The cloud-based enterprise work management software provider, Upland Software, Inc. (NASDAQ:UPLD), has been receiving considerable attention from investors and analysts alike. According to Bloomberg.com, ten research firms are currently covering the firm’s shares with an overall consensus of “Hold”. The company has received a hold recommendation from six analysts while one analyst has recommended buying the stock. Further data reveals that the average twelve-month price target among brokers who issued ratings on UPLD’s stock in the last year was $8.50.
Institutional investors have also shown interest in acquiring or reducing stakes in the software maker company recently. Notably, B. Riley Asset Management LLC bought new positions in Upland Software earlier this year and is now worth a whopping $5,271,000. Hodges Capital Management Inc., another institutional investor, raised its holdings by 163.5% to 1,214,258 shares last quarter after purchasing an additional 753,448 shares.
Moreover, JPMorgan Chase & Co. increased its holdings by approximately 4,599.8% during Q4-2022 and now owns 754,080 shares worth $5,376,000 at present market value levels. Boothbay Fund Management LLC also acquired new positions in the company for $2,478m earlier this year.
Finally, Acadian Asset Management LLC increased its holdings by almost 716.3% during Q1-2023 and is now holding 640,193 shares valued at around $2,751m at current market prices.
As displayed through these statistics and information above – a wide range of renowned institutional investors and research firms have highly encouraged investing in Upland Software through their verdicts to buy or sell stocks as well as their comments assessing their opinions on them based on past experiences analyzing similar operations both domestic and international alike in order for potential shareholders considering taking part in such attractive and secure opportunities.
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Upland Software Faces Turbulent Times as Brokerages Cut Price Targets and Ratings
Upland Software Struggles as Brokerages Cut Price Objectives
Upland Software, Inc. has had a tumultuous year with multiple brokerages cutting their price objectives on the cloud-based enterprise work management software provider. This is bad news for shareholders who may expect to see a decline in stock value, and good news for those who hope to capitalize on a potential buying opportunity.
Craig Hallum led the charge by reducing their price target from $9.00 to $4.00 in a research note released on May 5th, followed by Truist Financial who cut their price objective from $9.00 to $4.00 on May 8th.
Other brokerages that have downgraded UPLD’s rating include Needham & Company LLC and Roth Capital which both cut the stock from “buy” ratings to “hold” or “neutral”.
Canaccord Genuity Group has also decreased its price objective from $15.00 to $8.00, but still maintains a “buy” rating for the company.
This string of downgrades marks a difficult time for Upland Software as it struggles to maintain rapport with investors, despite reporting positive earnings results in early May.
CEO John T. McDonald recently made headlines purchasing 10,000 shares of UPLD stock at an average cost of $4.75 per share, totaling $47,500. Currently owning 262,738 shares and valued at approximately $1,252,755.50 following his purchase on March 13th.
Shares of the California-based company were trading at merely $3.28 per share when markets opened on June 2nd—a long way off last year’s high at a whopping $16.33 per share.
Throughout this challenging time for Upland Software, it is worth noting that they still provide highly coveted services in project and IT management workflow clouds.
Despite lowered rider confidence in the company, Upland Software will continue to meet their revenue goals at $77.06 million for their most recent quarter; which beat analysts’ estimates.
Although current movements indicate a seismic shift towards volatility and uncertainty in regard to price targets and rating outlook, this may mean nothing for investors looking to swing trade. But what does this fluctuation say about the company’s stability? Only time will tell.
