J.P. Morgan analyst Pinjalim Bora maintains $Progress Software (PRGS.US)$ with a buy rating, and adjusts the target price from $63 to $65.
According to TipRanks data, the analyst has a success rate of 56.2% and a total average return of 10.3% 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 results have surpassed Q3 consensus expectations, leading to an improved outlook for Q4 estimates, excluding the anticipated impact from the ShareFile acquisition. There's a notable opportunity to enhance margins and increase free cash flow on a larger scale. While acknowledging that success is not guaranteed and risks are inherent in the process, a review of historical performance suggests promising potential.
Progress Software has reported a strong third quarter, surpassing estimates due to widespread demand for its products and notable profitability. Importantly, the company has experienced minimal impact from the MOVEit security incident, and has been exonerated from any misconduct by the SEC. As the company progresses beyond this incident with little effect, it is anticipated that the concerns affecting the stock will fade. In terms of mergers and acquisitions, the company's leadership has conveyed a strong belief in their capacity to assimilate ShareFile and to enhance operating margins significantly. The overall sentiment towards the company is favorable, with the belief that the management is capable of maintaining solid revenue growth and high profitability.
Note:
TipRanks, an independent third party, provides analysis data from financial analysts and calculates the Average Returns and Success Rates of the analysts' recommendations. The information presented is not an investment recommendation and is intended for informational purposes only.
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.
