Upwork Inc. UPWK reported better-than-expected third-quarter results after Wednesday’s closing bell.
Upwork reported quarterly earnings of 29 cents per share, which beat the analyst consensus estimate of 26 cents. Quarterly revenue came in at $193.8 million, which beat the analyst consensus estimate of $185.85 million and is an increase over sales of $175.73 million from the same period last year.
The company also announced a $100 million share repurchase program.
"Upwork continues to seize the tremendous market opportunity and execute our strategy to deliver durable, profitable growth, with 10% year-over-year revenue growth and our highest-ever net income in the third quarter," said Hayden Brown, president and CEO of Upwork.
Upwork sees fourth-quarter revenue of between $178 million and $183 million and adjusted earnings of between 24 cents and 28 cents per share.
Upwork shares gained 11.9% to trade at $16.32 on Thursday.
These analysts made changes to their price targets on Upwork following earnings announcement.
- Piper Sandler analyst Matt Farrell reiterated Upwork with an Overweight and raised the price target from $13 to $18.
- Roth MKM analyst Rohit Kulkarni maintained the stock with a Buy and raised the price target from $13 to $20.
- Goldman Sachs analyst Eric Sheridan maintained Upwork with a Buy and boosted the price target from $21 to $24.
- JMP Securities analyst Andrew Boone maintained Upwork with a Market Outperform and increased the price target from $14 to $18.
- Canaccord Genuity analyst Maria Ripps maintained a Buy rating and boosted the price target from $15 to $18.
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