Key Points
- Gary Steele, an Upwork director, sold 12,500 shares on Nov. 21 at an average price of $17.51 for proceeds of $218,875, reducing his stake by 12.8% to 85,129 shares, according to an SEC filing.
- Upwork reported Q3 EPS of $0.21 (missing estimates) but revenue of $201.7M (beating expectations), set FY2025 EPS guidance of 1.350–1.370, and its board approved a $100 million share buyback (up to ~4.9% of shares).
- The stock is trading higher (up ~6.1%), with a market cap of ~$2.57B and a consensus analyst view of "Moderate Buy" and a target price around $22.92, as several firms have raised price targets.
Upwork Inc. (NASDAQ:UPWK - Get Free Report) Director Gary Steele sold 12,500 shares of the stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $17.51, for a total transaction of $218,875.00. Following the sale, the director directly owned 85,129 shares in the company, valued at approximately $1,490,608.79. This represents a 12.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Upwork Trading Up 6.1%
Shares of NASDAQ UPWK opened at $19.69 on Wednesday. Upwork Inc. has a 1-year low of $11.13 and a 1-year high of $20.54. The company has a 50-day moving average of $17.49 and a two-hundred day moving average of $15.55. The company has a market cap of $2.57 billion, a PE ratio of 11.25 and a beta of 1.57.
Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings results on Monday, November 3rd. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.04). The company had revenue of $201.73 million for the quarter, compared to the consensus estimate of $193.33 million. Upwork had a net margin of 31.63% and a return on equity of 41.05%. Upwork's revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the company earned $0.30 earnings per share. Upwork has set its FY 2025 guidance at 1.350-1.370 EPS. Q4 2025 guidance at 0.310-0.330 EPS. As a group, equities research analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current year.
Upwork declared that its Board of Directors has approved a share buyback plan on Wednesday, September 3rd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.
Wall Street Analysts Forecast Growth
UPWK has been the subject of a number of recent research reports. Jefferies Financial Group restated a "buy" rating and set a $22.00 target price on shares of Upwork in a research report on Tuesday, November 4th. UBS Group boosted their price objective on Upwork from $23.00 to $24.00 and gave the stock a "buy" rating in a report on Wednesday, November 19th. Citizens Jmp restated a "market outperform" rating and set a $27.00 target price on shares of Upwork in a research report on Wednesday, November 19th. Scotiabank lifted their price target on shares of Upwork from $15.00 to $17.00 and gave the stock a "sector perform" rating in a research report on Tuesday, November 4th. Finally, The Goldman Sachs Group boosted their price target on shares of Upwork from $25.00 to $28.00 and gave the stock a "buy" rating in a research note on Wednesday, November 19th. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Upwork presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.92.
Check Out Our Latest Research Report on Upwork
Hedge Funds Weigh In On Upwork
Several institutional investors have recently modified their holdings of the stock. Accredited Wealth Management LLC increased its stake in shares of Upwork by 5,280.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company's stock valued at $25,000 after acquiring an additional 1,320 shares during the last quarter. Clearstead Advisors LLC grew its holdings in Upwork by 998.4% during the third quarter. Clearstead Advisors LLC now owns 1,406 shares of the company's stock valued at $26,000 after purchasing an additional 1,278 shares during the period. Elevation Point Wealth Partners LLC bought a new stake in Upwork in the second quarter valued at approximately $30,000. Fifth Third Bancorp increased its stake in Upwork by 2,405.7% in the third quarter. Fifth Third Bancorp now owns 1,754 shares of the company's stock valued at $33,000 after purchasing an additional 1,684 shares in the last quarter. Finally, LRI Investments LLC raised its holdings in Upwork by 415.9% in the second quarter. LRI Investments LLC now owns 2,528 shares of the company's stock worth $34,000 after purchasing an additional 2,038 shares during the period. 77.71% of the stock is currently owned by institutional investors and hedge funds.
About Upwork
(
Get Free Report)
Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
