Equities analysts expect that Upwork Inc. (NASDAQ:UPWK) will report sales of $120.82 million for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Upwork's earnings, with estimates ranging from $120.60 million to $121.04 million. Upwork posted sales of $87.53 million in the same quarter last year, which suggests a positive year-over-year growth rate of 38%. The company is expected to announce its next earnings report on Tuesday, August 3rd.
According to Zacks, analysts expect that Upwork will report full-year sales of $475.86 million for the current fiscal year, with estimates ranging from $468.70 million to $487.40 million. For the next year, analysts expect that the business will report sales of $586.10 million, with estimates ranging from $558.10 million to $628.70 million. Zacks Investment Research's sales averages are a mean average based on a survey of analysts that cover Upwork.
Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Tuesday, May 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The firm had revenue of $113.62 million for the quarter, compared to analyst estimates of $107.21 million. Upwork had a negative return on equity of 7.15% and a negative net margin of 5.12%. The firm's quarterly revenue was up 36.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.03) earnings per share.
Several analysts recently issued reports on UPWK shares. Stifel Nicolaus upped their target price on Upwork from $40.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, February 24th. MKM Partners upped their target price on Upwork from $52.00 to $69.00 in a report on Wednesday, February 24th. BTIG Research dropped their target price on Upwork from $75.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, May 5th. They noted that the move was a valuation call. JMP Securities upped their target price on Upwork from $28.00 to $77.00 and gave the stock an "outperform" rating in a report on Wednesday, February 24th. Finally, Citigroup upped their target price on Upwork from $48.00 to $75.00 in a report on Thursday, February 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company's stock. The stock currently has an average rating of "Buy" and an average target price of $60.67.
UPWK stock opened at $48.61 on Friday. The firm has a market capitalization of $6.13 billion, a PE ratio of -303.81 and a beta of 2.00. The stock's 50-day moving average price is $45.61. Upwork has a fifty-two week low of $11.61 and a fifty-two week high of $63.88.
In other news, CEO Hayden Brown sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, May 13th. The stock was sold at an average price of $38.14, for a total value of $762,800.00. Following the transaction, the chief executive officer now owns 686,634 shares of the company's stock, valued at $26,188,220.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gary Steele sold 7,500 shares of the company's stock in a transaction that occurred on Thursday, May 13th. The shares were sold at an average price of $37.95, for a total value of $284,625.00. Following the completion of the transaction, the director now directly owns 29,038 shares in the company, valued at approximately $1,101,992.10. The disclosure for this sale can be found here. Insiders sold 39,068 shares of company stock worth $1,561,390 in the last 90 days. Corporate insiders own 25.30% of the company's stock.
Several institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in shares of Upwork by 9.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,331,845 shares of the company's stock valued at $328,247,000 after purchasing an additional 610,124 shares during the last quarter. BlackRock Inc. grew its position in shares of Upwork by 1.4% in the first quarter. BlackRock Inc. now owns 6,645,061 shares of the company's stock valued at $297,500,000 after purchasing an additional 93,816 shares during the last quarter. Baillie Gifford & Co. grew its position in shares of Upwork by 17.2% in the first quarter. Baillie Gifford & Co. now owns 5,236,773 shares of the company's stock valued at $234,450,000 after purchasing an additional 769,212 shares during the last quarter. Morgan Stanley grew its position in shares of Upwork by 150.8% in the first quarter. Morgan Stanley now owns 2,695,454 shares of the company's stock valued at $120,674,000 after purchasing an additional 1,620,910 shares during the last quarter. Finally, SRS Investment Management LLC grew its position in shares of Upwork by 123.8% in the first quarter. SRS Investment Management LLC now owns 2,443,155 shares of the company's stock valued at $109,380,000 after purchasing an additional 1,351,511 shares during the last quarter. 62.61% of the stock is currently owned by institutional investors.
Upwork Inc, together with its subsidiaries, operates an online talent marketplace that enables businesses to find and work with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's platform 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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