Needham & Company Raises Price Target on Upland Software (UPLD) Following 3Q Report
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
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."
Shares of Upland Software closed at $8.03 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Finisar (FNSR) to $43 Following 2Q
- Broadcom (AVGO) PT Raised to $215 at Oppenheimer
- KLR Group Cuts Price Target on Bill Barrett (BBG) to $9; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesNeedham & Company, Earnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!