Citi analyst Tyler Radke maintains $Progress Software (PRGS.US)$ with a hold rating, and adjusts the target price from $54 to $65.
According to TipRanks data, the analyst has a success rate of 49.2% and a total average return of 3.4% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Progress Software (PRGS.US)$'s main analysts recently are as follows:
Following Progress Software's results surpassing Q3 consensus forecasts and heightened implied Q4 estimates, which exclude the expected ShareFile acquisition impact, there's a distinctive opportunity to augment margins and enhance free cash flow on a larger scale. While certainty can never be assured and risks are inherent in such pursuits, looking at historical trends, the prospects appear favorable.
Progress Software showcased a robust third quarter, outperforming expectations with widespread demand for its range of products and notable profitability. The company has experienced minimal upheaval from the MOVEit security incident, and regulatory scrutiny has concluded without any charges. Progress Software's journey beyond the incident is expected to gradually eliminate any lingering market concerns. With regards to mergers and acquisitions, the company's leadership is confident about successfully integrating ShareFile and achieving a target operating margin exceeding 40%. The overall sentiment remains optimistic as the company consistently achieves solid revenue growth coupled with impressive profitability.
Note:
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