Upland Software (UPLD) Receives a Buy from Needham

Needham analyst Scott Berg assigned a Buy rating to Upland Software (UPLDResearch Report) today and set a price target of $60.00. The company’s shares closed last Wednesday at $48.81, close to its 52-week high of $51.48.

According to TipRanks.com, Berg is a top 25 analyst with an average return of 31.9% and a 76.0% success rate. Berg covers the Technology sector, focusing on stocks such as GTY Technology Holdings, BigCommerce Holdings, and Cornerstone Ondemand.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Upland Software with a $55.60 average price target, implying a 16.1% upside from current levels. In a report issued on January 15, Credit Suisse also initiated coverage with a Buy rating on the stock with a $55.00 price target.

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Based on Upland Software’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $74.18 million and GAAP net loss of $11.31 million. In comparison, last year the company earned revenue of $55.07 million and had a GAAP net loss of $12.31 million.

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Upland Software, Inc. engages in the provision of cloud-based enterprise work management software applications for the information technology, marketing, finance, professional services, and process functions within organizations. Its applications address enterprise work challenges in the following categories: Project & Information Technology Management, Workflow Automation, and Digital Engagement. The company was founded by John T. McDonald in July 2010 and is headquartered in Austin, TX.