D.A. Davidson analyst Lucky Schreiner maintains $Progress Software (PRGS.US)$ with a buy rating, and adjusts the target price from $65 to $70.
According to TipRanks data, the analyst has a success rate of 0.0% and a total average return of 0.0% 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's recent performance surpassed Q3 expectations and led to a raised forecast for Q4, not accounting for the expected impact from the upcoming ShareFile acquisition. There exists a 'unique opportunity' to enhance margins and subsequently, free cash flow on a larger scale. While acknowledging that certainty is never guaranteed and risks are inherent in such efforts, a look at historical performance suggests that there's promising potential.
Progress Software's recent Q3 results surpassed expectations, supported by widespread demand for its diverse product offerings and robust profit margins. The company has experienced negligible effects from the MOVEit security incident and has been exonerated by the SEC. As the company progresses beyond the incident with minimal impact, it is anticipated that any residual concerns affecting the share price will abate. In regards to acquisitions, the company's leadership has conveyed a strong belief in their capacity to assimilate ShareFile and enhance operating margins to exceed 40%. The overall sentiment remains favorable, recognizing management's consistent track record in surpassing revenue targets while maintaining substantial 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.
TipRanks provides a ranking of each analyst up to 5 stars, which is representative of all recommendations from the analyst. An analyst's past performance is evaluated on a scale of 1 to 5 stars, with more stars indicating better performance. The star level is determined by his/her total success rate and average return.
