Zacks: Brokerages Anticipate Upwork Inc (NASDAQ:UPWK) Will Post Earnings of -$0.05 Per Share

Analysts expect that Upwork Inc (NASDAQ:UPWK) will post earnings per share of ($0.05) for the current quarter, Zacks reports. Two analysts have provided estimates for Upwork’s earnings, with the lowest EPS estimate coming in at ($0.06) and the highest estimate coming in at ($0.04). The firm is expected to issue its next earnings report on Wednesday, August 14th.

According to Zacks, analysts expect that Upwork will report full-year earnings of ($0.14) per share for the current fiscal year, with EPS estimates ranging from ($0.22) to ($0.03). For the next financial year, analysts forecast that the firm will report earnings of ($0.09) per share, with EPS estimates ranging from ($0.16) to $0.02. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research analysts that follow Upwork.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The business had revenue of $68.92 million during the quarter, compared to analyst estimates of $69.15 million.

A number of equities research analysts have recently commented on UPWK shares. Jefferies Financial Group raised shares of Salvatore Ferragamo Italia from an “underperform” rating to a “hold” rating in a research note on Wednesday, June 26th. BTIG Research upped their price objective on shares of Duke Realty from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Cantor Fitzgerald started coverage on shares of Upwork in a research note on Tuesday, June 18th. They issued an “overweight” rating on the stock. Finally, Zacks Investment Research lowered shares of Yatra Online from a “hold” rating to a “sell” rating in a research note on Saturday, July 6th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $22.83.

NASDAQ UPWK traded up $0.34 on Friday, hitting $16.46. The company’s stock had a trading volume of 7,028 shares, compared to its average volume of 1,453,934. The stock’s 50-day simple moving average is $15.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.74 and a current ratio of 1.74. Upwork has a 1-year low of $14.08 and a 1-year high of $25.00. The company has a market capitalization of $1.71 billion and a price-to-earnings ratio of -43.42.

In related news, CEO Stephane Kasriel sold 280,000 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $16.35, for a total transaction of $4,578,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Han-Shen Yuan sold 100,000 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $15.31, for a total transaction of $1,531,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 607,451 shares of company stock worth $9,687,211. Insiders own 40.81% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of UPWK. BlackRock Inc. bought a new position in Upwork during the fourth quarter worth $16,901,000. Lord Abbett & CO. LLC bought a new position in Upwork during the fourth quarter worth $12,994,000. Geode Capital Management LLC bought a new position in Upwork during the fourth quarter worth $10,383,000. State of Wisconsin Investment Board bought a new position in Upwork during the first quarter worth $9,984,000. Finally, Amundi Pioneer Asset Management Inc. bought a new position in Upwork during the first quarter worth $8,493,000. 35.43% of the stock is currently owned by institutional investors and hedge funds.

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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