Upwork Shares Rise 17% YTD: How Should You Play the Stock?

Zacks12-06

Upwork UPWK shares have appreciated 17.3% year to date (YTD), underperforming the broader Zacks Computer and Technology sector’s appreciation of 30.7%.UPWK shares have also lagged the Zacks Internet -...

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The industry has appreciated 22% YTD.Upwork’s underperformance can be attributed to sluggish top-of-funnel indicators like the number of clients seeking work and Gross Service Volume  per active client. During the third quarter of fiscal 2024, GSV declined 3.1% year over year to $998 million. Persisting inflation and high interest rates have negatively impacted UPWK’s prospects.However, a switch in the staffing process of businesses to cost-effective and high quality and development in offline, digital and analog recruitment have driven UPWK’s prospects. UPWK’s AI innovation, as well as strengthening Mark","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","BK4130":"人力资源与就业服务","BK4566":"资本集团","BK4009":"广告","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","BK4524":"宅经济概念","BK4532":"文艺复兴科技持仓","SHOP":"Shopify Inc","BK4077":"互动媒体与服务","BK4116":"互联网服务与基础架构","BK4588":"碎股","BK4551":"寇图资本持仓","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4548":"巴美列捷福持仓","UPWK":"Upwork Inc.","BK4528":"SaaS概念","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","TCEHY":"腾讯控股ADR","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","MCHX":"Marchex"},"translate_title":"Upwork股价年初至今上涨17%：你应该如何玩这只股票？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TCEHY":1,"SHOP":1,"MCHX":1,"UPWK":0.9},"content_text":"Upwork UPWK shares have appreciated 17.3% year to date (YTD), underperforming the broader Zacks Computer and Technology sector’s appreciation of 30.7%.UPWK shares have also lagged the Zacks Internet - Services industry and peers, including Tencent TCEHY, Marchex MCHX and Shopify SHOP.Over the same timeframe, shares of TCEHY, MCHX and SHOP have returned 35.7%, 38.2% and 45.6%, respectively. The industry has appreciated 22% YTD.  Upwork’s underperformance can be attributed to sluggish top-of-funnel indicators like the number of clients seeking work and Gross Service Volume (GSV) per active client. During the third quarter of fiscal 2024, GSV declined 3.1% year over year to $998 million. Persisting inflation and high interest rates have negatively impacted UPWK’s prospects.\n\nUpwork Inc. Price and Consensus\n\nUpwork Inc. price-consensus-chart | Upwork Inc. Quote\n\nHowever, a switch in the staffing process of businesses to cost-effective and high quality and development in offline, digital and analog recruitment have driven UPWK’s prospects. UPWK’s AI innovation, as well as strengthening Marketplace and Managed Services offerings, bodes well for investors.\nUpwork’s Expanding AI-Integrated Portfolio Drives Prospects\nUPWK recently enhanced Uma’s, an AI-integrated offering that assists users in automating their tasks, capabilities to improve customer experience and increase client momentum. Uma’s capabilities include enabling professionals to create customized proposal drafts for freelancers and efficiently evaluate candidates for users based on requirements. UPWK launched Uma Integrated Managed Services to scope projects, analyze skill sets and formulate teams of professionals to produce outcomes. The company’s acquisition of Headroom is a tailwind to the topline as Headroom’s integration aids in driving UMA’s AI advancement and development. Further, Upwork announced the acquisition of Objective AI, Inc., to refine and enhance Upwork’s core search and drive multi-modal capabilities for Uma to provide users with images, audio and video content. Upwork’s Work Innovator Research Assistant, built on the GPT-4o-mini model, is a solution to synergize technology with human knowledge by collaborating with Hourglass Collaborative to enhance user experience. Further, Upwork’s expanding clientele is expected to drive prospects by boosting market reach. UPWK’s implementation of automated solutions, including third-party vendors, across the business aids prospects as it aids the company in streamlining operations and focusing on a narrow portfolio with high ROI investments.UPWK partnered with Lettuce, Builderall, Ocoya and TheWordssmith, some emerging tech providers, to provide fully managed projects to users. These projects will be embedded within the customer experience of partners, leading to expanded access to UPWK’s offerings beyond its core platform.\nUPWK Offers Revised Guidance\nFor the fourth quarter of fiscal 2024, Upwork expects revenue to be in the range of $178 million to $183 million and adjusted EBITDA to be in the range of $38 million to $42 million. UPWK also projects non-GAAP earnings to be between 24 cents and 26 cents per share.For fiscal 2024, Upwork expects revenues to be in the range of $756 million to $761 million and adjusted EBITDA to be in the range of $155 million to $159 million. For fiscal 2024, UPWK expects its non-GAAP earnings to be between $1 and $1.02 per share.\nUPWK’s Earning Estimate Positive in the Near Term\nThe Zacks Consensus Estimate for Upwork’s fourth-quarter fiscal 2024 earnings is pegged at 23 cents per share, up 21.05% over the past 30 days and indicating growth of 15% year over year.For fiscal 2024, The Zacks Consensus Estimate for Upwork’s earnings is pegged at 89 cents per share, up 11.25% over the past 30 days and indicating 71.15% year-over-year growth.The Zacks Consensus Estimate for Upwork’s fourth-quarter fiscal 2024 revenues is pegged at $181.20 million, indicating a decline of 1.48% year over year.For fiscal 2024, the consensus mark for UPWK’s revenues is currently pegged at $759.04 million, indicating year-over-year growth of 10.14%. UPWK’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 18.14%.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.\nUPWK Shares - How Should You Play the Stock?\nUPWK has a stretched valuation, as suggested by a Value Score of C.However, the company’s expanding clientele and AI-integrated portfolio bodes well for investors. Upwork currently has a Zacks Rank #2 (Buy), which implies that investors should consider accumulating UPWK shares.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nTencent Holding Ltd. (TCEHY) : Free Stock Analysis Report\nShopify Inc. (SHOP) : Free Stock Analysis Report\nMarchex, Inc. (MCHX) : Free Stock Analysis Report\nUpwork Inc. (UPWK) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2489449532"}