Upwork Inc (NASDAQ:UPWK) Expected to Post Quarterly Sales of $79.43 Million

Brokerages expect Upwork Inc (NASDAQ:UPWK) to post $79.43 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Upwork’s earnings. The highest sales estimate is $79.50 million and the lowest is $79.36 million. Upwork reported sales of $67.34 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 18%. The business is expected to report its next quarterly earnings report after the market closes on Wednesday, February 26th.

On average, analysts expect that Upwork will report full year sales of $301.42 million for the current year, with estimates ranging from $301.33 million to $301.50 million. For the next financial year, analysts anticipate that the company will post sales of $356.34 million, with estimates ranging from $355.40 million to $357.27 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Upwork.

UPWK has been the topic of a number of analyst reports. First Analysis initiated coverage on shares of Upwork in a research note on Thursday, October 31st. They set an “outperform” rating and a $18.00 target price on the stock. Guggenheim cut shares of Upwork from a “buy” rating to a “neutral” rating and lowered their target price for the company from $25.00 to $11.00 in a research note on Friday, January 24th. BidaskClub upgraded shares of Upwork from a “strong sell” rating to a “sell” rating in a research note on Friday. Citigroup cut shares of Upwork from a “buy” rating to a “neutral” rating and lowered their target price for the company from $23.00 to $12.00 in a research note on Thursday, January 2nd. Finally, Royal Bank of Canada lowered their target price on shares of Upwork to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Upwork presently has an average rating of “Buy” and a consensus target price of $18.00.

UPWK opened at $9.29 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.92 and a current ratio of 1.92. Upwork has a fifty-two week low of $8.70 and a fifty-two week high of $25.00. The firm’s fifty day moving average is $9.72 and its 200 day moving average is $12.63. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -66.35 and a beta of 1.27.

In related news, CEO Stephane Kasriel sold 60,000 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $10.57, for a total transaction of $634,200.00. Following the transaction, the chief executive officer now directly owns 281,567 shares in the company, valued at approximately $2,976,163.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Han-Shen Yuan sold 9,578 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $12.00, for a total transaction of $114,936.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 133,148 shares of company stock worth $1,489,864. Insiders own 40.81% of the company’s stock.

Large investors have recently modified their holdings of the stock. Marshall Wace North America L.P. bought a new position in Upwork during the 1st quarter valued at about $38,000. Great West Life Assurance Co. Can grew its holdings in Upwork by 151.1% during the 4th quarter. Great West Life Assurance Co. Can now owns 3,570 shares of the company’s stock valued at $38,000 after purchasing an additional 2,148 shares during the last quarter. Royal Bank of Canada grew its holdings in Upwork by 349.8% during the 2nd quarter. Royal Bank of Canada now owns 4,071 shares of the company’s stock valued at $65,000 after purchasing an additional 3,166 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. grew its holdings in Upwork by 22.9% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,674 shares of the company’s stock valued at $107,000 after purchasing an additional 1,245 shares during the last quarter. Finally, Amalgamated Bank bought a new position in Upwork during the 4th quarter valued at about $114,000. Institutional investors own 52.26% of the company’s stock.

Upwork Company Profile

Upwork Inc operates an online marketplace that enables businesses (clients) to find and work with various independent professionals and agencies (freelancers). The company's platform provides access to talent with approximately 5,000 skills across approximately 70 categories, including content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and Web development.

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