Millrace Asset Group Inc. Sells 2,609 Shares of Upland Software, Inc. (NASDAQ:UPLD)

Millrace Asset Group Inc. trimmed its position in shares of Upland Software, Inc. (NASDAQ:UPLD) by 3.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 63,728 shares of the software maker’s stock after selling 2,609 shares during the period. Upland Software accounts for approximately 1.6% of Millrace Asset Group Inc.’s portfolio, making the stock its 18th largest holding. Millrace Asset Group Inc. owned 0.21% of Upland Software worth $3,007,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in UPLD. Oak Ridge Investments LLC grew its holdings in Upland Software by 716.5% during the first quarter. Oak Ridge Investments LLC now owns 1,261,938 shares of the software maker’s stock valued at $59,551,000 after purchasing an additional 1,107,385 shares during the period. Channing Capital Management LLC purchased a new stake in shares of Upland Software during the fourth quarter worth $37,647,000. Wasatch Advisors Inc. lifted its position in shares of Upland Software by 32.2% during the first quarter. Wasatch Advisors Inc. now owns 1,420,590 shares of the software maker’s stock worth $67,038,000 after acquiring an additional 345,778 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of Upland Software by 62.6% during the fourth quarter. William Blair Investment Management LLC now owns 564,307 shares of the software maker’s stock worth $25,896,000 after acquiring an additional 217,187 shares in the last quarter. Finally, WCM Investment Management LLC purchased a new stake in shares of Upland Software during the fourth quarter worth $9,408,000. 76.35% of the stock is owned by institutional investors and hedge funds.

In other Upland Software news, President Rodney C. Favaron sold 28,989 shares of the firm’s stock in a transaction dated Friday, April 16th. The stock was sold at an average price of $50.00, for a total transaction of $1,449,450.00. Following the sale, the president now owns 277,375 shares in the company, valued at $13,868,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Rodney C. Favaron sold 9,936 shares of the firm’s stock in a transaction dated Wednesday, March 17th. The shares were sold at an average price of $48.34, for a total value of $480,306.24. Following the sale, the president now owns 274,210 shares in the company, valued at approximately $13,255,311.40. The disclosure for this sale can be found here. Insiders have sold 57,038 shares of company stock worth $2,805,665 in the last 90 days. Company insiders own 10.60% of the company’s stock.

UPLD has been the topic of several recent research reports. Truist increased their target price on Upland Software from $60.00 to $65.00 in a research report on Wednesday, March 3rd. Credit Suisse Group restated an “outperform” rating and set a $58.00 target price on shares of Upland Software in a research report on Monday, March 29th. Zacks Investment Research downgraded Upland Software from a “buy” rating to a “hold” rating in a research report on Wednesday, May 5th. Jefferies Financial Group lowered their price objective on Upland Software from $58.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, May 18th. They noted that the move was a valuation call. Finally, Craig Hallum increased their price objective on Upland Software from $29.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, February 25th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Upland Software presently has an average rating of “Buy” and an average price target of $57.25.

NASDAQ UPLD traded down $0.24 during trading hours on Friday, reaching $41.76. 7,980 shares of the stock traded hands, compared to its average volume of 230,790. The firm has a 50 day moving average price of $44.57. Upland Software, Inc. has a 1 year low of $30.40 and a 1 year high of $53.00. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.70 and a current ratio of 1.70. The firm has a market cap of $1.26 billion, a P/E ratio of -22.46, a price-to-earnings-growth ratio of 10.64 and a beta of 0.92.

Upland Software (NASDAQ:UPLD) last released its quarterly earnings results on Wednesday, May 5th. The software maker reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.52. Upland Software had a positive return on equity of 7.84% and a negative net margin of 17.41%. The business had revenue of $73.97 million for the quarter, compared to the consensus estimate of $73.17 million. On average, equities research analysts expect that Upland Software, Inc. will post 0.38 earnings per share for the current fiscal year.

Upland Software Profile

Upland Software, Inc provides cloud-based enterprise work management software in the United States, the United Kingdom, Canada, and internationally. It offers a family of software applications under the Upland brand in the areas of marketing, sales, contact center, project management, information technology, business operations, and human resources and legal.

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Institutional Ownership by Quarter for Upland Software (NASDAQ:UPLD)

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