In a report released today, Brent Thill from Jefferies maintained a Hold rating on Progress Software (PRGS – Research Report), with a price target of $60.00.
Brent Thill’s Hold rating on Progress Software’s stock is largely influenced by several financial considerations. The company had a strong quarter, surpassing expectations on both revenue and earnings per share. However, the raised revenue guidance for FY23 matches the extent of the beat, which raises some ambiguity. Simultaneously, despite the beat on earnings per share, the projection was only raised slightly, leaving the margins stagnant.
Moreover, Brent is keeping a close eye on the potential influence of the MOVEit breach on the company as it deals with the aftermath. Despite these concerns, the valuation of the stock is not deemed demanding, being projected at 11 times the FY24 earnings per share. Brent holds the view that the stock could gradually advance towards a price target of $60. Consequently, he maintains a Hold rating on the stock.
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Progress Software (PRGS) Company Description:
Progress Software Corp. engages in the provision of a platform, which develops and deploy mission-critical business applications. It operates through the following business segments: OpenEdge Business; Data Connectivity and Integration; and Application Development and Deployment. The OpenEdge Business segment provides product enhancements and marketing supports for the partners to sell more of its existing solutions to their customers. The Data Connectivity and Integration segment focuses on the growth of the data assets of the company, including its data integration components of the cloud offering. The Application Development and Deployment segment generates net new customers for the application development assets of the company. The company was founded by Joseph Wright Alsop, Clyde Kessel and Charles Arthur Ziering in 1981 and is headquartered in Bedford, MA.
Read More on PRGS:
- Progress Announces Third Quarter 2023 Financial Results
- Progress and Software Improvement Group (SIG) Partner to Address Quality Assurance and Security of OpenEdge Applications
- Options Volatility and Implied Earnings Moves Today, September 26, 2023
- Options Volatility and Implied Earnings Moves This Week, September 25 – September 29, 2023
- Progress Software (PRGS) Q3 Earnings Cheat Sheet
