Upland Software Inc . (NASDAQ:UPLD) stock has reached a notable milestone, hitting a 52-week high of $4.96. The stock has shown remarkable momentum, surging 76.59% over the past six months and 16.19% in the last week alone. According to InvestingPro data, management has been actively buying back shares, demonstrating confidence in the company's future. This peak reflects a significant turnaround for the company, which has seen its stock value increase by 6.8% over the past year. Investors are responding positively to Upland's strategic initiatives and market performance, signaling confidence in the company's growth trajectory and management's ability to navigate the competitive landscape of enterprise software solutions. The 52-week high serves as a testament to Upland Software's resilience and potential for continued success in the tech sector. Discover 12 additional exclusive insights about UPLD and access comprehensive analysis with a InvestingPro subscription, including the detailed Pro Research Report available for this and 1,400+ other US stocks.
In other recent news, Upland Software has reported a decline in its third-quarter 2024 revenue but an increase in adjusted EBITDA from the previous quarter. The company's revenue saw a 10% year-over-year decline, totaling $66.7 million, while adjusted EBITDA increased to $14 million, up from $13.6 million in Q2. Despite the dip in revenue, Upland Software added 122 new customers and expanded relationships with 312 existing ones, indicating significant progress in debt reduction.
In addition to financial results, Upland Software has introduced new AI-driven features to its Upland Altify platform, named Altify MaxAI. The AI enhancements aim to augment sales productivity by automating tasks and providing insights for sales professionals, which is expected to drive revenue growth. The company, which generated $278.9 million in revenue over the last twelve months, sees this as a crucial initiative.
Looking ahead, Upland Software provided guidance for the fourth quarter and full-year revenue and adjusted EBITDA. Q4 revenue is expected to be between $65.9 million and $71.9 million, with adjusted EBITDA ranging from $13.4 million to $16.4 million. Full-year 2024 revenue is projected between $272.6 million and $278.6 million, with adjusted EBITDA between $54.1 million and $57.1 million.
These are recent developments that underline Upland Software's focus on cost efficiency and growth investments. The company has also paid down $177 million of debt in Q3, resulting in $7 million in annual interest savings, and plans to refinance in the fiscal year 2025 as the existing credit facility matures in August 2026.
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