$148.38 Million in Sales Expected for Upwork Inc. (NASDAQ:UPWK) This Quarter

Analysts forecast that Upwork Inc. (NASDAQ:UPWKGet Rating) will announce $148.38 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Upwork’s earnings, with estimates ranging from $147.10 million to $149.08 million. Upwork reported sales of $124.18 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 19.5%. The company is scheduled to report its next earnings report on Monday, January 1st.

On average, analysts expect that Upwork will report full year sales of $600.23 million for the current financial year, with estimates ranging from $599.50 million to $601.03 million. For the next year, analysts expect that the business will 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 that that provide coverage for Upwork.

Upwork (NASDAQ:UPWKGet Rating) last posted its earnings results on Wednesday, April 27th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.10. The business had revenue of $141.34 million during 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 in the previous year, the firm earned ($0.06) EPS.

Several research analysts have recently commented on UPWK shares. TheStreet lowered Upwork from a “c-” rating to a “d+” rating in a report on Wednesday, January 26th. Canaccord Genuity Group cut their price objective on Upwork from $40.00 to $36.00 and set a “buy” rating for the company in a report on Thursday, April 28th. Piper Sandler cut their price objective on Upwork from $40.00 to $30.00 in a report on Tuesday, March 8th. MKM Partners cut their price objective on Upwork from $36.00 to $31.00 in a report on Monday, April 25th. Finally, Zacks Investment Research raised Upwork from a “sell” rating to a “hold” rating in a report on Friday, April 29th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $40.08.

In related news, CEO Hayden Brown sold 8,224 shares of the company’s stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $16.07, for a total value of $132,159.68. Following the sale, the chief executive officer now directly owns 805,689 shares of the company’s stock, valued at $12,947,422.23. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Jeff Mccombs sold 3,508 shares of the company’s stock in a transaction on Wednesday, May 18th. 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 chief financial officer now directly owns 13,428 shares in the company, valued at $215,787.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,021 shares of company stock valued at $961,135. 25.30% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its stake in shares of Upwork by 6.8% in the third quarter. BlackRock Inc. now owns 8,009,219 shares of the company’s stock worth $360,654,000 after acquiring an additional 509,479 shares during the last quarter. Baillie Gifford & Co. grew its stake in shares of Upwork by 2.0% in the first quarter. Baillie Gifford & Co. now owns 6,433,548 shares of the company’s stock worth $149,516,000 after acquiring an additional 126,945 shares during the last quarter. Greenoaks Capital Partners LLC grew its stake in shares of Upwork by 265.1% in the first quarter. Greenoaks Capital Partners LLC now owns 3,212,761 shares of the company’s stock worth $74,665,000 after acquiring an additional 2,332,761 shares during the last quarter. Hawk Ridge Capital Management LP purchased a new stake in shares of Upwork in the first quarter worth $61,144,000. Finally, State Street Corp grew its stake in shares of Upwork by 1.9% in the first quarter. State Street Corp now owns 2,350,936 shares of the company’s stock worth $54,636,000 after acquiring an additional 44,681 shares during the last quarter. 73.43% of the stock is currently owned 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-to-equity ratio of 2.25. The firm 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 low of $14.85 and a twelve month high of $64.49. The stock has a 50-day simple moving average of $20.81 and a two-hundred day simple moving average of $27.35.

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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