Timothy Mattox, a director at Upland Software, Inc. (NASDAQ:UPLD), recently sold 2,768 shares of the company's common stock. The transaction comes amid the stock's notable 75% surge over the past six months, according to InvestingPro data. The shares were sold at an average price of $4.5565 each, resulting in a total transaction value of $12,612. Following this sale, Mattox holds 414,008 shares in the company. The transaction was conducted under a pre-established 10b5-1 trading plan, adopted earlier this year on February 27, 2024. While this insider sale occurred, InvestingPro data shows management has been actively buying back shares, with 12 additional valuable insights available through the Pro Research Report for this $137 million market cap company.
In other recent news, Upland Software Inc (NASDAQ:UPLD). has reported a decrease in its third-quarter revenue for 2024, with a 10% year-over-year decline, totaling $66.7 million. However, the company's adjusted EBITDA for the same period increased to $14 million, up from $13.6 million in Q2. Upland Software added 122 new customers and expanded relationships with 312 existing ones, demonstrating significant progress in debt reduction.
The company also 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.
In addition to the financial updates, Upland Software introduced new AI-driven features to its Upland Altify platform. Named Altify MaxAI, this enhancement is designed to augment sales productivity by integrating advanced account planning and deal management tools. This strategic move is part of the company's ongoing efforts to incorporate AI technology into its software offerings to improve business outcomes.
Finally, Upland Software has paid down $177 million of debt in Q3, resulting in $7 million in annual interest savings. The company plans to refinance in fiscal year 2025 as the existing credit facility matures in August 2026. These are recent developments that underline Upland Software's focus on cost efficiency and growth investments.
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