut Upwork from a “c-” rating to a “d+” rating in a report on Wednesday, January 26th. The Goldman Sachs Group lowered their price target on shares of 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 lowered their target price on shares of Upwork from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, BTIG Research cut their price target on Upwork from $44.00 to $34.00 and set a “buy” rating for the company in a research note on Monday, April 18th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $42.83.

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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Earnings History for Upwork (NASDAQ:UPWK)

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