Upland Software (NASDAQ:UPLD) Raised to "Buy" at Needham & Company LLC

Key Points

• Upland Software's stock rating has been upgraded from "hold" to "buy" by Needham & Company LLC, with a price target of $4.50 indicating a potential upside of 58.45%.
• Several analysts have shown bullish sentiments, with Craig Hallum also raising their rating to "buy" and setting a target of $3.50, while the consensus rating for Upland Software stands at "buy" with an average target of $4.00.
• Recent institutional trading has seen significant increases in holdings from major investors, with 77.78% of the stock now owned by hedge funds and other institutional investors.

Upland Software (NASDAQ:UPLD - Get Free Report) was upgraded by stock analysts at Needham & Company LLC from a "hold" rating to a "buy" rating in a research note issued on Thursday, MarketBeat.com reports. The firm presently has a $4.50 target price on the software maker's stock. Needham & Company LLC's price target suggests a potential upside of 52.03% from the stock's previous close.

Several other research firms have also issued reports on UPLD. Craig Hallum raised Upland Software from a "hold" rating to a "buy" rating and set a $3.50 target price for the company in a report on Friday, August 1st. Wall Street Zen cut Upland Software from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Upland Software presently has a consensus rating of "Buy" and a consensus price target of $4.00.

Upland Software Price Performance

Shares of UPLD stock traded up $0.33 on Thursday, hitting $2.96. The stock had a trading volume of 577,624 shares, compared to its average volume of 967,075. The business has a 50 day moving average of $2.01 and a 200 day moving average of $2.52. Upland Software has a 12-month low of $1.69 and a 12-month high of $5.64. The stock has a market cap of $85.16 million, a price-to-earnings ratio of -1.66 and a beta of 1.18.

Institutional Investors Weigh In On Upland Software

Several large investors have recently added to or reduced their stakes in UPLD. Hillsdale Investment Management Inc. purchased a new stake in Upland Software during the second quarter valued at about $28,000. Kathmere Capital Management LLC purchased a new position in shares of Upland Software in the first quarter worth about $31,000. NewEdge Advisors LLC raised its position in shares of Upland Software by 697.1% in the first quarter. NewEdge Advisors LLC now owns 11,940 shares of the software maker's stock valued at $34,000 after purchasing an additional 10,442 shares during the period. R Squared Ltd lifted its stake in shares of Upland Software by 646.4% during the 1st quarter. R Squared Ltd now owns 13,510 shares of the software maker's stock valued at $39,000 after buying an additional 11,700 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in shares of Upland Software during the 1st quarter valued at approximately $55,000. Hedge funds and other institutional investors own 77.78% of the company's stock.

Upland Software Company Profile

Upland Software, Inc, together with its subsidiaries, provides cloud-based software applications under the Upland brand name in the United States, the United Kingdom, Canada, and internationally. It offers software applications that enable organizations to plan, manage and execute projects, and work in the areas of marketing, sales, contact center, knowledge management, project management, information technology, business operations, human resources, and legal.