Zacks: Analysts Anticipate Upwork Inc. (NASDAQ:UPWK) Will Post Earnings of -$0.10 Per Share

Wall Street analysts expect that Upwork Inc. (NASDAQ:UPWK) will report earnings per share of ($0.10) for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Upwork’s earnings. The highest EPS estimate is ($0.09) and the lowest is ($0.10). Upwork posted earnings of ($0.02) per share in the same quarter last year, which suggests a negative year over year growth rate of 400%. The business is expected to issue its next earnings results on Wednesday, November 3rd.

According to Zacks, analysts expect that Upwork will report full-year earnings of ($0.42) per share for the current financial year, with EPS estimates ranging from ($0.44) to ($0.40). For the next financial year, analysts forecast that the business will post earnings of ($0.20) per share, with EPS estimates ranging from ($0.21) to ($0.19). Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Upwork.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Thursday, July 29th. The company reported ($0.13) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.02). Upwork had a negative net margin of 5.94% and a negative return on equity of 8.77%. The firm had revenue of $124.18 million during the quarter, compared to analyst estimates of $120.82 million.

A number of analysts have recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $57.00 price target on shares of Upwork in a report on Wednesday, September 15th. Zacks Investment Research lowered shares of Upwork from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 4th. BTIG Research raised their price target on shares of Upwork from $65.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, July 1st. Finally, MKM Partners raised their price objective on shares of Upwork from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, July 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $61.00.

Shares of Upwork stock traded down $1.46 during trading on Wednesday, hitting $49.06. 2,098 shares of the stock were exchanged, compared to its average volume of 1,813,299. Upwork has a 1-year low of $15.22 and a 1-year high of $64.49. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of -246.40 and a beta of 1.97. The company has a fifty day moving average price of $47.46 and a 200-day moving average price of $47.74.

In other news, CEO Hayden Brown sold 1,281 shares of the firm’s stock in a transaction on Monday, July 19th. The stock was sold at an average price of $50.17, for a total transaction of $64,267.77. Following the transaction, the chief executive officer now owns 700,311 shares in the company, valued at $35,134,602.87. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Leela Srinivasan sold 7,200 shares of the firm’s stock in a transaction dated Friday, September 3rd. The stock was sold at an average price of $45.28, for a total value of $326,016.00. Following the completion of the sale, the director now directly owns 32,914 shares of the company’s stock, valued at approximately $1,490,345.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,687 shares of company stock valued at $3,027,744. Insiders own 25.30% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Marshall Wace North America L.P. purchased a new stake in Upwork during the 1st quarter worth about $38,000. First Trust Advisors LP acquired a new stake in Upwork during the 1st quarter worth approximately $1,712,000. Amundi Pioneer Asset Management Inc. acquired a new stake in Upwork during the 1st quarter worth approximately $8,493,000. Victory Capital Management Inc. lifted its holdings in shares of Upwork by 50.3% in the 1st quarter. Victory Capital Management Inc. now owns 27,046 shares of the company’s stock valued at $1,211,000 after buying an additional 9,050 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Upwork by 32.8% during the first quarter. Envestnet Asset Management Inc. now owns 8,393 shares of the company’s stock worth $376,000 after purchasing an additional 2,072 shares during the last quarter. 64.45% of the stock is currently owned by institutional investors and hedge funds.

Upwork Company Profile

Upwork, Inc operates an online marketplace that enables businesses to find, hire, and pay freelancers for short-term and longer-term projects. Its marketplace offerings include Upwork Basic, Upwork Plus, Upwork Business, Upwork Enterprise, and Upwork Payroll. The company was founded by Odysseas Tsatalos and Efstratios Karamanlakis in December 2013 and is headquartered in San Francisco, CA.

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