Upland Software (NASDAQ:UPLD) Share Price Crosses Above 50 Day Moving Average – Here’s Why

Upland Software, Inc. (NASDAQ:UPLD)’s share price passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $0.73 and traded as high as $0.8397. Upland Software shares last traded at $0.77, with a volume of 352,222 shares.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group reduced their price objective on Upland Software from $5.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.67.

Upland Software Stock Performance

The company has a 50-day simple moving average of $0.73 and a two-hundred day simple moving average of $1.09. The stock has a market cap of $22.61 million, a price-to-earnings ratio of -1.10 and a beta of 1.36.

Shares of Upland Software are set to reverse split on Wednesday, June 17th. The 1-10 reverse split was announced on Thursday, June 4th. The number of shares owned by shareholders will be adjusted after the market closes on Tuesday, June 16th.

Upland Software (NASDAQ:UPLD) last announced its quarterly earnings data on Friday, May 1st. The software maker reported $0.16 EPS for the quarter, beating the consensus estimate of $0.13 by $0.03. Upland Software had a negative net margin of 7.08% and a negative return on equity of 51.46%. The business had revenue of $48.69 million during the quarter, compared to the consensus estimate of $48.50 million.

Hedge Funds Weigh In On Upland Software

A number of hedge funds and other institutional investors have recently made changes to their positions in UPLD. NewEdge Advisors LLC lifted its stake 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 worth $34,000 after acquiring an additional 10,442 shares during the period. XTX Topco Ltd grew its stake in Upland Software by 63.5% during the second quarter. XTX Topco Ltd now owns 28,797 shares of the software maker’s stock worth $56,000 after purchasing an additional 11,187 shares during the period. Russell Investments Group Ltd. grew its stake in Upland Software by 2,534.9% during the second quarter. Russell Investments Group Ltd. now owns 31,750 shares of the software maker’s stock worth $62,000 after purchasing an additional 30,545 shares during the period. Evergreen Capital Management LLC acquired a new stake in Upland Software during the second quarter worth approximately $122,000. Finally, Victory Capital Management Inc. acquired a new stake in Upland Software during the third quarter worth approximately $213,000. 77.78% of the stock is owned by institutional investors and hedge funds.

About Upland Software

Upland Software, Inc is a provider of enterprise work management software delivered through a cloud-based, software-as-a-service model. The company offers a suite of integrated applications designed to help organizations plan, execute and measure work across various business functions including project management, marketing workflows, document automation and contract management.

Its flagship product lines include Upland PSA for professional services automation, Upland Bluebeam for digital collaboration in architecture and engineering workflows, Upland Qvidian for proposal automation, and Upland Pinpoint for customer communication management.