Similarly, Upwork thinks it will grow sales to between $299 million and $304 million by the end of this year. That’s $301.5 million at the midpoint, and suggests a sales miss for the year, as well. (Wall Street is looking for more than $302 million in sales.)
So investors may be selling Upwork shares on worries that the company might miss sales estimates by $1 million or less this year. Given the earnings beat and still-growing sales we saw in Q1, though, that might be overreacting just a bit.”
We agree with the above, expect overreacting more than just a bit. The sharp decline in Upwork’s stock following a record breaking quarter in revenue with another record breaker quarter assuredly to come is a strong sign to buy UPWK, and the USA Herald is setting a price of $28 per share by mid summer 2019 for UPWK.
It should also be noted that the partnership between Microsoft and Upwork has grown deeper, with Upwork integrating its platform technology into nearly all of Microsoft’s core offerings. The natural progression will be acquisition, and with the Upwork stock taking a beating look out for some serious action from investors over the next couple months.
