On Wednesday morning, ) updated its FY 2023 earning guidance. The company gave a guidance for earnings per share of $0.24 to $0.28, compared with the consensus estimate of $0.11 The company provided revenue guidance between $655.00 and $670.00 million compared to a consensus estimate of $698.31 millions. Upwork updated its FY23 guidance at $0.24-0.28 per share.
Upwork Trading Up by 0.1 %
Trading on Friday saw a $0.01 increase, bringing the price to $8.00. The trading volume was 4,126,506 versus its average of 2,069 488 shares. The company's 50-day moving average is $10.44, and its 200-day moving average is $12.57. The debt-to equity ratio for the company is 1.23. It has a quick ratio 3.76, and a current rate of 2.99. Upwork's 52-week low is $6.56, and its 52-week high is $25.05. The company last published its quarterly earnings on February 15th. The company posted ($0.13) earnings per share for the quarter. This beat analysts' estimates of ($0.20), by $0.07. Upwork's negative net margin was 7.52%, and its negative return on equity was 18.69%. The company's revenue for the quarter was $161.44m, which is higher than analyst estimates of $150.31m. Analysts predict that Upwork's current fiscal year will have -0.5 earnings per share.
Wall Street analysts weigh in
UPWK has been the subject of recent reports from several brokerage firms. In a research report published on Friday, 17th February, The Goldman Sachs Group reduced their target price for shares of Upwork to $21.00 from $24.00. They also set a Buy rating on the stock. BTIG Research reduced their target price for shares of Upwork on Thursday from $20.00 down to $15.00 in a research report. JMP Securities reduced their target price for shares of Upwork on Thursday from $17.00 down to $14.00. In a Thursday research note, 888 reiterated its maintains rating for shares of Upwork. Piper Sandler reduced their price target on Upwork shares from $20.00 down to $15.00 in a research report on Friday, 6th January. They also set an overweight rating for the stock. Five analysts gave the stock a buy recommendation, while four others gave it a hold. According to MarketBeat data, the company's consensus rating is Moderate Buy with a consensus target price of $16.50.
Insiders Bet on the Future
The firm sold 11,331 of its shares in a deal dated February 21st. The shares were purchased at an average of $11.47 for a transaction totaling $129,966.57. The insider owns directly 51,188 shares worth $587,126.36. In a transaction that took place on Tuesday, 21st February, 11,331 Upwork shares were sold. The shares were purchased at a price of $11.47 on average, for a value of $129.966.57. The insider owns now 51,188 shares worth $587,126.36. In a transaction that took place on Monday, 20th March, 30,378 Upwork shares were sold. The stock was purchased at an average of $10.16 for a total of $308,640.48. After the sale is complete, the chief executive now owns directly 964,430 company shares, worth approximately $9,798,608.80. Insiders sold 64,952 company shares worth $703 735 in the past 90 days. Insiders hold 8.90% the company's shares.
Hedge funds weigh in on Upwork
Recently, several hedge funds bought and sold the shares of this company. UBS Group AG increased its stake in Upwork in the third quarter by 30.7%. UBS Group AG owns 4,634 of the company’s shares worth $63,000, after purchasing an additional 1,089 in the last quarter. Acadian Asset Management LLC bought a new Upwork position in the first quarter, worth about $120,000. Point72 Middle East FZE bought a new Upwork position in the fourth quarter, worth about $65,000. Jefferies Financial Group Inc. bought a new Upwork position in the fourth quarter, worth about $104,000. Delphia USA Inc. also purchased a position in Upwork during the 4th Quarter worth about $120,000. Hedge funds, other institutional investors and pension funds own 74.05% the company's shares.
Company Profile of Upwork
Upwork, Inc. operates an online market that allows businesses to hire and pay freelancers on a short-term or long-term basis. Upwork Basics, Upwork Pluses, Upwork Business and Upwork Enterprise are among its marketplace offerings. Odysseas tsatalos, Efstratios karamanlakis founded the company in December 2013. It is headquartered in San Francisco.
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