Market Overview

UPDATE: Wedbush Raises PT on Progress Software Corporation on 1Q Revenue Beat

Related PRGS
JMP Securities Sees Reasons For Long-Term Optimism For Progress Software
7 Stocks To Watch For April 2, 2015

In a report published Thursday, Wedbush analyst Steve Koenig reiterated a Neutral rating on Progress Software Corporation (NASDAQ: PRGS), and raised the price target from $22.00 to $24.00.

In the report, Koenig noted, “PRGS's 1Q revenue beat was encouraging – even if only by $3M – as it stood in contrast to Feb. quarter misses from larger software companies ORCL (NEUTRAL), TIBX (OUTPERFORM), and RHT (not covered). The company's core revenue grew 2% Y/Y, the first non-negative result since 4Q11, driven by modest growth in OpenEdge and double-digit growth in Decision Analytics. For the first time in a long time, we are feeling upbeat about PRGS's ability to stabilize its top line, while improving margins, based on the company's decent 1Q print and greater transparency accompanying the change in its management team.”

Progress Software Corporation closed on Wednesday at $22.28.

Latest Ratings for PRGS

Jun 2015Sidoti & Co.Initiates Coverage onNeutral
Mar 2014JefferiesMaintainsHold
Dec 2013JMP SecuritiesDowngradesMarket OutperformMarket Perform

View More Analyst Ratings for PRGS
View the Latest Analyst Ratings

Posted-In: WedbushAnalyst Color Price Target Analyst Ratings


Related Articles (PRGS)

Around the Web, We're Loving...

Get Benzinga's Newsletters