Needham & Company Raises Price Target on Upland Software (UPLD) Following 3Q Report

Needham & Company reiterated a Buy rating on Upland Software (NASDAQ: UPLD), and raised the price target to $11.00 (from $9.00), following the company's 3Q earnings report. Revenues for were $19.2 million, ahead of the Street's estimate of $18.3 million. Needham raised the 2016 revenue estimate to $74.6 million (from $73.2 million) and raised adjusted EPS estimate to $0.31 to reflect the quarter's strong results and the continued progress in the push toward profitability.

Analyst Spencer Bogart commented, "Upland delivered strong Q3 results highlighted by 1) beats on the top and bottom with revenue $900K above and adjusted EBITDA $500K above Street estimates, 2) more success in the ongoing push toward profitability with adjusted EBITDA margins up more than 3.5 percentage points q/q and more than 12 percentage points y/y, and 3) strong customer acquisition with 90 new customers in the quarter including 9 major accounts. We're particularly impressed by management's ability to simultaneously execute and integrate acquisitions while rapidly expanding margins."

For an analyst ratings summary and ratings history on Upland Software click here. For more ratings news on Upland Software click here.

Shares of Upland Software closed at $8.03 yesterday.

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