Guggenheim analyst John Difucci maintains $Progress Software (PRGS.US)$ with a buy rating, and adjusts the target price from $64 to $70.
According to TipRanks data, the analyst has a success rate of 66.8% and a total average return of 21.5% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Progress Software (PRGS.US)$'s main analysts recently are as follows:
Progress Software has surpassed Q3 consensus expectations and provided a higher implied Q4 estimate, disregarding potential impacts from the expected ShareFile acquisition. There is a distinct opportunity to enhance margins and elevate free cash flow on a larger scale. While it's acknowledged that success is not guaranteed and risk is inherent in these ventures, a look at historical performance suggests promising potential for the company.
Progress Software has reported a robust third quarter, surpassing estimates with solid demand across its range of products and notable profitability. The company has experienced minimal impact from the MOVEit breach and has also been exonerated by the SEC from any wrongdoing. As the company moves beyond the breach with scant disruption, it is anticipated that any negative impact on its stock will fade. In terms of mergers and acquisitions, the company's leadership is confident in their capacity to assimilate ShareFile effectively and to elevate operating margins to 40% or higher. There is a continued positive outlook on the company's trajectory, with leadership demonstrating an ability to consistently achieve top-line growth and maintain strong profitability.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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