Equities analysts predict that Upwork Inc. (NASDAQ:UPWK) will report sales of $126.50 million for the current quarter, according to Zacks. Two analysts have provided estimates for Upwork's earnings. The highest sales estimate is $127.00 million and the lowest is $126.00 million. Upwork reported sales of $96.75 million during the same quarter last year, which would suggest a positive year over year growth rate of 30.7%. The firm is scheduled to issue its next earnings results after the market closes on Wednesday, October 27th.
According to Zacks, analysts expect that Upwork will report full year sales of $494.12 million for the current year, with estimates ranging from $493.30 million to $494.94 million. For the next financial year, analysts expect that the business will report sales of $621.91 million, with estimates ranging from $614.01 million to $629.80 million. Zacks Investment Research's sales averages are a mean average based on a survey of sell-side research firms that cover Upwork.
Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Thursday, July 29th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the Thomson Reuters' consensus estimate of ($0.11) by ($0.02). The company had revenue of $124.18 million during the quarter, compared to analyst estimates of $120.82 million. Upwork had a negative net margin of 5.94% and a negative return on equity of 8.77%.
UPWK has been the topic of a number of analyst reports. TheStreet raised Upwork from a "d" rating to a "c-" rating in a report on Monday, October 4th. Bank of America initiated coverage on Upwork in a report on Friday, October 1st. They issued a "buy" rating and a $65.00 price objective on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $57.00 price objective on shares of Upwork in a report on Wednesday, September 15th. BTIG Research lifted their price objective on Upwork from $65.00 to $76.00 and gave the company a "buy" rating in a report on Thursday, July 1st. Finally, Zacks Investment Research raised Upwork from a "sell" rating to a "hold" rating in a report on Thursday, September 30th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $61.36.
In related news, CEO Hayden Brown sold 1,281 shares of the stock in a transaction dated Monday, July 19th. The shares were sold at an average price of $50.17, for a total transaction of $64,267.77. Following the sale, the chief executive officer now owns 700,311 shares in the company, valued at $35,134,602.87. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Eric Gilpin sold 3,324 shares of the stock in a transaction dated Wednesday, August 18th. The stock was sold at an average price of $40.77, for a total transaction of $135,519.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 65,687 shares of company stock valued at $3,027,744. 25.30% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. TCI Wealth Advisors Inc. increased its stake in shares of Upwork by 20.2% in the second quarter. TCI Wealth Advisors Inc. now owns 1,129 shares of the company's stock valued at $66,000 after purchasing an additional 190 shares during the period. Prudential Financial Inc. increased its stake in shares of Upwork by 3.5% in the first quarter. Prudential Financial Inc. now owns 7,985 shares of the company's stock valued at $357,000 after purchasing an additional 270 shares during the period. IPG Investment Advisors LLC increased its stake in shares of Upwork by 6.4% in the second quarter. IPG Investment Advisors LLC now owns 5,320 shares of the company's stock valued at $310,000 after purchasing an additional 320 shares during the period. Comerica Bank increased its stake in shares of Upwork by 1.4% in the second quarter. Comerica Bank now owns 28,103 shares of the company's stock valued at $1,137,000 after purchasing an additional 392 shares during the period. Finally, Credit Agricole S A increased its stake in shares of Upwork by 118.9% in the first quarter. Credit Agricole S A now owns 810 shares of the company's stock valued at $36,000 after purchasing an additional 440 shares during the period. Hedge funds and other institutional investors own 64.45% of the company's stock.
Shares of UPWK stock opened at $56.60 on Thursday. Upwork has a 52-week low of $18.20 and a 52-week high of $64.49. The stock's 50-day moving average price is $46.31 and its 200 day moving average price is $48.03. The stock has a market capitalization of $7.22 billion, a PE ratio of -283.00 and a beta of 1.97.
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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